HomeMy WebLinkAbout4.k. Nonsufficient Fund (NSF) Fee ChargeEXECUTIVE SUMMARY FOR ACTION
CITY COUNCIL MEETING DATE: October 15, 1991
AGENDA ITEM:
AGENDA SECTION:
Nonsufficient Fund(NSF) Fee Change
Consent
PREPARED BY:
Jeff May, Finance Director
AGENDA
HE fYB
G.
F1
ATTACHMENTS:
Notice from State on Allowable Amount
At this point in time, we charge $15 for a fee on all checks
returned for non-payment. This was the maximum amount allowed by
law. Earlier this summer, the amount was changed to $20 allowable
for a NSF fee. At this time, we would like to change our NSF fee
to $20 which will more effectively match our costs associated with
processing and collecting those bad checks.
RECOMMENDED ACTION: Approve a motion to change City of Rosemount
Nonsufficient Fund(NSF) Fee from $15 to $20 as allowed by state law.
COUNCIL ACTION:
MINNESOTA LAW
CHECKS RETURNED FOR NON-PAYMENT
ARE SUBJECT TO A SERVICE CHARGE
,.NOT EXCEEDING;
azo
AND UP TO $100 IN CIVIL PENALTIES
Minnesota
M.D. R.A.
MS332.50 Subd. 2