LAWRENCE — A major financial operation at the University of Kansas is going cashless with the start of the new fiscal year.
That’s right — greenbacks, Benjamins, C-notes, Hamiltons, Lincolns and bucks will no longer be accepted when Student Account Services on the Lawrence campus and Student Financial Accounting at KU Medical Center open for business on July 3.
“The move reflects customer preferences to pay electronically, and at the same time it offers some significant benefits to both our office and our customers,” said University Comptroller Katrina Yoakum. “Operating a cash-drawer is a time- and staffing-intensive activity. Every coin, every bill has to be counted four separate times in the span of a day. KU will be able to have staff focus on other related student services and office responsibilities.”
A cashless system also reduces a student’s need to carry potentially large amounts of cash and similarly reduces the risk of loss or theft.
The Student Account Services and Student Financial Accounting offices accept and process payments for student tuition and fees. The offices can also collect library fines and balances due for other KU offices including KU Student Housing. Students who pay in person will now need to use personal check, cashier’s check or money orders.
Students, families and others already have the option to pay online through electronic methods, such as electronic check or credit and debit cards.
Going cashless on campus is on the rise in the United States and has been adopted by several other flagship and AAU institutions, including Harvard University, Stanford University, Ohio State University and others. In fact, students at the KU Edwards Campus already use cashless systems to pay tuition and fees either online or through the mail.
Students are being notified of the change by emails, office postings and website notices. International students, who may be less familiar with U.S. banking systems and practices, will receive special assistance from International Student Services. Other KU offices, such as Watkins Health Services and KU Parking, are unaffected by the cashless decision at the Student Account Services and Student Financial Accounting offices.