RE: Bounced Check Policy - How much?

[Guest guest]

I have been charging $25 for 3 yr, the bank charges me, when the patient check bounces, so I really just break even. This year I raised it to $30. In over 4 yr I've only had about 5 bounced checks. I also added a fee for no shows without 24 hr notice. I hated to do this. I am now the only solo, non hospital employed MD in a 15 mile radius or more. The local Hospital owned practices are charging "the cost of the visit" if you no show. How they figure out the cost, when you never got your visit is beyond me. I arbitrarily set the fee at $75, hoping it would be so high, that I would never have to collect it.

One day before the holidays I had 6 no shows, never in the 5 yr have I had that, generally 1 is a shock, and usually a repeat offender. That day, one no show, was even someone who made the appt that day, another the day before in afternoon! Would like to know how others are handling this.

Cote

Four Corners Family Medicine, and Laser Aesthetics

-------------- Original message --------------

Does everyone have their Check Policy in their financial policy?

How much do you charge for bounced checks?

I'm thinking of charging $25

Average fee in 2001 for bounced check was...

http://www.memag.com/memag/Miscellaneous/Financial-Beat/ArticleStandard/Article/detail/117941

Banking: Your accounts are getting pricier

Rising bank fees and falling interest rates are reducing the benefits of interest-bearing checking accounts, according to Bankrate.com, an online service that surveys the banking industry. Average monthly service fees on interest accounts climbed nearly 9 percent in the last two years, to $10.43, while the average yield has fallen to 1.17 percent from 1.33 percent since 1998. Bankrate.com's data comes from 353 banks and thrift institutions.

The average minimum balance to avoid fees still exceeds $2,200. If you keep $2,000 in a checking account, you can earn $23 in interest per year, but pay $125 in fees. If your balance routinely falls below the minimum, consider a non-interest-bearing account. Their average monthly fee is $6.18, and the average minimum balance is $416.57.

Bank fees for other services are also rising. The charge for a bounced check now averages $24, up about 10 percent in two years, and ATM fees are also going up. Almost 90 percent of the banks surveyed charge non-account holders a fee for each ATM transaction; the average is $1.43.

The survey did find one bright spot for consumers: More than 80 percent of banks allow free debit card purchases, up from 73 percent two years ago.

Locke, MD

[Guest guest]

I agree that we should at least cover the cost the bank charges me, but...

I got to thinking out what a hassle the bounced check is.

1st -- I didn't get the money owed me in a timely manner -- had to take the check, deposit it, wait for it to clear, get a bounced check notice, then have the bank deduct the monies from my account, and charge me, then wait for the letter from the bank to arrive that the check has bounced.

2nd -- I have to look up the patient and figure out who they are and what happened.

3rd -- have to call the patient, track them down, send a letter possibly, etc

4th -- But now -- have to get the original cost of the check PLUS add on the fee plus the cost of the bank fee - plus any punitive cost I want to cover the cost of my staff and I having to deal with this bounced check.

5th -- have to wait for the patient to stop by or mail in a check (I suppose they could give a credit card over the phone, but why didn't they just pay with a credit card in the 1st place?)

Anyway, just covering the cost of the bank fee doesn't seem fair -- but I think that is what most of us do.

Thanks for the feedback .

Locke, MD

From: [mailto: ] On Behalf Of magnetdoctor@...Sent: Tuesday, January 08, 2008 8:58 AMTo: Subject: Re: Bounced Check Policy - How much?

I have been charging $25 for 3 yr, the bank charges me, when the patient check bounces, so I really just break even. This year I raised it to $30. In over 4 yr I've only had about 5 bounced checks. I also added a fee for no shows without 24 hr notice. I hated to do this. I am now the only solo, non hospital employed MD in a 15 mile radius or more. The local Hospital owned practices are charging "the cost of the visit" if you no show. How they figure out the cost, when you never got your visit is beyond me. I arbitrarily set the fee at $75, hoping it would be so high, that I would never have to collect it.

One day before the holidays I had 6 no shows, never in the 5 yr have I had that, generally 1 is a shock, and usually a repeat offender. That day, one no show, was even someone who made the appt that day, another the day before in afternoon! Would like to know how others are handling this.

Cote

Four Corners Family Medicine, and Laser Aesthetics

-------------- Original message --------------

Does everyone have their Check Policy in their financial policy?

How much do you charge for bounced checks?

I'm thinking of charging $25

Average fee in 2001 for bounced check was...

http://www.memag.com/memag/Miscellaneous/Financial-Beat/ArticleStandard/Article/detail/117941

Banking: Your accounts are getting pricier

Rising bank fees and falling interest rates are reducing the benefits of interest-bearing checking accounts, according to Bankrate.com, an online service that surveys the banking industry. Average monthly service fees on interest accounts climbed nearly 9 percent in the last two years, to $10.43, while the average yield has fallen to 1.17 percent from 1.33 percent since 1998. Bankrate.com's data comes from 353 banks and thrift institutions.

The average minimum balance to avoid fees still exceeds $2,200. If you keep $2,000 in a checking account, you can earn $23 in interest per year, but pay $125 in fees. If your balance routinely falls below the minimum, consider a non-interest-bearing account. Their average monthly fee is $6.18, and the average minimum balance is $416.57.

Bank fees for other services are also rising. The charge for a bounced check now averages $24, up about 10 percent in two years, and ATM fees are also going up. Almost 90 percent of the banks surveyed charge non-account holders a fee for each ATM transaction; the average is $1.43.

The survey did find one bright spot for consumers: More than 80 percent of banks allow free debit card purchases, up from 73 percent two years ago.

Locke, MD

[Guest guest]

My bank charges me $10, I charge $20.

________________________________

From: on behalf of Locke's in Colorado

Sent: Tue 1/8/2008 9:09 AM

To:

Subject: RE: Bounced Check Policy - How much?

I agree that we should at least cover the cost the bank charges me, but...

I got to thinking out what a hassle the bounced check is.

1st -- I didn't get the money owed me in a timely manner -- had to take the

check, deposit it, wait for it to clear, get a bounced check notice, then have

the bank deduct the monies from my account, and charge me, then wait for the

letter from the bank to arrive that the check has bounced.

2nd -- I have to look up the patient and figure out who they are and what

happened.

3rd -- have to call the patient, track them down, send a letter possibly, etc

4th -- But now -- have to get the original cost of the check PLUS add on the fee

plus the cost of the bank fee - plus any punitive cost I want to cover the cost

of my staff and I having to deal with this bounced check.

5th -- have to wait for the patient to stop by or mail in a check (I suppose

they could give a credit card over the phone, but why didn't they just pay with

a credit card in the 1st place?)

Anyway, just covering the cost of the bank fee doesn't seem fair -- but I think

that is what most of us do.

Thanks for the feedback .

Locke, MD

________________________________

From:

[mailto: ] On Behalf Of

magnetdoctor@...

Sent: Tuesday, January 08, 2008 8:58 AM

To:

Subject: Re: Bounced Check Policy - How much?

I have been charging $25 for 3 yr, the bank charges me, when the patient check

bounces, so I really just break even. This year I raised it to $30. In over 4

yr I've only had about 5 bounced checks. I also added a fee for no shows

without 24 hr notice. I hated to do this. I am now the only solo, non hospital

employed MD in a 15 mile radius or more. The local Hospital owned practices are

charging " the cost of the visit " if you no show. How they figure out the cost,

when you never got your visit is beyond me. I arbitrarily set the fee at $75,

hoping it would be so high, that I would never have to collect it.

One day before the holidays I had 6 no shows, never in the 5 yr have I had that,

generally 1 is a shock, and usually a repeat offender. That day, one no show,

was even someone who made the appt that day, another the day before in

afternoon! Would like to know how others are handling this.

Cote

Four Corners Family Medicine, and Laser Aesthetics

-------------- Original message --------------

Does everyone have their Check Policy in their financial policy?

How much do you charge for bounced checks?

I'm thinking of charging $25

Average fee in 2001 for bounced check was...

http://www.memag.com/memag/Miscellaneous/Financial-Beat/ArticleStandard/Article/\

detail/117941

<http://www.memag.com/memag/Miscellaneous/Financial-Beat/ArticleStandard/Article\

/detail/117941>

Banking: Your accounts are getting pricier

Rising bank fees and falling interest rates are reducing the benefits of

interest-bearing checking accounts, according to Bankrate.com

<http://www.bankrate.com/> , an online service that surveys the banking

industry. Average monthly service fees on interest accounts climbed nearly 9

percent in the last two years, to $10.43, while the average yield has fallen to

1.17 percent from 1.33 percent since 1998. Bankrate.com's data comes from 353

banks and thrift institutions.

The average minimum balance to avoid fees still exceeds $2,200. If you keep

$2,000 in a checking account, you can earn $23 in interest per year, but pay

$125 in fees. If your balance routinely falls below the minimum, consider a

non-interest-bearing account. Their average monthly fee is $6.18, and the

average minimum balance is $416.57.

Bank fees for other services are also rising. The charge for a bounced check

now averages $24, up about 10 percent in two years, and ATM fees are also going

up. Almost 90 percent of the banks surveyed charge non-account holders a fee for

each ATM transaction; the average is $1.43.

The survey did find one bright spot for consumers: More than 80 percent of

banks allow free debit card purchases, up from 73 percent two years ago.

Locke, MD