Pursuant to the bylaws of the HOA, a returned item fee is being instituted effective as of 1/10/08. If a homeowner?’s payment is returned to the HOA by its bank for any reason (stop payment, non sufficient funds, etc.), that homeowner will be assessed a fee equal to the fee the HOA?’s bank charges it for this returned item & an additional $15 HOA penalty assessment. Please contact the trustees if you have any questions about this.
Example: Homeowner XYZ wrote check #1234 for $100, this item was returned to the HOA for non sufficient funds and the HOA was assessed a $10 returned item fee by its bank. The homeowner?’s $100 payment will be unapplied from their account due to item being returned and assessed fees totaling $25 ($10 bank fee for returned item & $15 HOA penalty assessment).
By KESSLEBROOKE STATION HOA TRUSTEE
Example: Homeowner XYZ wrote check #1234 for $100, this item was returned to the HOA for non sufficient funds and the HOA was assessed a $10 returned item fee by its bank. The homeowner?’s $100 payment will be unapplied from their account due to item being returned and assessed fees totaling $25 ($10 bank fee for returned item & $15 HOA penalty assessment).
By KESSLEBROOKE STATION HOA TRUSTEE
