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#2251695 - 04/01/21 07:16 PM Convenience Fee
Reg Booster Offline
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Joined: Aug 2010
Posts: 106
Midwest
Does anyone in this forum know if they charge a convenience fee for accepting a credit card as a form of loan payment?

From everything I am reading, the cards have their own rules. In my opinion, it appears as though we are prohibited - either because we aren't a qualifying merchant, or we can't make the same convenience fee across the board. Can you all provide me with some insight on what other banks might be doing to accept credit cards as a source for a customers loan payments?

Thank you in advance!

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#2251700 - 04/01/21 07:31 PM Re: Convenience Fee Reg Booster
Reg Booster Offline
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Joined: Aug 2010
Posts: 106
Midwest
Correction: Debit cards - not credit cards.

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#2251702 - 04/01/21 07:40 PM Re: Convenience Fee Reg Booster
burkemi Offline
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Posts: 549
Strictly speaking we don't accept cards for payment. If it is our customer, we verify funds in the account, then use a counter-check and apply the payment. If it is a non-customer, we direct them to our ATM where funds can be withdrawn and paid by cash (yes, ATM fees still apply) or we will accept a check for payment.
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#2251703 - 04/01/21 07:44 PM Re: Convenience Fee Reg Booster
Reg Booster Offline
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Joined: Aug 2010
Posts: 106
Midwest
Thank you burkemi. You never impose a "convenience fee" on the customer, except the potential ATM fee?

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#2251711 - 04/01/21 08:32 PM Re: Convenience Fee Reg Booster
rlcarey Online
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rlcarey
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Galveston, TX
Your merchant agreement for accepting debit cards would prevent it.
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#2251716 - 04/01/21 08:43 PM Re: Convenience Fee Reg Booster
Reg Booster Offline
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Joined: Aug 2010
Posts: 106
Midwest
Thank you Randy.

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#2251734 - 04/02/21 01:17 PM Re: Convenience Fee Reg Booster
burkemi Offline
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Joined: Nov 2013
Posts: 549
Originally Posted by Reg Booster
Thank you burkemi. You never impose a "convenience fee" on the customer, except the potential ATM fee?

No fee - but as I stated, we don't (can't) accept cards as payment. I guess I should clarify, by non-customer, I am referencing a non-deposit customer. He/she would be a customer by the loan. smile
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