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Acceptance Deposit Cashed! Huh?

Discussion in 'Pre-Medical - MD' started by abcehmu, Nov 16, 2005.

  1. abcehmu

    abcehmu Senior Member
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    Hey all,

    I recently sent out a deposit to hold a place at a medical school I was accepted to in late October. I'd be happy to go here, but am still waiting to hear from many other schools.

    I was surprised because I thought the deposit was refundable until May. My presumption was that they would simply hold on to it and not cash it if I withdrew prior to the non-refundable date.

    If I do end up withdrawing, how do I get my money back?

    Is it typical for schools to do this? I wasn't figuring this into my finances. Should I expect for whatever money I send out when holding places to be deducted from my bank account?
     
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  3. jbrice1639

    jbrice1639 Cub Fan, Bud Man
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    deposits will most likely all be cashed, and then they will cut you a check for the refund if you withdraw. to my knowledge, none of the schools actually hold the check, they all cash them.
     
  4. 45408

    45408 aw buddy
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    it'd be kind of silly for them to just post the check on their bulletin board, I'm not sure what you expected them to do with it. Some places might refund your deposit, but I wouldn't expect to get anything back.
     
  5. SanDiegoSOD

    SanDiegoSOD Milk was a bad choice
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    Exactly - schools are supposed to return your deposit, but from what I understand, not all of them actually do. Bastards! As if we havent been sucked dry already by this process.
     
  6. abcehmu

    abcehmu Senior Member
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    thanks jbrice, this is what im hoping for at this point.
     
  7. abcehmu

    abcehmu Senior Member
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    i expected them to put it in your file with all the other papers and documentation they have on you, and then if you withdraw, make note of it and not cash the check.

    it seems entirely reasonable to cash checks and then send a refund check to withdrawing applicants as jbrice suggested, i just hadn't thought of this. perhaps its better this way in that you don't have uncashed checks leaving gaps in your checkbook, it just wasn't what i was expecting.

    as far as keeping the money. thats absurd.
     
  8. jbrice1639

    jbrice1639 Cub Fan, Bud Man
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    there have been a lot of horror stories on SDN, but in the MSAR, they do list which schools do and don't refund deposits, and what the deadlines are for that. I haven't actually heard any stories of people not getting deposits back from the schools that do refund (and, for the most part, it seems a large percentage of schools DO refund the deposit if you withdraw before mid-May).
     
  9. unfrozencaveman

    unfrozencaveman not a dude
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    It must cost some ridiculous amount of money in labor and fees to cash a check (relative to the worth of the check), only to refund it. Seems incredibly dumb. They should either hold it, or not make you put a deposit down until May 15.
     
  10. jllander

    jllander Senior Member
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    I was accepted at 8 medical schools, sent out 8 deposit checks, all 8 were cashed, and 7 refunds checks were sent to me once I withdrew. The last check obviously went towards my tuition at WFUSM. I have never heard of schools not refunding those checks. The only way I would think they would deny you your check was if you withdrew after July 1 or whenever that deadline is. Each school is different but they do have the right to keep your check after a certain date. Otherwise, you have every right to get a refund if you ask for it in a timely matter.
     
  11. abcehmu

    abcehmu Senior Member
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    Nice.....this is what I was hoping to hear.
     
  12. SanDiegoSOD

    SanDiegoSOD Milk was a bad choice
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    Interesting... Maybe the horror stories are due to people misunderstanding dealines.
     
  13. sanche60

    sanche60 Senior Member
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    Im not a banker, but I thought personal checks are void if they are not cashed in 30 or 60 days or something like that. Maybe thats why they cash them.
     
  14. tigress

    tigress queen of the jungle
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    Well some schools really do have the policy of not refunding deposits. They'll say that when you make the deposit, though. The people I know have also gotten their deposits back, so I wouldn't worry about it too much, unless your bank account really can't take the drain. Something to consider is that many schools will hold your slot without a deposit; if a school asks for one and you simply don't have the money, perhaps you could ask for an extension on that?
     
  15. Darth Asclepius

    Darth Asclepius Dark Lord of the Sith
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    I don't think there would really be a point of asking for a deposit if they weren't going to cash it. The deposit is to hold your acceptance. I think it's meant as a way to keep people who know for sure they don't want to go to the school from holding a slot. Some people, even if they know that no financial aid package in the world will cause them to go to school A over school B (assuming they're already accepted to both) would still hold the slot if it didn't cost them anything. By requiring the deposit, they're making sure you really do want the spot.
     

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