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#2230875 - 02/12/20 07:08 PM Stop Payment Fees
Soccer Offline
Diamond Poster
Joined: Jan 2010
Posts: 1,005
Utopia
I am trying to determine if there is a ceiling to the stop payment fee we can charge on a line of credit check. We currently have ours set at $20.00 and I have a new employee in the lending area that comes from the deposit world who wants to increase the 20.00 to 30.00 which is what our deposit account stop payment is. Something in my mind is telling me it can't be more that 20.00, I just cannot locate it.
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#2230899 - 02/12/20 08:13 PM Re: Stop Payment Fees Soccer
John Burnett Offline
10K Club
John Burnett
Joined: Oct 2000
Posts: 39,333
Cape Cod
See if there's something in the line of credit agreement that states the fee. Otherwise, it would be a state law issue, and perhaps another NY bankers is aware of something.
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BankersOnline.com
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#2230904 - 02/12/20 08:24 PM Re: Stop Payment Fees Soccer
Soccer Offline
Diamond Poster
Joined: Jan 2010
Posts: 1,005
Utopia
John:

The fee is listed in the agreement, but we are the ones that control that field. In the scheme of things to worry about this is not tops. I know the 20.00 is ok because of many past exams. Down to the bottom of the pile it goes. smile
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