A notice sent out via email has alerted Rogers and Fido customers that the carriers will be changing the way late payment charges are calculated starting September 26th, 2016.
The email notes that the rate will remain the same, but that the charge will accrue daily rather than monthly. This means a change to the company and its sub-brand’s terms of service.
Whereas the terms of service currently state that delinquent accounts are subject to a late payment charge of two percent per month, calculated and compounded monthly on the delinquent amount, the new text will state that the late payment charge will accrue “on a daily basis and will be calculated and compounded monthly on the outstanding amount.”
This change allows for more flexibility and precision when it comes to late fines, something that could benefit the customer when it comes to paying an overdue bill midway through the month.
In comparison, Telus and Bell both charge late payment fees on a monthly rather than daily accrual rate. Telus charges two percent, while Bell charges three percent.
Related reading: Fido launches travel-friendly cash back MasterCard through Rogers Bank
