"You will know in three days or less whether a check is good," Kaplan said, adding if it is not, EzPayment's non-sufficient funds fee
is less than that charged by a bank for a returned paper check.
However, non-sufficient funds fee
income is large for financial institutions, potentially reducing banks' incentive to promote some electronic payment alternatives.
In this case, the institution will charge a median non-sufficient funds fee
of $28 and the retailer that received the bad check will charge a median price of $30, bringing the total damage to $58.
A CFPB study found 9% of accountholders overdraft 10+ times per year; they shoulder 79% of banks' total non-sufficient funds fees
This includes late fees, overdraft and non-sufficient funds fees
and ATM fees for using non-Wells Fargo ATMs.
The product range includes, BMO Harris Smart Money Account - a current account that combines a low monthly maintenance fee with no overdraft or non-sufficient funds fees
; BMO Harris Smart Advantage Account - a current account with no monthly fees with eStatements and no minimum balance requirements, and BMO Harris Premier Account - a premium current account that provides customers with special benefits such as no fees for various daily banking services, unlimited non-BMO Harris ATM transactions and ATM surcharge fee rebates.
The bank also charged overdraft and non-sufficient funds fees
on its deposit advance product despite claims that it would not do so.