University of Toledo President Dr. Lloyd Jacobs told those at a trustees meeting Monday afternoon that contacted banks would forgive overdraft charges following a computer snafu at the college.
University leaders announced last week that an unknown amount of credit card transactions on the main and health-science campuses — made for dining hall-type purchases only — were held up for four months in the system, stored rather than sent to the corresponding financial company for payment.
Last Tuesday, the problem was fixed, after it was discovered by UT's financial control personnel. All charges since September were processed that day, meaning the surge in charges could have resulted in bank accounts drawing empty or on overdraft.
Dr. Jacobs also said Monday that the technical glitch has been fixed and safeguards put into place to make sure it doesn't happen again.
Guidelines: Please keep your comments smart and civil. Don't attack other readers personally, and keep your language decent. Comments that violate these standards, or our privacy statement or visitor's agreement, are subject to being removed and commenters are subject to being banned. To post comments, you must be a registered user on toledoblade.com. To find out more, please visit the FAQ.