When is the Non-Sufficient Funds (NSF) Fee due for a Chem Dry franchise?
Chem_Dry Franchise · 2024 FDDAnswer from 2024 FDD Document
d to |
| Name of Fee | Amount | Due Date | Remarks |
|---|---|---|---|
| investigate and resolve the complaint. | |||
| Audit | Then current fee which is presently $5001 | As incurred | Daily fee if you fail to provide required materials in required format when requested. |
| Late Fee and Interest1 | Then current fee which is presently 1.5% per month, not to exceed the highest rate allowed by law1 | 15 days after billing | Payable on all overdue amounts. |
| Non-Sufficient Funds ("NSF") Fee | Then current fee, which is presently $50 per NSF | Due by automatic debit the Friday after the NSF occurs | Due if and when we debit your account for monies owed and there are insufficient funds available. |
| Enforcement Costs and Attorneys' Fees | Will vary under circumstances | As incurred | Payable if we engage attorneys to enforce your Franchise Agreement. |
| Indemnification | Will vary under circumstances1 | As incurred | You indemnify and hold us harmless against claims arising from your Chem-Dry Business operations, including costs of investigation, defense and resolution. Certain claims are covered by your insurance. |
| Liquidated Damages | Will vary under circumstances | As incurred | If your Franchise Agreement terminates before expiration, you will owe us the Monthly Franchise Fee, Minimum Purchase Amo |
Source: Item 6 — OTHER FEES (FDD pages 19–26)
What This Means (2024 FDD)
According to Chem Dry's 2024 Franchise Disclosure Document, the Non-Sufficient Funds (NSF) Fee is due by automatic debit the Friday after the NSF occurs. This fee is incurred if Chem Dry attempts to debit a franchisee's account for monies owed, but there are insufficient funds available to cover the transaction.
The current NSF fee is $50 per occurrence. This means that each time a payment is rejected due to insufficient funds, Chem Dry will charge the franchisee $50 in addition to the original amount owed. Franchisees should ensure they have sufficient funds in their account to cover all payments to avoid incurring this fee.
It is important to note that all fees are imposed by and payable to Chem Dry or their designee and are non-refundable. While the NSF fee is currently $50, this amount is subject to change. Franchisees who purchased franchises in the past may operate under different fee structures.