St. Olaf College $5,000 Hold Until Check Clears
Title: $5,000 Hold until check clears
Procedure No: STO-50
Effective Date: 09-01-2009
Issuing Authority: Student Accounts Office
Contact: Student Accounts at firstname.lastname@example.org, 507-786-3296 or 866-640-4702
Last Updated: 09-01-2009
Purpose of Procedures:
To ensure that the student’s account is in good standing prior to graduation.
Who needs to know these Procedures:
All St. Olaf College students.
A hold is placed on a student’s account when there is an outstanding balance remaining on the account (STO-45). If a student is graduating or withdrawing from St. Olaf and the balance on their student account is $5,000.00 or more, the hold will not be released until the check clears the bank. This process can take up to 2 weeks.
If a student has previously had a check returned because of insufficient funds, this same policy will apply, even if they are not withdrawing or graduating from St. Olaf during that current academic year.