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brijesh.verma | Why do banks charge a fee on " insufficient funds" when they know there is not enough money? |
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 |
 
arpita
 |
When you issue a cheque, you are supposed to maintain sufficient balance in your account to pay to the payee of the cheque when duly presented. It is an offence to issue cheques, without having sufficient balance in your account as per the rules.
When your cheque couldnot not be paid for want of sufficient balance in your account, the banker is constrained to return the cheque with a memo attached to it stating that 'insufficient funds'. The payee may file a civil suit against you in court for recovery of the cheque amount and costs. The court may fine you double the amount of cheque and costs. If you fail to pay that amount, you may be imprisned for the same.
As the banker has to discourage such cheques and account holders, they charge you for not maintaining the balance to meet the cheques issued by you. If you repeat the incidences they will close your account too. |
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Feeling new @ 42
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Because some putz, who also knew there weren't enough funds to cover the cheque, wrote one anyway. Why should the bank, or anyone else have to pay for some mooch to write bad cheques? |
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Crash D
 |
The idea of a bank is to let them use your money to make the bank money of it's own (at least in a VERY broad sense that what it is). When you have no money/negative funds in your account, they have to take money from another account to balance out their funds (again, in a VERY broad sense).
They're not charging the fee just to 'screw you over'. They're charging it because not only do you have NO money in your account, you owe the bank money. |
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ShortcutHerbal Goody
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Banks are doing a service: looking after your money for you and charge you for that! When there is no money in your account it is borrowed from elsewhere to maintain your account.. in essence is like a loan and they got to charge you an insufficient funds to cover the maintaining of your account!
My Mom told me in that her great grandmather in old times
her Great grandmothers account would automatically close when it got too close to empty. She had to reopen account many times in her lifetime! Well it's a good thing they don't do it that way anymore.. The way the open bank accounts now adays theres too much paper work for them to close an account and reopen it! Some credit unions still do this by request but without the request it's the same as the bank way! Some banks and credit unions allow an overdraft allowance.. My overdraft allowance is a mere $10.00 I never get over $3.00 below! Also my bank emails or phones me if account gets too low! I haven't had my account
too low for over a year. The only time it tends to happen is after moving from one place to another! Moving is Expensive
and movers fee often wind up more than the estimate quoted! |
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krishna
 |
Dear Brijesh
It's all in the fine print when you opened your bank account.
Banks like ICICI, and now even the SBI have a 'minimum balance' that you are supposed to have for a chequing account.
When that reserve amount [say rs 5,000 or rs 1,000 as the case may be] falls , it may be by rs 50, and it stays below the limit for a period over two weeks, you have broken your contract and therefore have to pay a penalty.
It doesn't have to do with bouncing cheques.
You may have rs 5,000 in your bank and write a cheque for rs 3,000. the bank will honour the cheque, but you will be charged a fee. It may seem heartless, charging you a further 500 rupees when your cash balance is low, but it's not illegal.
Banks are a business, not a charity, you know. |
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Pervtor of Pervatia
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Seriously! What they need to do is have you come to the bank and wash the windows or something to pay for the overdraft charge. |
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mack j
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they know that sooner or later you will have enough money,and when you do get enoug money ,they will have an excuse to charge you for letting your funds go low. |
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ssukarchakia
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To enable them cover the basic costs of maintaining the account |
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laloo
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its not a fee for " in sufficient fund" but cheque returned charge. The drawer must ensure sufficient balance before issuing cheque. A criminal case can be filed against the drawer of the whose cheque returned for want of fund if the drawee wishes so. |
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TMLeaf Fan
 |
They only care that they get their fees and to heck with anyone else....even if it puts your account into the negative. |
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Sharon
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Some banks make the most money from all of their "fees". They charge you a fee for insufficient funds because they have to return the check to the bank or person that sent it to them, thus taking up time. Time = money.
The best way to avoid insufficient funds fees is to be careful with your checkbook. Don't write a check if you don't have enough money in your account, and also make sure you give your deposits enough time to clear. |
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Jeevan Kumar Mittal
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Bank charge for Minimum Balance charges, ChequeReturn charges etc. |
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Put_ya_mitts_up
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Because the poor can't defend themselves and judges are corrupt. Just as Solomon told us. |
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