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#1647816 - 01/08/12 07:29 PM Return Deposited Item Fees
sunshine60 Offline
New Poster
Joined: Oct 2009
Posts: 4
I'm at an F.I. in Illinois and as I understand it, I can charge consumers whatever I want on return deposited items, but I may not exceed $4.50 on a commercial account. Anyone out there from an Illinois Bank understand this the same way?

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#1647818 - 01/08/12 10:55 PM Re: Return Deposited Item Fees sunshine60
rlcarey Online
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Joined: Jul 2001
Posts: 78,643
Galveston, TX
You might want to try the Illinois forum.
The opinions expressed here should not be construed to be those of my employer: PPDocs.com

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#1647933 - 01/09/12 04:02 PM Re: Return Deposited Item Fees sunshine60
BurntSienna Offline
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Joined: Aug 2006
Posts: 2,407

Illinois Uniform Commercial Code Section 3 - 806 governs this and yes, the $4.50 maximum applies on commercial accounts.

And just so you know, you can't charge consumers "whatever you want". You are limited to $25.00 a few paragraphs above the $4.50 limit on commercial accounts.
Last edited by BurntSienna; 01/09/12 04:17 PM.
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