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 $175 in Bob's account, then Bob has written a not-sufficient-funds check and the bank will refuse to transfer the funds to Joe's account. It is also called an NSF check, a bad check or a returned check.
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Second, the act attempts to link the availability schedules (with the exception of the next-day availability requirements) with the time that most returned checks would be received by the institution of first deposit.
According to a Federal Reserve source, "One billion dollars in returned checks for 1990 is a very real possibility.
SECU even has a new answer for members who are paying too many NSF and returned check charge fees, offering the new SECU Cash Points Global (CPG) account as an alternative checking service.
Advantages to using SPIN for retail check conversion include a reduction of banking fees and processing costs, consolidation of bank accounts, no capital expenditure, single process for all check transactions, minimal impact on operations, minimal training at the POS and in the cash office, improved funds availability and the ability to receive returned checks faster.
It is worth noting that the value of returned checks registered US$ 1,167 million in the first ten months of 2017, down by a yearly 5.
As with existing rules for paper checks, the parties may, by mutual agreement, vary the effect of the amendments' provisions as they apply to electronic checks and electronic returned checks.
For example, three questions asked whether the credit union used daily computer generated reports to identify potential check-kiting suspects, whether the credit union provided training for tellers and other employees in regard to check kiting, and whether the credit union reviewed returned checks to identify check-kiting suspects.
Espenido said these were returned checks, which meant the recipients had already withdrawn the amount, which ranged from P400,000 to P20 million.
This provides people with the opportunity to cover overdrawn accounts and avoid returned checks.
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.
As electronic payments have increased, returned checks (mostly from address changes) have decreased 43 percent, said Ruth Ann Jeffries, the state disbursement unit manager for child support.