Skip to content
BOL Conferences
Thread Options
#1921474 - 05/08/14 07:30 PM Uncollected Funds charge-business accts 360/365
Bec Offline
Diamond Poster
Bec
Joined: Jul 2010
Posts: 1,115
The Great White North
Hello there. We have an uncollected funds Usage fee of prime+300 basis points for our business customers. Currently it is set to a 365 day period. Is there anything prohibiting us from collecting on a 360??
Last edited by Bec; 05/08/14 07:31 PM.
_________________________
Go Packers

Return to Top
Deposits and Payments
#1921536 - 05/08/14 08:40 PM Re: Uncollected Funds charge-business accts 360/365 Bec
John Burnett Offline
10K Club
John Burnett
Joined: Oct 2000
Posts: 40,086
Cape Cod
Not unless you've disclosed to those business customers that you use a different method. In that case, you'll need to send them a change in terms notice if your agreement with them calls for one.
_________________________
John S. Burnett
BankersOnline.com
Fighting for Compliance since 1976
Bankers' Threads User #8

Return to Top

Moderator:  John Burnett