Late charge – is also known as surcharge, basically it is an add-on cost or an added amount of charges cost or tax.

It is commonly seen on our billing statements on electric bills, phone bills, cable bills etc. for delinquent bill payers.

In our country, the allowed surcharges by the government made by private sectors or company is only 3 – 5 percent of the total amount of our bills that are not yet been made on due given date or a period of time.

In other countries late charge is also known as late fine or late fee it is a charge levied against a client by a company or organization for not paying a bill or returning a rented or borrowed item by its due date. Its use is most commonly associated with businesses like creditors, video rental outlets and libraries. Late fees are generally calculated per day, or per item basis.

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Related ChexSystems Banking Information:

1. Late Payment Fee
2. Late Payment
3. Returned Check Charge
4. Writing a Check: Don’t forget any Details
5. Net Income

Tagged as: Late Charge, Surcharge