Bounced Payment Fee Legality

Summary

Management companies can impose fees for bounced payments if specified in the lease. In NYC, the maximum fee for a returned payment is $20 unless a different amount is specified in a contract or lease agreement. Review your lease or consult a local lawyer for further advice.

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I had a bounced payment to my apartment management company in Queens, NY and was told there will be a $* fee by the company. This is from management, not the bank and I don’t remember a mention of this on my lease. Is this legal?
Hello **** ****,
In general, management companies can impose fees for bounced payments if specified in the lease. It's crucial to review your lease carefully. If it's not mentioned, they may not have the legal right to charge. It would be best to consult with a local lawyer.
Is there a limit on bounced or returned payment fees in NYC?
Yes, in New York City, the maximum allowable fee for a returned payment is $* unless a different amount is specified in a contract or lease agreement. Please review your lease or consult a local lawyer for further advice.