Complex management charging interest?

[Moon8805]

How legal is it for the company managing the complex I stay in to charge interest on amounts owing?

Long story short: Paid R1500 deposit, but on every invoice I receive on a monthly basis I see a small charge for interest. Amounts owning never go over R1500/month and thus my account is always in the positive. And, I might mention that accounts are always paid on time.

Is it just me being difficult, or am I being taken for a ride?

Any feedback is appreciated.

 

[Venomous]

Are the fees billed paid on or before the due date? IE in managing agent's bank account by due date?

 

[Ancalagon]

Why not just ask them? Do you know if it is an interest fee or are you being credited interest for your deposit?

 

[infscrtyrisk]

I assume that it's sectional title? I assume it's a monthly levy? The STSMA prescribes a limit (I think that it's 2%) that can be charged iro arrears.

 

[Kosmik]

Check if not interest earned on your deposit. Levies are normally paid up front so should not attract interest but that is up to the rules of your specific scheme.

 

[bullfrog]

Don't rule out an honest mistake as this sometimes happens as well.. Contact them and query the amount.

 

[Moon8805]

Contacted them... They credited the interest back to me. Was not interest earned. And in actual fact, all interest amounts were charged exactly 7 days after an amount was debited. No excuses given, just fixed the problem. I suspect foul play.
I believe the STSMA can charge max 2%, but on amounts owing ie your account must be in arrears for them to charge interest.
Besides,no T's & C's of anything I signed state anything about interest.
Litt up.