Not-sufficient-funds check

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Not-sufficient-funds check

A bank check having insufficient funds to back it.
Copyright © 2012, Campbell R. Harvey. All Rights Reserved.

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 $175 in Bob's account, then Bob has written a not-sufficient-funds check and the bank will refuse to transfer the funds to Joe's account. It is also called an NSF check, a bad check or a returned check.
Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved
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According to the agreement, BCI will connect to the Credit Registry System; developed by the Palestine Monetary Authority, to provide credit history and other demographic information about borrowers and their guarantors; either individuals or institutions, and their ranking in the returned checks system.
The value of returned checks reached US$ 245 million in the first two months of 2019, against US$ 236 million in the same period of 2018.
CSL was developed to work with merchants and ECS to recover funds from returned checks. CSL also acts as a second layer in the bad check recovery process.
"We still have people coming to us and saying 'We just don't have any returned checks' They have no idea what we have evolved into.
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.
He also submitted returned checks - including those recovered from the body of slain Espinosa lawyer, Rogelio Bato, who was earlier killed in an ambush.
This provides people with the opportunity to cover overdrawn accounts and avoid returned checks. This service stands in sharp contrast to the region's five largest banks, that according to a May 2015 SNL study, hauled in over USD1.0 billion in overdraft fees and related charges during the first 90 days of 2015.
However, if he or she cites bank charges, interest earnings, returned checks, or checks written by the boss but not turned in to the bookkeeper as common sources of discrepancies, then kudos are appropriate.
"In the past, we thought the cases of returned checks and unpaid debts were big issues.
The value of returned checks declined by 8.12 percent year-on-year to $638 million, representing 2.22 percent of the total value of 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.