Not-sufficient-funds check

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Not-sufficient-funds check

A bank check having insufficient funds to back it.

Not-Sufficient-Funds Check

A check that a bank refuses to honor because there is not enough money in the payer's checking account to cover the amount of the check. For example, if Bob writes Joe a check for $200, but there is only $175 in Bob's account, then Bob has written a not-sufficient-funds check and the bank will refuse to transfer the funds to Joe's account. It is also called an NSF check, a bad check or a returned check.
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16, 2013 /PRNewswire/ -- CheckAlt, a Check21 application company, has announced its partnership with eCollect LLC, a payment processing company that specializes in recovering returned checks and ACH payments.
A letter from the employees' union representative, Bassam Zakarneh, to the Palestinian Monetary Authority (PMA) asking it to intervene with the banks to stop possible charges for returned checks expressed this concern.
Higher One markets the program to students, collects, maintains, and protects student banking information, distributes refunds, handles bounced ACH payments and returned checks, and fields any refund related customer service inquiry.
Remaining returned checks are then passed back to the individual stores for the managers or bookkeepers to attempt collection through direct contact with the customer.
An ex-convict, Wagner was arrested after an Acton school teacher reported receiving a bank statement and returned checks for more than $1,400 in payments he never made.
Authorization occurs where the consumer has received notice that a fee imposed for returned checks will be debited electronically from the consumer's account.
Additionally, banks should not charge longtime customers high fees for returned checks.
What's really great is that the funds are guaranteed because the risk of returned checks is virtually eliminated", says Dodd.
In addition to achieving a better recovery rate on returned checks, the company can expect to generate new revenue from penalties charged to customers who bounce checks.
According to a Federal Reserve source, "One billion dollars in returned checks for 1990 is a very real possibility.
Consumers can be hit by two fees if they bounce a check -- one from their bank if they don't have an overdraft service and one from a retailer that charges for returned checks," said Moebs.
5 million Jayhawk FCU in Lawrence for money orders, share drafts, ATM and returned checks to conceal her theft, according to federal prosecutors at the U.