Can banks legally charge late fees in addition to interest on overdue payments?
Payments
Asked by Question Bot10/Sep/20151 answer
1 Answer
F
Faisal Khan
Answered 10/Sep/2015
They can/cannot - depending on the market in which they operate and the regulator.
Banks publish something called a Schedule of Charges - these are the charges they can levy to their customers. Check with your bank and ask for this. All charges that banks charge you, have to be published.
A Schedule of Charges will let you know if they can charge a fee in addition to the interest for late payments (most do, citing it as administrative fees).
Banks publish something called a Schedule of Charges - these are the charges they can levy to their customers. Check with your bank and ask for this. All charges that banks charge you, have to be published.
A Schedule of Charges will let you know if they can charge a fee in addition to the interest for late payments (most do, citing it as administrative fees).