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Massachusetts Dishonored Check Fee Set at Maximum of $7.23, Goes Into Effect on July 1 "Credit News 24"

The state of Massachusetts set the maximum dishonored check fee that state-chartered banks and credit unions may assess at $7.23. This fee will go into effect on July 1, 2018.

The 2018 deposit return items (DRI) fee is based upon deposit return item cost data from a sample of state-chartered banks and credit unions.

The state surveyed 72 financial institutions. The sample was evenly divided between banks and credit unions.

The cost of processing deposit returned items ranged from $1.21 to $30.38 per item with a median cost of $7.23.

The survey found that credit unions had a higher average cost of processing dishonored checks than banks -- $9.35 versus $7.43.

Unfortunately, this state-mandated price control will cause half of the state's institutions to incur a loss in processing dishonored checks.

This is bad public policy.

Read the decision.
Title : Massachusetts Dishonored Check Fee Set at Maximum of $7.23, Goes Into Effect on July 1 "Credit News 24"
link : Massachusetts Dishonored Check Fee Set at Maximum of $7.23, Goes Into Effect on July 1 "Credit News 24"