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Updated about 8 years ago on . Most recent reply

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10
Posts
6
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Scott Bond
  • Folsom, CA
6
Votes |
10
Posts

NSF check and late replacement= NSF fee AND Late fee?

Scott Bond
  • Folsom, CA
Posted

When a check bounces and the replacement check doesn't arrive before the deadline, do you guys charge an NSF fee AND a late fee? 

Assuming the process of bouncing the check takes a few days, I can't imagine that there would be many folks would even have the notice from their bank in time to send another check by the 5th (our grace period extends till the end of the 5th) to prevent a late fee. Then again, if there is a chance that the check is going to bounce, it would be prudent of the tenant to send payment early to leave themselves time to resend it and prevent the late fee from being accrued as well. Any input out there?

Most Popular Reply

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1,358
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1,322
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Levi T.
  • Rental Property Investor
  • Tucson AZ / Nice FR
1,322
Votes |
1,358
Posts
Levi T.
  • Rental Property Investor
  • Tucson AZ / Nice FR
Replied

It bounced because they don't have the monies.. Hit them with a NSF fee and late feel, require certified funds or money orders. Also start the court process quickly if it's pass the due date. If they have not repaid the balance in full within the state's deadlines, it's check fraud for writing a bad check. In Virginia that's 30 days.

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