Feel Dumb Asking This...

[blandino]

We have a $15.00 per day late fee, but have never actually had to charge it. I am unsure of the fairest way to calculate it If a payment was due on Monday by 5:30, and they are bringing it tomorrow morning - how many $15.00 charges is that. One for Monday and one for Tuesday ??? or just one for Tuesday... I really don't want to be unfair with my calculations. I don't care about the money - just hoping that it makes it uncomfortable enough that it doesn't happen again.

[daycare]

I would account for Monday and Tuesday
However I am not as nice as you are

I would not have let them come in my front door Tuesday morning without payment.

No pay no stay.

[blandino]

Honestly, We have never had this happen before - and this week two people. I think we are going to revamp payment procedures and have payments due on Friday and if on Monday morning you don't have payment submitted, you won't be able to leave your child. We just shouldn't be having to even expend the energy to think about this. I am about to post a question regarding about 1000 payment questions. I want to hear the way everyone handles things I have been thinking about trying.

[blandino]

I lied, last week was all over the place too - although most realized their error and had payment to us by pickup time.

[Blackcat31]

I begin charging the late fee the next day. If payment is due on Monday, then family would pay $15 on Tuesday morning or they wouldn't be allowed to stay.

If you want to get payments in the morning rather than pick up time, you could add a smaller fee for those payments paid at pick up versus payments made in morning and then begin adding the reg. $15 late fee on Tuesday if it gets that far.

[SilverSabre25]

If the payment is due by 5:30 PM on Monday, then at 5:31 PM a late fee accrues. Then at 5:31 on Tuesday, another late fee. 5:31 on Wednesday, another late fee, etc.

[LK5kids]

I begin charging the late fee the next day. If payment is due on Monday, then family would pay $15 on Tuesday morning or they wouldn't be allowed to stay.

If you want to get payments in the morning rather than pick up time, you could add a smaller fee for those payments paid at pick up versus payments made in morning and then begin adding the reg. $15 late fee on Tuesday if it gets that far.

Same here.

[daycarediva]

If the payment is due by 5:30 PM on Monday, then at 5:31 PM a late fee accrues. Then at 5:31 on Tuesday, another late fee. 5:31 on Wednesday, another late fee, etc.

This. I have previously charged a family for a late pick up fee (after 6pm AND a late payment fee-again, after 6pm because they picked up late on Friday. Check was in hand, but it wasn't enough!)

[My3cents]

If it happens one time...... I would let it go with a warning.

Marge- I am letting it go this time, but if your late again, I will need to charge late fee's. I can't be chasing down my money. Then if no payment on Tuesday, no stay till pay and late charges. Marge is mad- Sorry Marge it is nothing personal, just part of doing business. Don't take on Marge's issues.

I try to have understanding but at the same time, this is what I do for my living. I don't want to be begging for my paycheck.

Good luck-

[Blackcat31]

If the payment is due by 5:30 PM on Monday, then at 5:31 PM a late fee accrues. Then at 5:31 on Tuesday, another late fee. 5:31 on Wednesday, another late fee, etc.

I guess I can't see where charging them right at 5:31 would make any sense since, even banks don't tack on an overdraft or late fee until the clock strikes 12:01 a.m. kwim?

I suppose we all do things differently and that's ok but I look at it like once 5:30 hits, I am closed so they can't even come pay the payment anyways until the next morning.

Personally, I just feel the 5:31 charge PLUS the additional charge for the next day is just excessive.

Plus, how do you word that in your contract? Mine just says "per day" so I interpret that to mean each 24 hour period that it is due.

[SilverSabre25]

I guess I can't see where charging them right at 5:31 would make any sense since, even banks don't tack on an overdraft or late fee until the clock strikes 12:01 a.m. kwim?

I suppose we all do things differently and that's ok but I look at it like once 5:30 hits, I am closed so they can't even come pay the payment anyways until the next morning.

Personally, I just feel the 5:31 charge PLUS the additional charge for the next day is just excessive.

Plus, how do you word that in your contract? Mine just says "per day" so I interpret that to mean each 24 hour period that it is due.

In this case, if her contract says "due Monday" then that's anytime before 11:59 PM and the late fee would accrue each day at 12:00AM (midnight). If her contract reads "due Monday by 5:30 PM) then the late fee would properly accrue at 5:31 PM if payment was not in hand, kwim? We charge parents late pick-up fees as soon as the clock striikes 6...why would a late payment fee accrue differently?

Again, it's a matter of semantics. "Due Monday" is very different from "due Monday by 5:30". My contract actually specifies that payment is due by 6 PM and if I don't have payment by 6 PM I charge a late fee starting at 6:01 PM, and each day at 6:01 PM another day's late fee accrues until I get payment in full including all late fees and any other fees that apply, such as overdraft or NSF fees that result from not having their payment.

Also, what I said is still one late fee per 24 hour period...the period from 5:31 PM Monday to 5:30 PM Tuesday *is* one 24 hour period. I know you're thinking of 12:00 AM to 11:59 PM but it can be defined differently based on the contract terms.

eta: I'm pretty sure that my bank's 24-hour grace is from when it goes negative (often around 6 Am because that's when things seem to clear) until 24 hours later if it's still negative...then the overdraft goes through at 6 AM. and again, at 6 AM the next day, etc.

[daycarediva]

I guess I can't see where charging them right at 5:31 would make any sense since, even banks don't tack on an overdraft or late fee until the clock strikes 12:01 a.m. kwim?

I suppose we all do things differently and that's ok but I look at it like once 5:30 hits, I am closed so they can't even come pay the payment anyways until the next morning.

Personally, I just feel the 5:31 charge PLUS the additional charge for the next day is just excessive.

Plus, how do you word that in your contract? Mine just says "per day" so I interpret that to mean each 24 hour period that it is due.

I have it worded something like-that if payment is not received by 6pm on Friday, then it is late, and late fees apply.

I do this because if I don't have it Friday at 6pm, then I cannot put it in the bank, so it's late. If I have it Saturday before 6pm, there isn't another late fee (parents can drop a check in my mailbox and let me know that it's there)

So for instance I don;t receive a check by Friday at 6pm, add $20 (my late fee) by Saturday at 6:01, it's an additional $20, by Sunday at 6:01 it's an additional $20. Soooo if you opt to pay Monday morning, it's an additional $60.

[Blackcat31]

In this case, if her contract says "due Monday" then that's anytime before 11:59 PM and the late fee would accrue each day at 12:00AM (midnight). If her contract reads "due Monday by 5:30 PM) then the late fee would properly accrue at 5:31 PM if payment was not in hand, kwim? We charge parents late pick-up fees as soon as the clock striikes 6...why would a late payment fee accrue differently?

Again, it's a matter of semantics. "Due Monday" is very different from "due Monday by 5:30". My contract actually specifies that payment is due by 6 PM and if I don't have payment by 6 PM I charge a late fee starting at 6:01 PM, and each day at 6:01 PM another day's late fee accrues until I get payment in full including all late fees and any other fees that apply, such as overdraft or NSF fees that result from not having their payment.

Also, what I said is still one late fee per 24 hour period...the period from 5:31 PM Monday to 5:30 PM Tuesday *is* one 24 hour period. I know you're thinking of 12:00 AM to 11:59 PM but it can be defined differently based on the contract terms.

eta: I'm pretty sure that my bank's 24-hour grace is from when it goes negative (often around 6 Am because that's when things seem to clear) until 24 hours later if it's still negative...then the overdraft goes through at 6 AM. and again, at 6 AM the next day, etc.

That is true...."due BY 5:30" and "due by Monday" is two different things and I suppose it has everything to do with wording and nothing to do with right/wrong.

Yes, I charge a late fee for late pick ups too but I guess for me it just didn't make sense to do the late fee for payment the same way when late pick up rules for me say "fee is applied for each minute beyond your scheduled pick up time" and late fee for payment says "per day" so I guess wording makes all the difference.

....and yeah, I was looking at "day" as 12:00 AM to 11:59 PM

[daycarediva]

I HAVE bent this before though, Dcd was in a fender bender and left his wallet in the car. He picks up at 6:00 and told me that he was going to the bank first thing in the morning to make a withdrawl as his bank was closed. It wasn't like he was trying to dodge paying me, or could have stopped at the ATM (debit card was in the wallet) and he figured picking the kid up on time was more important (true!) he brought his payment, AND the late fee first thing Saturday morning, which I handed back to him since he pays me cash and I didn't have to go deposit his check before the bank closed.

[Childminder]

I am very specific in my contract that the $10 late fee will be added effective at midnight of the day than monies are due and each midnight that follows without payment being made. So Monday at midnight fee is added. Tues at midnight fee is added, etc...