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This is a payment that you make to us that is not honored by your financial institution. We may charge you a returned payment fee if your payment is returned.
Your agreement will state the amount of any returned payment fee that we charge. Your financial institution may also impose fees on you for the same returned payment.
If we re-submit a returned payment to your financial institution, and your financial institution subsequently honors it, we may still assess a fee because your payment was initially returned to us unpaid. However, if the same payment is returned unpaid more than once, we will not charge more than one returned payment fee. But if you make a new payment to us and it is not honored by your financial institution, we may impose a new returned payment fee.Consumer Financial Protection Bureau - Cite This Source - This Definition
- Browse Related Terms: Annual fee, application fee, Authorized charge, Credit-limit-increase fee, Late-payment fee, Over-the-limit fee, Penalty fees, Protected balances, Returned payment, Set-up fee, Workout arrangement