Gopher GOLD does not have usage fees except when:
- Depositing online ($2.50 convenience fee).
- The account has not been used for 12 months.
- The account is closed.
Explanations for the latter 2 events are below. The general fee structure of Gopher GOLD is mandated by state law and similar across all Big Ten schools and exists to prevent Gopher GOLD from being used as a bank account. You will never be charged beyond the balance of your Gopher GOLD account.
Gopher GOLD Usage Fees
| Event | Fee | Reasoning | Communication |
|---|---|---|---|
| Gopher GOLD is used at least 1 time every 12 months | $0.00 | Regular usage shows that the individual is an active participant on campus. | Users get a monthly statement reminding them to keep updated on their balance. |
| Gopher GOLD has not been used for 12 months | $3.00/month for 6 months until balance is below $10, then full balance | Non-usage shows that the individual may no longer be an active participant on campus and serves as a warning in case an individual would like to close their account. | Users get a monthly warning including information on funds being forfeited if not active. |
| Gopher GOLD has not been used for 18 months | Full account balance deleted | Stagnant accounts are not allowed under Minnesota law, therefore the entire balance is forfeited given the earlier warning period. | User gets a final monthly statement and account is closed the next business day. |
Gopher GOLD Closure Fees
| Account Balance | Closure Fee | Returned to Holder |
|---|---|---|
| Balance is under $10 | Remainder of account balance | $0.00 |
| Balance is over $10 | $10 | Balance less $10 |