2. Why do banks charge a fee on “insufficient funds” when they know there is not enough money?
Answers
Answer:
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Explanation:
Fee or Insufficient funds Fee is because YOU did not know you did not have enough money when you wrote the check. The Bank's NSF is telling YOU that you did not have enough money and the check bounced. If they paid the check it would be an overdraft fee. If they do not pay the check it is the NSF fee.
Answer:
If you have insufficient funds in your account, checks you write will not be paid. You WILL receive fees for the check bouncing because of this. Meaning you owe the bank that fee for each and every check that you’ve written that you don’t have the funds for. If you deposit $500 dollars into your account and write a check for $501 dollars, the check will bounce for insufficient funds. There’s not enough in the account. Since that $500 dollars is still in your account and the fee for a bounced check is $39 dollars, you have now $462 dollars in your account because the bank has the right to remove the fee amount from your account. And each time you write a check for anything over what is left in your account, another $39 dollars will be removed from your balance. That $500 you deposited last week will last you 12 over the amount in your bank account for each of those checks. BUT, after those 12 checks, you’ll still have 0.82 cents left in your account for a little while. If you NEVER keep a running balance in your register, you’ll not survive by GIVING money to the bank in this manner. The is no cure.