UFV will be moving towards the elimination of cash payments for tuition, student fees, or housing rental fees, starting this semester, in response to recommendations by the B.C. government.
Dave Pinton, UFV director of communications, said that for UFV the changes will help to preserve the integrity of UFV’s payment system, as payments accepted are through a financial institution.
“From our perspective, eliminating cash helps preserve the integrity of the financial process and supports the safety and security of our students’ payments,” said Pinton. “It really just follows the best practice adopted by most post-secondaries in B.C. and right across Canada.”
There is also a component of added safety for the students themselves, as carrying around large amounts of cash is generally not secure or safe.
The policy change comes after the B.C. government’s recommendation and request that post-secondary institutions review their cash acceptance policies in the wake of concerns over money laundering within universities.
A report for the B.C. attorney general, Dirty Money — Part 2, alleged that post-secondary institutions may be susceptible to money laundering schemes. The B.C. government is looking to quickly reduce this avenue in their efforts to crack down on money laundering practices in the province.
Pinton said that UFV’s choice to review the policy was not related to concerns over money laundering.
Students will still have plenty of options available to them for fee payments. The university accepts debit for in-person payments, cheque, online banking transfer from Canadian financial institutions, money order, bank draft, and wire transfer through Western Union. Credit cards are accepted for payments from international students and for continuing education courses.
Most transactions around the university can still be done with cash, however, as the change in policy only affects large transactions. The UFV Bookstore accepts cash for purchases, as do the coffee shops and cafeteria.
The policy was put in place for Sept. 3, but Pinton said small cash payments for fees may be accepted at the university’s discretion; however, starting in the winter semester there will be a strict no-cash payment policy.
“If something does come to us we’re going to encourage [the student] to use one of the other methods of payment,” Pinton said. “But during the first semester, those who come to the registrar’s office, for example, and have to pay in small amounts of cash will still be accommodated.”
Image: The Cascade
