ED Magedson – Founder
Public StorageBolingbrook, Illinois USA
Public Storage late fees state statute illegal Bolingbrook Illinois
Public Storage is allowed to charge a maximum of 20% of the monthly rental as a late fee. That amount is set by State law.
So what Public Storage does to let them charge more than the law allows is to artificially inflate the monthly rental amount, then 'discount' it to an amount that the customer actually pays.
When it comes time to calculate their 20% late fee, they don't use the monthly rent the customer actually pays. Public Storage bases the late fee on the artificially high rent amount that the customer does NOT pay.
This allows them to charge more than the State allows, yet they can argue that they are 'in compliance' with state law. The storage facility law in this State is fairly new, and it appears Public Storage has already found a way to get around the limits in the law.
This report was posted on Ripoff Report on 08/12/2013 05:34 PM and is a permanent record located here: http://www.ripoffreport.com/reports/public-storage/bolingbrook-illinois-60440/public-storage-late-fees-state-statute-illegal-bolingbrook-illinois-1075233. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.
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