What is the insufficient funds fee charged by Crown Gold Exchange?
Crown_Gold_Exchange Franchise · 2024 FDDAnswer from 2024 FDD Document
at a rate equal to 18% per year (or, if such payment exceeds the maximum allowed by law, then interest at the highest rate allowed by law).
- (d) Insufficient Funds. Crown Gold Franchising may cha
Source: Item 22 — CONTRACTS (FDD pages 38–39)
What This Means (2024 FDD)
According to Crown Gold Exchange's 2024 Franchise Disclosure Document, if a franchisee's payment is returned due to insufficient funds, Crown Gold Franchising may charge a fee of $30. This fee may be adjusted if it exceeds the maximum amount allowed by law in the relevant jurisdiction.
This means that if a franchisee attempts to make a payment to Crown Gold Exchange and the payment is rejected by the bank due to a lack of sufficient funds in the franchisee's account, the franchisee will incur a $30 fee, or the maximum legally permissible fee, whichever is lower. This fee is intended to cover the administrative costs and inconvenience caused by the returned payment.
It is important for prospective Crown Gold Exchange franchisees to maintain sufficient funds in their accounts to cover all payments to avoid incurring this fee. Franchisees should also be aware of any applicable state or local laws that may limit the amount of the insufficient funds fee that Crown Gold Exchange can charge.