Massachusetts Division of Banks Sets Cap on Returned Check Fees Allowable for State-Chartered Banks

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Explore:  Banks Overdraft Fees

The Massachusetts Division of Banks established the maximum fee that state-chartered banks and credit unions are permitted to assess consumer accounts in connection with processing a dishonored check. The maximum fee, which was determined based upon a review of cost data the DOB obtained during the course of regular examinations, is set at $5.71. This fee cap is the same maximum as had previously been in place. This maximum fee will remain in effect until April 30, 2015, or until such time as the DOB issues its 2015 fee decision.

IRS Circular 230 Disclosure: To ensure compliance with requirements imposed by the IRS, we inform you that any U.S. tax advice contained in this informational piece (including any attachments) is not intended or written to be used, and may not be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing or recommending to another party any transaction or matter addressed herein.

Topics:  Banks, Overdraft Fees

Published In: Consumer Protection Updates, Finance & Banking Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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