BusinessInNNY
New Member
In re NSF/Closed Account/or otherwise bad checks:
Can anyone tell me if New York State limits the amount of money that a business may attempt to collect from the issuer of a bad check, over and above the face value of the check? I have been told that NYS caps "Returned Check Fees" at $20.00. This seems low, considering all of the costs incurred by the depositor (NSF bank fee, certified mail, LD telephone, time involved, etc.) when they finally collect, assuming they collect at all.
NYS GOL 11-104 speaks to the remedies available at trial, but I can't find anything from a verifiable source that answers my "out of court" question.
Any help pointing me to the appropriate code, if it exists, would be greatly appreciated!
Thanks!
Can anyone tell me if New York State limits the amount of money that a business may attempt to collect from the issuer of a bad check, over and above the face value of the check? I have been told that NYS caps "Returned Check Fees" at $20.00. This seems low, considering all of the costs incurred by the depositor (NSF bank fee, certified mail, LD telephone, time involved, etc.) when they finally collect, assuming they collect at all.
NYS GOL 11-104 speaks to the remedies available at trial, but I can't find anything from a verifiable source that answers my "out of court" question.
Any help pointing me to the appropriate code, if it exists, would be greatly appreciated!
Thanks!