<p>Let's say you got into College A, waitlisted at B and C. You accept your spot at College A and pay your deposit, and keep your spot on the waitlists for B and C. </p>
<p>Now it's May 15, and you get in off the waitlist at C. You say yes and send your deposit to College C. You inform College A, but you lose your deposit to College A.</p>
<p>Now it's June 30, and you get in off the waitlist at B. You can say yes and send your deposit in. Again, you'll lose your deposit to College C, but there's no other penalty.</p>