Find all School-related info fast with the new School-Specific MBA Forum

It is currently 18 Sep 2014, 05:44

Close

GMAT Club Daily Prep

Thank you for using the timer - this advanced tool can estimate your performance and suggest more practice questions. We have subscribed you to Daily Prep Questions via email.

Customized
for You

we will pick new questions that match your level based on your Timer History

Track
Your Progress

every week, we’ll send you an estimated GMAT score based on your performance

Practice
Pays

we will pick new questions that match your level based on your Timer History

Not interested in getting valuable practice questions and articles delivered to your email? No problem, unsubscribe here.

Events & Promotions

Events & Promotions in June
Open Detailed Calendar

Renege after paying deposit

  Question banks Downloads My Bookmarks Reviews Important topics  
Author Message
TAGS:
Manager
Manager
User avatar
Joined: 29 Jul 2009
Posts: 169
Location: Indiana
Followers: 1

Kudos [?]: 6 [0], given: 6

Renege after paying deposit [#permalink] New post 27 May 2010, 11:41
Just recording for future reference.

Anyone know what the consequences could be for reneging after paying a deposit? No, this is not directed at Columbia's ED but general admission cycles. Is there a global blacklist or something out there that schools pass around periodically?

Cheers
1 KUDOS received
Manager
Manager
avatar
Joined: 19 Jan 2010
Posts: 51
Schools: Chicago, Yale, UCLA, Duke (Withdrawn), Stanford, Berkeley
Followers: 0

Kudos [?]: 8 [1] , given: 1

Re: Renege after paying deposit [#permalink] New post 27 May 2010, 16:06
1
This post received
KUDOS
niraja wrote:
Just recording for future reference.

Anyone know what the consequences could be for reneging after paying a deposit? No, this is not directed at Columbia's ED but general admission cycles. Is there a global blacklist or something out there that schools pass around periodically?

Cheers


You lose your deposit.
Manager
Manager
User avatar
Joined: 29 Jul 2009
Posts: 169
Location: Indiana
Followers: 1

Kudos [?]: 6 [0], given: 6

Re: Renege after paying deposit [#permalink] New post 28 May 2010, 05:08
thanks much bonethugz.

anyone want to second that opinion or argue against it?
2 KUDOS received
Current Student
avatar
Joined: 23 Oct 2009
Posts: 230
Schools: Wharton!!! Stern Columbia HBS
Followers: 3

Kudos [?]: 42 [2] , given: 6

GMAT Tests User
Re: Renege after paying deposit [#permalink] New post 28 May 2010, 05:51
2
This post received
KUDOS
I know several people who have reneged on their deposits to attend other schools (including a few that I believe, though I'm not 100% sure, actually reneged on the Columbia ED deposit). I don't think there is a blacklist, though I bet if someone did it to a bunch of schools, it might get around that someone was sort of playing the field like that.

If you do it for a good reason (like you had a required deadline to hold your spot in a program before you find out if you're in anywhere else and then you get into your top choice program, or you weren't 100% sure you were going to attend bschool and needed more time, or even if you were still trying to decide and needed more time), I don't really think anyone will hold it against you. But if you abuse it (put your $$ down on a bunch of schools and then renege) then at the very least karma may come back to bite you.

I think the other thing to think about is that it's $$ you won't get back, so be really sure you need to put that $$ down, other wise it's $1K-$6K (depending on the school) that you'll lose if you don't go there and that $ could be otherwise used for something while you are in school.

Just my 2 cents.
Manager
Manager
User avatar
Joined: 29 Jul 2009
Posts: 169
Location: Indiana
Followers: 1

Kudos [?]: 6 [0], given: 6

Re: Renege after paying deposit [#permalink] New post 28 May 2010, 06:09
thanks to you too LB20, kudos to you!

mods, maybe this thread could go in an FAQ sticky thread i think. gclub rocks !
VP
VP
User avatar
Joined: 09 Dec 2008
Posts: 1221
Schools: Kellogg Class of 2011
Followers: 21

Kudos [?]: 238 [0], given: 17

Re: Renege after paying deposit [#permalink] New post 28 May 2010, 06:30
There's really no consequence other than losing your deposit. That's why schools keep students on the waitlist over the summer, they expect some admits will back out even after the deposit date.
_________________

Get the best GMAT Prep Resources with GMAT Club Premium Membership

Current Student
avatar
Joined: 10 Nov 2009
Posts: 248
Schools: Emory 2012
WE 1: 1 yr proprietary trading
WE 2: 2 yrs global ibank in municipal derivatives
Followers: 6

Kudos [?]: 49 [0], given: 11

GMAT Tests User Reviews Badge
Re: Renege after paying deposit [#permalink] New post 31 May 2010, 19:52
I think it happens all the time. I know many people that put deposits down at multiple schools because they needed more time to make a decision. I don't think the schools like it, but they get your money, so it seems like a fair trade.

I don't think there's a blacklist at all.
_________________

http://www.mbavolunteers.org - check it out

Get the best GMAT Prep Resources with GMAT Club Premium Membership

Current Student
avatar
Joined: 23 Jan 2010
Posts: 25
Schools: Columbia, Duke, Georgetown, Emory
WE 1: Marketing
Followers: 0

Kudos [?]: 4 [0], given: 1

Re: Renege after paying deposit [#permalink] New post 31 May 2010, 21:23
I turned down a school after the deposit, and the admission's staff actually thanked me for letting them know in advance. It's not uncommon, but I did feel bad after informing them.
Senior Manager
Senior Manager
avatar
Joined: 04 Dec 2009
Posts: 376
WE: Consulting (Consulting)
Followers: 10

Kudos [?]: 71 [0], given: 4

GMAT Tests User
Re: Renege after paying deposit [#permalink] New post 01 Jun 2010, 05:33
ozzy10fl wrote:
I turned down a school after the deposit, and the admission's staff actually thanked me for letting them know in advance. It's not uncommon, but I did feel bad after informing them.


From your profile, you're not leaving much to the imagination... :P
GMAT Club Legend
GMAT Club Legend
avatar
Affiliations: HHonors Diamond, BGS Honor Society
Joined: 05 Apr 2006
Posts: 5925
Schools: Chicago (Booth) - Class of 2009
GMAT 1: 730 Q45 V45
WE: Business Development (Consumer Products)
Followers: 255

Kudos [?]: 1545 [0], given: 7

GMAT Tests User Premium Member
Re: Renege after paying deposit [#permalink] New post 01 Jun 2010, 17:07
ozzy10fl wrote:
I turned down a school after the deposit, and the admission's staff actually thanked me for letting them know in advance. It's not uncommon, but I did feel bad after informing them.


Just moved to DC, if you ever wanna hang out, let me know :)
Current Student
avatar
Joined: 23 Jan 2010
Posts: 25
Schools: Columbia, Duke, Georgetown, Emory
WE 1: Marketing
Followers: 0

Kudos [?]: 4 [0], given: 1

Re: Renege after paying deposit [#permalink] New post 01 Jun 2010, 19:00
I applied to some regional schools not listed in my profile. =)
GMAT Club Legend
GMAT Club Legend
avatar
Affiliations: HHonors Diamond, BGS Honor Society
Joined: 05 Apr 2006
Posts: 5925
Schools: Chicago (Booth) - Class of 2009
GMAT 1: 730 Q45 V45
WE: Business Development (Consumer Products)
Followers: 255

Kudos [?]: 1545 [0], given: 7

GMAT Tests User Premium Member
Re: Renege after paying deposit [#permalink] New post 02 Jun 2010, 03:27
ozzy10fl wrote:
I applied to some regional schools not listed in my profile. =)


So did you end up at Georgetown or is that part of the trickery too?
Intern
Intern
avatar
Joined: 31 Mar 2010
Posts: 10
Followers: 0

Kudos [?]: 0 [0], given: 0

Re: Renege after paying deposit [#permalink] New post 11 Jun 2010, 10:10
What is the proper method to withdraw after paying a deposit. A call to admissions? An email to admissions? I would like to do this the most efficient and respectful way possible.

Any thoughts appreciated!!
Current Student
User avatar
Status: What's your raashee?
Joined: 12 Jun 2009
Posts: 1847
Location: United States (NC)
Concentration: Strategy, Finance
Schools: UNC (Kenan-Flagler) - Class of 2013
GMAT 1: 720 Q49 V39
WE: Programming (Computer Software)
Followers: 22

Kudos [?]: 201 [0], given: 52

GMAT Tests User Reviews Badge
Re: Renege after paying deposit [#permalink] New post 11 Jun 2010, 11:20
i am interested in some ED too and i know for sure i wont get into all 4 i have in ED - well i hope so then i can stop applying then and there :). But yeah you lose the deposit but on the bright side (hopefully) you are either getting into a better school and/or getting a lot of scholarship that the few K wont matter much.
_________________

If you like my answers please +1 kudos!

Current Student
avatar
Joined: 23 Jan 2010
Posts: 25
Schools: Columbia, Duke, Georgetown, Emory
WE 1: Marketing
Followers: 0

Kudos [?]: 4 [0], given: 1

Re: Renege after paying deposit [#permalink] New post 11 Jun 2010, 18:51
An honest, apologetic email to admissions is fine. I'm not sure how you should phrase it because in ED you have to be more explicit about your intentions. I would ask an MBA consultant.

Sorry Rhyme, I missed your last message. Yes, I'll be going to Georgetown. I'll be headed there in just a few months, so I'd love to meet up. I'll message you my info. Congrats btw on your Chicago MBA!
Verbal Forum Moderator
Verbal Forum Moderator
avatar
Joined: 31 Jan 2010
Posts: 500
WE 1: 4 years Tech
Followers: 9

Kudos [?]: 72 [0], given: 149

GMAT Tests User
Re: Renege after paying deposit [#permalink] New post 04 Jul 2012, 11:17
Hi is it unethical to apply to another school when you have paid deposit at another . People do it all the time .
What do You think ?
_________________

My Post Invites Discussions not answers
Try to give back something to the Forum.I want your explanations, right now !
Please let me know your opinion about the Chandigarh Gmat Centrehttp://gmatclub.com/forum/gmat-experience-at-chandigarh-india-centre-111830.html

Re: Renege after paying deposit   [#permalink] 04 Jul 2012, 11:17
    Similar topics Author Replies Last post
Similar
Topics:
How to reject offer after paying deposit boka999 2 14 Jun 2013, 10:55
Paying more than one deposit happyface 12 03 Apr 2012, 06:09
1 Experts publish their posts in the topic Renege after paying deposit marvan53 9 20 Dec 2011, 13:05
$10,000 is deposited in a certain account that pays r prasannar 1 10 May 2008, 02:13
Deposit after admit? darren1010 4 28 Dec 2006, 06:23
Display posts from previous: Sort by

Renege after paying deposit

  Question banks Downloads My Bookmarks Reviews Important topics  


GMAT Club MBA Forum Home| About| Privacy Policy| Terms and Conditions| GMAT Club Rules| Contact| Sitemap

Powered by phpBB © phpBB Group and phpBB SEO

Kindly note that the GMAT® test is a registered trademark of the Graduate Management Admission Council®, and this site has neither been reviewed nor endorsed by GMAC®.