What is the service fee that a licensee may assess to a customer on a deferred presentment transaction?
For a deferred transaction in the amount of $600, a service fee in the amount of $76 may be charged. This is broken down into: 1. 15% for the first $100 2. 14% for the second $100 3. 13% for the third $100 4. 12% for the fourth $100 5. 11% for the fifth $100 6. 11% for the sixth $100 For a $100 deferred presentment transaction the fee is calculated as $15. For a $250 deferred presentment transaction the fee is calculated as $15+$14+$6.50=$35.50. For a $600 deferred presentment transaction the fee is calculated as $15+$14+$13+$12+$11+$11=$76.
Related Questions
- Can a deferred presentment service transaction remain open in the State Database (Veritec) if all the customer owes is the $25.00 returned check charge?
- Can a licensee accept a post-dated check from a customer in connection with a deferred presentment transaction?
- What is the service fee that a licensee may assess to a customer on a deferred presentment transaction?
