It's a fact of life that today everyone is making big money on late fees. Late fees are pure profit. Most such fees are unregulated and lenders or others who are owed can charge what they want.
My new, but soon to be ex cell phone company recently turned off my two phones cause the payment was "late". They charged me $35 each to reconnect them.
I mailed the payment the day I got the bill, but it was still late cause they don't process personnel checks right away. It is their internal "policy" to hold checks till they clear the bank. That makes the payment late and then they can charge the reconnect fee....And it's all legal.
Slick, huh?
Many banks, credit card companies and businesses have caught on to the huge profits involving "late" fees. They exploit them fully.
