WHAT HAPPENS TO MY FUNDS IF I CLOSE MY ACCOUNT?
An account inactivity fee is charged after 12 months of non-usage. It is estimated to cost the University $50-$100 for each check it generates. This amounts to waste and inefficiency when considering the many abandoned Debit Dollar accounts with remaining balances of less than $1. Instead of raising other fees, we are opting to reduce the workload distributed throughout the University for the account close process. Find more information at:
After 36 months of non-usage the account will be closed and paid to the DC Government.
The University has always been responsible for reporting abandoned property to DC Government, it’s the law.