What is the deadline for paying Dryer Vent Squad NSF check fees?
Dryer_Vent_Squad Franchise · 2024 FDDAnswer from 2024 FDD Document
| Type of (Note 1) | Amount | Due Date | Remarks |
|---|---|---|---|
| NSF Check Fee of Failed Electronic Fund Transfer | 5% of amount or $50, whichever is greater, or maximum fee allowed by law | On demand | Payable if your bank account possesses insufficient funds or fails to process a payment required under Franchise Agreement. |
Source: Item 6 — OTHER FEES (FDD pages 16–21)
What This Means (2024 FDD)
According to Dryer Vent Squad's 2024 Franchise Disclosure Document, if a franchisee's bank account has insufficient funds or fails to process a payment, they will be charged an NSF check fee. This fee is 5% of the amount or $50, whichever is greater, or the maximum fee allowed by law.
The NSF check fee is due 'on demand,' meaning Dryer Vent Squad can request immediate payment of the fee. This is different from other fees like Reporting Non-Compliance, Operations Non-Compliance, and Payment Non-Compliance, which are due within 14 days of the invoice date.
As a prospective franchisee, it is important to maintain sufficient funds in the designated bank account to avoid NSF fees. Franchisees should also be aware of all payment obligations and due dates outlined in the Franchise Agreement to avoid any non-compliance penalties.