Hey, I took snapshots of my account balance and am wondering why am I being charged $307.24. I know $7.24 of that is interest, but I am not quite sure where this $300 is from. I believe it may have something to do with my residence forfeit. But I remember I forfeited my spot before the date which allowed you to get a $300 refund of the $600 deposit I paid back in May. Now my theory is that I am still being charged for that other $300. But I am not quite sure and I could be just dead wrong. I may just be plain stupid but I hope I can clear this up soon! Any help would be appreciated.

http://i.gyazo.com/81f7e773a7ef50367...fd5daac91a.png

http://i.gyazo.com/c9d23c1fb7ab7987b...91a617f796.png

You get charged interest for balance on your account, same as for credit cards. See the charges named INTEREST CHARGE? See info here.

Interest is charged at a rate of 1.2% per month (compounded to 14.4% annually) on any unpaid balance on the last day of each month. This rate is subject to change.

TL;DR: PAY OFF YOUR STUFF, OTHERWISE INTEREST.

Dude I hope you don't have any credit cards...

Talk to McMaster Accounts and Cashiers (Gilmour Hall 209) in person. The Mac payment system is from the 90's and honestly shit goes wrong just because it can. As anecdotal evidence, I've had a semester where I did indeed owe McMaster ~$2 and other semesters where I've had outstanding balances ~$100-$300 being cleared due to "human error".

The charges labeled INTEREST CHARGE are clearly once a month, from the beginning of each month. They're clearly interest charges from remaining balances that OP didn't pay off. I very much doubt it was "human error." Mac student accounts function exactly like credit card accouts.

Originally Posted by Freija

Talk to McMaster Accounts and Cashiers (Gilmour Hall 209) in person. The Mac payment system is from the 90's and honestly shit goes wrong just because it can. As anecdotal evidence, I've had a semester where I did indeed owe McMaster ~$2 and other semesters where I've had outstanding balances ~$100-$300 being cleared due to "human error".

If the residence charge was $600, and you forfeited it early to get $300 back... then you still owe $300 (the other half), no?

My guess would be that the $300 showing is the half remaining that you still owe.

It seems that they charged you the 300 twice. You have the res forfeit for 300 and then they refund your 600 but then charge you 300 again, so effectively you never got 300 back. I don't know what the res policy is, but I would call them or go in-person and see what the payment/adjustment for 300 on May 27th was for.

Originally Posted by RSK1

It seems that they charged you the 300 twice. You have the res forfeit for 300 and then they refund your 600 but then charge you 300 again, so effectively you never got 300 back. I don't know what the res policy is, but I would call them or go in-person and see what the payment/adjustment for 300 on May 27th was for.

It sounds like they were never supposed to get the last $300 back though.
From what they OP described, they paid a $600 deposit, and were supposed to get $300 of that back. So that seems to explain where the extra $300 is coming from, doesn't it? Or am I totally misunderstanding the situation?

I know in the past it's been done as described above (refunding the full $600 and then being charged $300) just due to accounting/logisitical issues or whatever, where the software doesn't let you refund part of the price, so they refund you all of it and then charge the remainder as some type of administrative fee.