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Jim wrote 5 checks in September and then did 3 electronic transfers in the same month. Is he going to get charged anything? If so how much?
He is allowed 6 checks/electronic transactions a month. There is a $10 fee per transaction after 6. So Jim will get charged $20.00. He will also get a letter stating he is not allowed to do that. The second time he does that we will have to either close the account or change the type of account.