Late Fees

Late Fee

An extra charge assessed on a person or organization if a payment is made after a stated date. For example, if the electric bill is due on the 12th and one pays it on the 15th, a late fee may be added. A late fee may be a flat amount or a percentage of what is owed.

Late Fees

Fees assessed by lenders when payments are late.

Late fees are usually 4% or 5% of the payment. A borrower with a 6% mortgage for 30 years who pays a 5% late charge every month raises his or her interest cost over the life of the loan to 6.46%.

References in periodicals archive ?
They could submit their examination form with the late fees of Rs.
in a class-action lawsuit alleging that late fees charged by now-defunct mortgage lenders/servicers The Money Store and HomEq were improper and unlawful.
Consumers in UAE now have access to a card which combines zero per cent balance transfers, no annual membership fee, no cash advance fee, no late fees and no over-limit fee.
The company was charged with imposing unlawful late fees and deceiving customers into buying more credit card services.
In February 2012, the Council of Ministers provided BGN 23 918 010 in payments for the 2007 a 2009 period, by which it reduced the losses in late fees for the State budget.
Twenty-two states have laws governing rules for late fees charged to residents for rent.
136 (2009), the Fourth Circuit upheld a 2008 Tax Court decision that Capital One could not retroactively change its method of accounting for credit card late fees even though it was on an improper method.
The Board of Trustees issued clear guidelines on the time-frame and the mechanism for the application of the administrative late fees for UAE residents under the authority granted by the Federal Cabinet to the Vice Chairman of the Board.
Comcast has agreed to pay up to $23 million to Oregon customers who were charged late fees from July 15, 2003, through Nov.
From 1995 through 1999, Capital One recognized late fees as income at the time they were charged to the cardholders.
8, to provide two weeks without late fees on expired licenses.
Or, if bills are delayed, then late fees can be jacked on.