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 ?
In order to avoid late fees and penalties, all assessment reports and payments must be submitted today Thursday, March 1, 2018.
Freemont Public Library in Mundelein joined a small but growing group of suburban libraries by pledging this week to eliminate most late fees.
500 per course from 1st February to 16th February 2018 without late fees while from 19th February to 28th February 2018 with the additional late fees of Rs.
After due date the forms can be submitted with the late fees of Rs.
According to Entrata Vice President Janel Ganim, on average 10 percent to 15 percent of late fees are waived industry-wide.
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.
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.
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.
Late fees and balance transfer fees have also been removed from the package.
From 1995 through 1999, Capital One recognized late fees as income at the time they were charged to the cardholders.