#2252309 - 04/13/21 05:26 PM
Re: Late Fee
Anonymous
|
Power Poster
Joined: Jun 2003
Posts: 7,659
Florida
|
I thought the pyramiding referred to taking the late charges out, creating a full payment default, even if the amount was complete. For example a $100 payment comes in late. Following month, customer sends in $100., but the bank takes out the $5 late charge, and credits the customer $95. Since it’s not a full payment, the bank claims late, and tacks on another $5 late fee, even though the full amount was paid, and within the grace period. Systems would need different buckets to reflect unpaid late charges, payable
It’s been a long time but that’s what my impression was.
_________________________
Integrity. With it, nothing else matters. Without it, nothing else matters.
|
Return to Top
|
Reply
Quote
Quick Reply
Quick Quote
|
|
|
|
|