Banks to forgive overdraft charges after UT computer glitch, president says

1/24/2011

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.