Account Holds & Returned Payments

Understanding the Process

• Account Holds and Late Fees

  It is the policy of College of Charleston to assess late fees of 3.75% of the balance due on payments not received in a timely manner.  Balances that result from incomplete financial aid requirements are also considered to be delinquent.

  Payments are considered timely if they are:

  • Received on or before the initial due date for each semester; or
  • If the student has enrolled in the payment plan, the payment is received on or before the due date stated on the student’s eBill (This applies to all payment arrangement payments other than the one due on the initial due date).

  Payment Plans

  • If the student is late making the arranged payment then a hold will be placed on the students' account. In order to have the hold removed, please contact the Treasurer's Office at 843-953-5572 or treasurer@cofc.edu.
  • If a payment is late by five days, the Treasurer's Office has the right to remove the student from the payment plan.

  Transcript and Financial Holds*

  The Consumer Financial Protection Bureau requires that colleges and universities develop a Transcript Policy that “outlines the process for which a current or former student may obtain a transcript or diploma.” Additionally, the policy must identify “the point at which a student may be subject to a transcript, diploma, or registration hold.”

  College of Charleston will provide any current or former student with an official copy of their academic transcript upon written request. Students must make the request through the Registrar’s website and/or through Parchment.

  Requests for transcripts will not be refused or withheld due to a financial hold under most circumstances and in accordance with The Consumer Financial Protection Bureau’s regulations.  Some administrative holds unrelated to finances may prevent an official transcript from being released.

  Students with a past due balance will have a registration hold placed on their account until the balance is paid. A registration hold will not cause a request for transcripts to be refused or withheld.  Students with a past due balance may be sent to collections.

  Any current or former student who believes that they have had a transcript withheld improperly for financial reasons and in accordance this policy may direct their concern to the Treasurer’s Office by emailing Treasurer@cofc.edu.

  Students may order transcripts through MyPortal or directly through the Parchment website.  Please see the transcript page on the Registrar's website for more information.  

  *Effective July 1, 2024

• Returned Payments

  Paper checks returned as lacking sufficient funds or that fail to clear the bank for any reason are assessed a $30 Return Check Fee and re-deposited a second time. 

  If the check is returned after the second deposit a second $30 Return Check Fee will be charged to the account.
  
  ACH (web payments) Checks are assessed the same $30 fee if returned.  ACH payments will also be re-deposited by College of Charleston and should be replaced with an alternate payment, such as credit card, money order, cash or other form within seven (7) days of the incident if the redeposit is returned a second time.
  
  Failure to resolve returned checks or ACH payments may result in collection activity and/or referral to law enforcement.

• Notification of Change

  If your bank notifies us of incorrect bank information or an authorization issue:

  • We must delete your saved payment method.
  • If you are enrolled in a Payment Plan, your payments will not automatically be drafted from the deleted account.

  In the event these issues arise, you will need to make your payment(s) on or before each due date or schedule each individual payment as needed.

  
  Most common reasons for payment failures:

  1. Incorrectly entered bank account and/or routing number(s). Please contact your bank for verification of you banking information;
  2. Use of accounts not authorized for ACH debits such as Money Market Savings, Line of Credit, etc. Please contact your bank to verify account type and authorizations;
  3. Insufficient funds, stop payments, etc. Please review our Returned Items Policy for more details.