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The lost item fee for Haas Arts Library materials overdue by more than 30 days is $130.
It may, however, impose any normal transaction or item fee that is unrelated to an overdraft resulting from the debiting.
"For purchases of $5 or less that overdraw your account, we'll no longer charge you an insufficient funds fee, returned item fee, or overdraft protection transfer fee".
JPMorgan said that the bank will charge only one returned item fee per lender in a 30-day period when customers do not have enough money in their accounts to cover the withdrawals.
From 1 October the bank will cut the monthly charge for going overdrawn without the bank's permission from £28 to £20, while the "unpaid item fee" - imposed when a cheque, direct debit or standing order bounces - is being chopped from £38 to £5.
However, it is a big change for the millions of standard current account holders, who have got used to a mix of "carrots" and "sticks": a 0.1% in-credit interest rate, agreed overdraft rate of 19.5%, unauthorised overdraft rate of 28.8%, plus various charges such as the "unpaid item fee".
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"SunTrust does not assess overdraft and returned item fees on any transactions that are less than $5," he wrote.
For further information about overdue penalties and lost item fees, please see the Circulation Services pages of the Library website.
It said the maximum amount customers would pay in unpaid item fees would fall from £114 a day to £50 a month.
A spokeswoman for Which? said the charges could be even higher if interest payments or possible unpaid item fees were included, or the money was borrowed over two monthly charging periods, because the maximum charge related to the charging period and not how long the money was borrowed for.
When patrons are unable to return an item they have borrowed, they are asked to pay a lost-item fee.
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