Beginning Spring semester 2018, for safety and security reasons, NKU will be implementing per semester cash limits. NKU encourages all students to open a domestic bank checking account to aid in their financial transactions.
Effective January 1, 2018, for your personal safety and continued support of campus wide safety efforts, cash payments on student accounts will be limited to $5,000 per semester.
Additional monetary instruments included/considered as cash payment include:
1. Cashier's Check
2. Money Order
3. Traveler's Check
***Personal checks will be accepted without limitation***
NKU encourages all students to pay electronically via E-check from their domestic bank of choice. E-check payment are free and easy to do via the MyNKU payment portal account. Direct deposit refunds can also be sent to this bank.
The Internal Revenue Service (IRS) requires that Northern Kentucky University report information about cash payments from individuals in excess of the $10,000 per academic term. Cash payments include one or more payments made in currency and coin. Cash payments also include one or more payments made with traveler’s checks, money orders, bank drafts or cashier’s checks where the face amount of the individual item(s) is less than $10,000 but the total cash payments per semester exceeds $10,000.
Cash payments do not include personal checks, credit card payments, wire transfers (international students – ask about the Western Union payment option) or ACH payments.
Individuals who make reportable cash payments will be required to complete an information document with your name, address, birth date, occupation and tax identification number (i.e. social security number or ITIN). International students who do not have a U.S. tax identification number will need to provide an official state or country issued ID such as a driver’s license, passport or official ID card at the time the reportable payment is made. You may be subject to a monetary penalty by the Internal Revenue Service for failure to provide the information.