Mass. Announces 2021 Deposit Return Item Fee

The Massachusetts Division of Banks (“Division”) released its annual decision which establishes the maximum allowable fee Massachusetts state-chartered banks and credit unions may assess certain consumer deposit accounts for processing dishonored checks, referred to as deposit return items (“DRI”), under Massachusetts General Laws chapter 167D, section 6 and Massachusetts General Laws chapter 171, section 41A. The 2021 DRI fee is based upon deposit return item cost data independently obtained from a sample of state-chartered banks and credit unions. This data was collected during the course of its regularly scheduled financial safety and soundness examinations. The sample of institutions reasonably reflects industry differences in asset size, charter type, geographical location, and DRI processing procedures. The Division used three years of DRI cost data to determine the maximum allowable fee.

The maximum allowable fee Massachusetts state-chartered banks and credit unions may assess certain consumer deposit accounts for processing dishonored checks or DRI items is $7.11. This fee determination is in effect from August 1, 2021 to July 31, 2022, or until such time as the Division issues its 2022 DRI fee decision.

State-chartered institutions are advised that the DRI fee is the maximum fee permitted by law. Institutions, however, may elect to impose a lower DRI fee or to waive the fee for consumers.

The decision may be found at: https://www.mass.gov/decision/2021-deposit-return-item-fee-decision

« RETURN TO ALL NEWS