Late payment fee – also known as late fine or past due fee is a charge being made against a client organization for not paying a bill or returning borrowed item or amount of money by its due date.

Late fees charged by banks, landlords, and utilities have been heavily criticized as a penalty against the poor, and attempts have been made in some places to outlaw them completely or place caps on them.

The argument against them is that the poor will inevitably be forced to pay them as they cannot earn the money to pay their bills by the due date. These people will be forced to pay even higher fees for the same services, and will find making future timely payments to their creditors even more difficult.

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Related ChexSystems Banking Information:

1. Late Payment
2. Late charge
3. Minimum Payment
4. Online Bill Payment
5. How to Stop Payment on a Check

Tagged as: Late Fine, Late Payment Fee