Returned Checks/Web ACH Payments
The return by any financial institution of a dishonored payment (check or Web ACH) issued to Indiana University will result in the assessment of a per payment service charge against the issuer's account (or against the account of the student on whose behalf the paument was presented). The returned payment service charge, as authorized by Indiana law, is $27.50 or five percent of the payment, whichever is greater, not to exceed $250.00. Two or more dishonored payments will result in the requirement that all future University payments be made with guaranteed funds (cashier's check, money order, or cash).
Checks or Web ACH payments used to relieve an encumberance which are subsequently returned by the financial institution will automatically result in the requirement that all future University payments be made with guaranteed funds. In addition, the University reserves the right to cancel the student's enrollment in this situation.