Financial Channel

i'm with RBC and i wrote cheque to the owner of the house but when td tried getting money from my account i was short $2 and RBC charged me $35 fee (NTS or NFS something like that) out of my account for some reason, I WAS WONDERING WHY THEY TOOK THAT AND HOW TO GET IT BACK?? pls and thx in advance.

they took it because you didnt have enough money in your account for the cheque you wrote. beg and pray for it back

Hehe, well if you have been a very good customer and you kind of know people at the bank and this has been your first time you have a chance of getting it reversed.

Otherwise you're out of luck, and NSF charge is charged when you don't have enough money. BOTH of you get dinged, the guy who deposited the cheque probably also got hit with an NSF fee as well.

To be safe you should apply for overdraft protection.

I've never been charged with an NSF when I've deposited cheques that didn't go through. How is it my fault that someone else didn't have enough to cover it?

Because you accepted the cheque.

When you get a $5 NSF charge that means you didn't have enough money but the bank let the cheque go through. BE HAPPY they didnt return it and charge you $30 plus dollars.
The guy who deposited the cheque will incur no charges as the cheque was honored.

And how am I to know if the writer has money? Not my fault, they just reverse it, no charge to me.

many banks charge an NSF fee to both the payer and the payee.

Which ones charge the payee? Not TD.

You're supposed to know this BEFORE you accept a cheque from them. If you don't think they will be good for a cheque, take cash.

http://www.cibc.com/ca/small-busines...s-charges.html

Returned cheques (chargebacks)


A cheque you deposit is returned unpaid
$5.00 each

Yet another reason to not use CIBC, I guess!

If you are accepting it as a form of payment, it is your obligation to conduct due diligence on the payer. Why should the bank have to suffer b/c their clients are accepting NSF payments? So, yes it would be your fault. Its unfortunate....but just the way it works depending on the institution.

The banks don't suffer, they just reverse the debit. It's automatically done by their system, so it doesn't even cost them any administration to do so. CIBC is just making a cash grab, as usual.

Even the best payers make a mistake sometimes, so no amount of due dilligence can prevent that.