Alert April 15, 2014

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

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.