Non-sufficient funds fee will be limited to $10 in Canada starting next year
Non-sufficient funds fee will be limited to $10 in Canada starting next year
Banks will also be prohibited from charging NSF fees more than once within a period of two business days and in cases where the overdraft is less than $10.
To avoid bank account holders accidentally incurring an NSF charge, banks will also have to send an alert giving account holders at least three-hours' notice that a payment exceeds their bank balance. If the account holder deposits money to cover the payment within that period, banks cannot charge the fee.
Yes finally! That they couldn’t just ban the fee entirely is ridiculous.
It disturbs me that there are actually humans at these banks that look at the different revenue line items and happily report how much they made from customers making simple mistakes that could be prevented with software IF statements.
Good, what a ridiculous thing to even exist in the first place
Hey bud, you didn't have the funds to cover that charge. We've got you, but that's gonna cost you more of that money you don't have.