What is the non-sufficient funds fee for Fly Fitness, as amended by this FDD?
Fly_Fitness Franchise · 2024 FDDAnswer from 2024 FDD Document
istent provisions are hereby deleted.
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- To the extent of any inconsistencies, Section 5.1.1 of the Franchise Agreement is hereby amended to state:
"Except in certain specified cases
Source: Item 22 — CONTRACTS (FDD pages 44–45)
What This Means (2024 FDD)
According to Fly Fitness's 2024 Franchise Disclosure Document, the non-sufficient funds (NSF) fee is $30.00 per occurrence. This amendment to the franchise agreement is specifically required by the state of Minnesota, as indicated in Item 22.
The original Franchise Agreement, as detailed in Section 6.4, stated that the non-sufficient funds fee was $100.00 per occurrence. However, due to Minnesota state law, this fee has been reduced to $30.00 for franchisees operating in Minnesota. This change reflects Fly Fitness's compliance with local regulations, ensuring that the franchise agreement aligns with the legal requirements of the state.
For prospective franchisees, particularly those in Minnesota, this amendment means a significantly lower fee for any returned checks or denied electronic funds transfers. While the standard agreement initially stipulated a $100.00 NSF fee, Minnesota franchisees will only be charged $30.00 per incident. This adjustment is a notable benefit for franchisees in Minnesota, reducing potential financial penalties related to payment issues.