I. Objective:
To compute and charge a late fee on accounts not paid on a timely basis.
II. Policy Content:
To establish a late fee on accounts where monthly bills are not paid by the due date.
III. Provisions:
- All bills issued shall be due and payable by the 10th day of the following month in which the bill is issued, and this date shall be considered the due date. Any payment received after the 10th will be considered late.
- If the 10th falls on a weekend, bank holiday or a holiday observed by PEC, the due date will revert to the next business day.
- A two percent (2%) penalty shall be added to the amount owing after the due date.
IV. Responsibility
It will be the responsibility of the Sr. VP - Administrative Services and the Director of Member Services to properly administer these provisions.
Approved by the Board of Trustees
- Effective Date: January 1, 1994
- Second Revision: June 30, 2009
- Third Revision: August 22, 2019
- Fourth Revision: February 24, 2022