Wisconsin Sample Letter for Remittance of Late Fee
Description
How to fill out Sample Letter For Remittance Of Late Fee?
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FAQ
No Wisconsin Statute addresses the issue nor does any administrative rule in Chapter ATCP 134 of the Wisconsin Administrative Code. As such, a landlord should be able to charge a late fee of any amount as long as it is reasonable.
Dear [Name], Further to my previous correspondence, I am contacting you regarding late payment for invoice [invoice number]. The invoice was due on [due date], and payment is now overdue by [number of days overdue]. Be advised that late payment interest may be applied if we do not receive payment within 30 days.
Creditors legally can't charge excessive late fees, which means they must be reasonable, although what constitutes a "reasonable" fee is open to debate. In most cases, late fees typically range between $25 and $50. Some creditors may provide a grace period before they impose the late fee.
Wisconsin. In Wisconsin, the maximum late fee is $20 or 20% of the overdue balance, whichever is greater. After a balance becomes overdue, Wisconsin businesses should allow a grace period of five days before applying late fees.
There is no law governing grace periods in Wisconsin.
How much can I charge for late fees? A standard late fee for invoices that are overdue is between 1% and 2% monthly. Flat rate fees should depend on how much you typically charge customers. You can charge late invoice payments either as an interest rate, a flat fee, or both.
