Logistics about waitlists

[neuroj93]

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Sorry I'm sure this has been asked before but I can't seem to find any recent info. I have 1 acceptance that I've put in a deposit for. I'm also on two waitlists at schools I would prefer. If I get accepted off the waitlist at one of those, I would just need to let my current acceptance know that I will be switching, correct? Are there any other logistics or rules that I am missing? I know I'd lose my first deposit.

 

[aldol16]

Most schools should give you your deposit back for AMCAS schools. You should let both the new school and the old school of your decision within 5 days.

I thought most deposits were only refundable until April 30. After that, they won't refund it if you take a position off a waitlist at another school. Is that right?