I. Objective:
To recover the costs associated with PEC handling returned checks.
II. Policy Content:
To establish a fixed fee to be added to the respective member's account when PEC experiences a returned check.
III. Provision:
A fee of thirty dollars ($30.00) will be applied to a member’s account for any check issued as payment for deposit(s), electric service or other transaction when returned to PEC marked "Insufficient Funds" (NSF), "Account Closed" or other reasons caused by the member that result in additional handling costs to PEC.
IV. Responsibility
It will be the responsibility of the Sr. Vice President of Administrative Services, Vice President of Member Services and the Director of Member Account Services to properly administer these provisions.
Approved by the Board of Trustees
- Effective Date: January 1, 1994
- Revised Date: February 22, 2002
- Revised Effective Date: March 1, 2002
- 2nd Revised Date: July 27, 2009
- 3rd Revised Date: August 23, 2018