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#2270513 - 05/17/22 01:17 PM OD fee on a SBX Rental
Anonymous
Unregistered

We require our customers to have a deposit account to own a safe deposit box; that way we can auto debit each year for their rental.

You know how customers like to play the system; we have several accounts that literally have a $51.00 in them, just in time for the $50.00 debit.

Our Safe Box rental fees are going up this year, and I am anticipating that some accounts will become overdrawn due to the increase.

WE ARE SENDING LETTERS TO ALL OF OUR SBX CUSTOMERS TO INFORM THEM OF THE INCREASE. And:

1) I have a plan to reach out to those customers that it might affect (or is it effect?) to inform them they'll need to make an additional deposit
2) If they do NOT make a deposit, and the account becomes overdrawn, can we charge an overdraft fee?

I seem to recall we can't charge an OD fee on a fee (like a maintenance fee), but are SBX rentals different?

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#2270540 - 05/17/22 05:51 PM Re: OD fee on a SBX Rental Anonymous
rlcarey Online
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rlcarey
Joined: Jul 2001
Posts: 78,901
Galveston, TX
I would be more worried about over-drafting an internal deposit account so that you can show the SB rental fee as income on your income statement. Who would be playing games then?
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