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Late Fee
A penalty charged by a lender to a borrower who fails to make their required minimum payment on time.
More Details
A late fee is a charge that is assessed when a payment is not made by the due date. Late fees are common for bills, loans, and credit card payments, and are intended to encourage timely payment and compensate the creditor for any additional costs or losses associated with late payment.
Example
If you have a credit card with a minimum monthly payment of $50 and you do not pay the full amount by the due date, you will be assessed a late fee in addition to the unpaid balance on your credit card.
Related Terms
Pension
A regular payment made from one's employer after retirement, based on factors such as length of employment and earnings.
Mobile Check Deposit
A feature in a banking app that allows a user to deposit a check into their bank account, typically by taking pictures of the check.
Share Account
A savings account that represents ownership of a specific amount of money deposited with the credit union and establishes membership in the credit union.