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Free Change in Credit Terms - Adding Fee

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_________________, _________________ _________________

 

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_________________, _________________ _________________

 

Dear _________________:

 

For many years, our office has been able to let our customers carry balances on their accounts interest-free. However, a recent review of our accounts revealed that the amount of credit we have extended is far in excess of what it was a few years ago. This drastic increase in receivables has prompted us to revise our credit policy.

 

We must inform you that as of _________________, all outstanding balances will be charged a monthly service fee of _________________. This adds up to an _________________ compounded annual interest rate. Although we regret charging you this fee, we hope you understand the necessity of doing so.

 

Feel free to call _________________ at _________________ if you have any questions about your account. We appreciate your patronage, and look forward to continuing to serve you.

 

Sincerely,

 

 

 

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