Personal Finance

Do All Charges NSF?

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  • Aug 18th, 2021 8:05 pm
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[OP]
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May 24, 2012
86 posts
2 upvotes

Do All Charges NSF?

I had two transactions that went out tonight. But unknowingly (I forgot) that every August my home insurance rates change reflecting September before I officially get the print out.

So long story short, I was short 5.00 in my account. I have two transactions that came out of my account last night. Will they both bounce?
11 replies
Deal Addict
Jan 2, 2015
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Toronto, ON
colorfulpoet wrote: I had two transactions that went out tonight. But unknowingly (I forgot) that every August my home insurance rates change reflecting September before I officially get the print out.

So long story short, I was short 5.00 in my account. I have two transactions that came out of my account last night. Will they both bounce?
You need to give specific dates. For money being pulled (eg your insurance) the bank uses the date money is actually pulled out. (So maybe the money is "supposed" to come out on August 15th, but it came out August 16th.)

Assuming you are in the negatives, go to a cash-free ATM or a teller and put at least $5 in your account. Now!

My bank will charge me an NSF fee of only $5 if I screw up, and there's no monthly charge. (However I probably have to pay $5 per day. I never want to find out the hard way!)
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Jan 27, 2004
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ONTARIO
Sometimes they’ll just let you overdraw your account into a negative balance a customer service courtesy. However they only do that for customers that look like they’ll fill their account back up. So if all you have is an account with no , no savings or investments, and your bank account is always drained to $0 , they might not.

Sometimes in bold… not all the time , so don’t expect it!
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Sep 14, 2012
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UrbanPoet wrote: Sometimes they’ll just let you overdraw your account into a negative balance a customer service courtesy. However they only do that for customers that look like they’ll fill their account back up. So if all you have is an account with no , no savings or investments, and your bank account is always drained to $0 , they might not.

Sometimes in bold… not all the time , so don’t expect it!
This is true. RBC did this to me ages ago. Money was pulled out of my account monthly for my RBC investments and it was in the negatives for over a few days before I checked the balance of my RBC account (which I rarely use). Once I saw the negative balance, I wrote a cheque to myself and went to an RBC ATM and made a deposit.

I was only charged interest and as one can see from my account, I don't have overdraft on it.

So I didn't have to write cheques to myself and walk to an RBC ATM (since this was before picture cheque deposits), I then linked it to my Tangerine account and decided to schedule transfers from my Tangerine account to my RBC account automatically every month in a value slightly higher than the amount pulled for my RBC investments.
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Nov 25, 2004
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all banks charge between 45 and 50 for each nsf. with simpli u can get around it by signing up for overdraft protection witch cost u nothing when u dont go into over draft and cost a $5 fee if u do overdraft if ur quick enough to top up they dont even charge the $5. alot of the bigger banks i believe want $5 a month weather u use it or not or $5 each time u do another over drafted charge.
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Sep 14, 2012
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aaron158 wrote: all banks charge between 45 and 50 for each nsf. with simpli u can get around it by signing up for overdraft protection witch cost u nothing when u dont go into over draft and cost a $5 fee if u do overdraft if ur quick enough to top up they dont even charge the $5. alot of the bigger banks i believe want $5 a month weather u use it or not or $5 each time u do another over drafted charge.
You probably didn't see/read my post above your post with my screen capture but I wasn't charged anything beyond interest and my account didn't have overdraft on my account.

Some banks won't charge certain customers "as a goodwill gesture" as @UrbanPoet mentioned.
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Nov 25, 2004
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lmcjipo wrote: You probably didn't see/read my post above your post with my screen capture but I wasn't charged anything beyond interest and my account didn't have overdraft on my account.

Some banks won't charge certain customers "as a goodwill gesture" as @UrbanPoet mentioned.
yes once in a while banks will just let the charge go though rather then jack u for the nsf but all banks do have an NSF fee. tbh NSF are just bs if a cc can decline a charge for free why can't a bank account i mean i could see back in the day when there would have been a bunch a paper work that bankers would do by hand but now a days when its all computers doing it why does the computer need to be paid 45 to 50 bucks
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May 16, 2017
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EQBank doesn't charge NSF fees but they will also reverse or not process any debits when there is insufficient funds, which will likely result in fees elsewhere.
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Nov 25, 2004
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robsaw wrote: EQBank doesn't charge NSF fees but they will also reverse or not process any debits when there is insufficient funds, which will likely result in fees elsewhere.
EQBank bank is just a savings account only bank though they don't have standard checking accounts as far as i could tell
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Sep 9, 2012
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Oakville, ON
colorfulpoet wrote: I had two transactions that went out tonight. But unknowingly (I forgot) that every August my home insurance rates change reflecting September before I officially get the print out.

So long story short, I was short 5.00 in my account. I have two transactions that came out of my account last night. Will they both bounce?
There’s a few ways this can play out:

- they might pay both items and charge a fee/interest to overdraft your account

- they might refuse to pay both items (under clearing rules if a batch contains 2 items that cannot be paid together then neither is paid so there’s no hint of favouritism or bias in deciding which to pay - both items are treated the same)

- you might get timing differences where the items are processed with a big gap between being presented and in this case the first item presented will be paid and the second will be returned
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Aug 18, 2008
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FoFai2015 wrote: You need to give specific dates. For money being pulled (eg your insurance) the bank uses the date money is actually pulled out. (So maybe the money is "supposed" to come out on August 15th, but it came out August 16th.)

Assuming you are in the negatives, go to a cash-free ATM or a teller and put at least $5 in your account. Now!

My bank will charge me an NSF fee of only $5 if I screw up, and there's no monthly charge. (However I probably have to pay $5 per day. I never want to find out the hard way!)
If it's $5 per day, then isn't that the rate of the no-plan / pay as you go overdraft?


Edit: Wait hang on - even in that case, it's a 1 time fee until you pay it off.
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May 16, 2017
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aaron158 wrote: EQBank bank is just a savings account only bank though they don't have standard checking accounts as far as i could tell
Yes, EQBank is an outlier in terms of their services - no actual cheques issued.
But NSF also applies to things like pre-scheduled Bill Pay, transfers and the like. Other than actually generating paper cheques, you can do most day-to-day banking with EQBank.

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