Multiple late fees, how does this work?

Multiple late fees, how does this work?

Multiple late fees, how does this work?

SOLVED
I'm a Participant Level 2

Multiple late fees, how does this work?

I have an account with fido mobile, which has 3 cell phones on it. I get one bill, not three. I 99% of the time pay it asap, but this time I paid on Saturday, and of course was charged a late fee due to the bank not posting until Monday.  This is my fault, I know better. However I was charged $12.50 per phone for late fees. This seems incorrect, am I wrong?

Accepted Solution

Re: Multiple late fees, how does this work?

Solved by Former Moderator FidoFrancois

To explain a bit more the way the late fee is calculated. Smiley 

 

When a payment is posted after the due date, a 3% late fee will apply on your current balance, then a prorated 3% applies until your payment is received. Since you're billed per month, the prorated late fee will be delayed by one cycle. 
 
Say you have $100 as a balance on your first bill due for the 31st, and your payment is received on the 1st of the next month. The late fee will be 3% of $100 = $3, which will apply on the second invoice. Then the prorated late fee $3 / 30 days * 1 (you were late one day) = $0.1 will be charged on your third invoice. 

 

With that said, I'm sending a PM your way to have a closer look at that with you. 

 

 

View solution in context
3 REPLIES 3
Former Moderator

Hey @Goldie236

 

We'd like to go over the details of the charges with you. 

 

You can contact us here or we can send you a PM as well. 

 

Let us know what suits you best!



I'm a Participant Level 2

A pm would be great thanks!

To explain a bit more the way the late fee is calculated. Smiley 

 

When a payment is posted after the due date, a 3% late fee will apply on your current balance, then a prorated 3% applies until your payment is received. Since you're billed per month, the prorated late fee will be delayed by one cycle. 
 
Say you have $100 as a balance on your first bill due for the 31st, and your payment is received on the 1st of the next month. The late fee will be 3% of $100 = $3, which will apply on the second invoice. Then the prorated late fee $3 / 30 days * 1 (you were late one day) = $0.1 will be charged on your third invoice. 

 

With that said, I'm sending a PM your way to have a closer look at that with you.