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Cost Of In-House Check Collections
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Get access to your money!
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Employee Time |
$30.00
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Bookkeepers, Treasurers, CFOs, or other responsible key personal in your organization are paid well. Even at $15 an hour, the cost to follow a collection from start to finish is at minimum 2 hours.
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Postage |
$10.00
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Contacting bad check writers is traditionally done through a series of collection letters. Typically there will be one attempt to contact bad check writers via certified mail.
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Telephone Charges |
$1.50
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Cost of 4 calls to bad check writer.
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Bank Fees |
$10.00
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Your bank will charge you up to $10 for a returned check item. If you allow them to redeposit that returned check, they may charge you again, but we'll use $10 for our example.
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Supplies |
$1.50
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Cost of supplies to contact the check writer are minimal but still represent a cost.
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Legal Filing with a Court or District Magistrate |
$10.00
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Travel time, auto expense, time to complete paperwork and make copies of certified receipts and letters, then travel back to court.
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Total Cost:
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$63.00
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