Interesting early results
With 37 utilities participating in the Utility Fee Survey already, I was surprised to see how many aren’t charging the maximum returned check fee allowed in their state.
Early returned check fee results
Surprisingly, the number of utilities charging less than, more than and exactly the maximum returned check fee for their state are almost equal. Here are the early results:
Even more surprising is that one utility doesn’t charge a returned check fee at all. Why would you want to absorb the charges from your bank and not pass them on to the customer who caused you to incur the fee?
I wrote about returned check fees a couple years ago and included a link to a document that outlines the maximum fee by state. This document also includes a reference to the statue regulating returned check fees in each state. You might want to take a minute to review how your returned check fee compares to the maximum allowable fee in your state.