Service Charge on Returned Checks
John P. Kruczek, University Controller
In accordance with recent changes to Chapter 832, Florida Statutes, the University of Florida will raise the service charge on returned checks, drafts, or other orders of payment effective February 1, 1997.
The following table illustrates the new charging structure:
RETURNED CHECK AMOUNT SERVICE CHARGE $ 50.00 or less $25.00 $ 50.01 to $299.99 $30.00 $300.00 or more $40.00
The proper collection procedures to be followed for returned checks including notification procedures and information required by the State Attorney’s Office to pursue collection from the issuer of a returned check, are in Section 4C-1.06 of the Handbook on Business Procedures. Chapter 4C of the Handbook is available on the WEB at www.admin.ufl.edu/DIVISION/FA/.
If you need additional information concerning this matter, please call Mike McKee, Assistant Controller, at 392-0779.