To avoid being dinged by NSF fees, keep track of your account balance and don’t write cheques that you can’t afford to be cashed.
NSF fees are quite high-most financial institutions charge around $45 per transaction. When you write a cheque from an account with insufficient funds, the bank can reject the payment and charge you an NSF fee, or it can cover the transaction and charge you an overdraft fee. An NSF cheque is a cheque that cannot be honoured because of insufficient funds and is usually referred to as a bounced or bad cheque. When your chequing account doesn’t have enough money in it to cover a cheque or debit transaction, it’s deemed to have non-sufficient funds (NSF). Here’s a breakdown of the stop payment fees charged by some of Canada’s most popular banks: Some banks charge more for a stop payment if you’re missing some details about the cheque, such as the date it was written, cheque number, and exact amount. A stop payment order cannot be issued if the cheque has already been cashed. A stop payment order will cost the account holder a fee, usually around $12-$20. Stop payments may be requested because the account holder wrote a cheque for the wrong amount, decided to cancel a purchase after sending payment, or because they realized they don’t have enough money in their account to cover the payment. You can only get a few at a time, and they aren’t always accepted as payment by merchants because they’re basic and appear less secure.Ī stop payment is a request made by an account holder to a cancel a cheque or pre-authorized debit payment that has not yet been processed by the recipient. Counter cheques are meant as an emergency fix, so don’t rely on them on a long-term basis. You may be charged a small fee, around $1-$2 per cheque. If you’re in a pinch and don’t have any cheques handy, you can ask a teller at your bank for a counter cheque, which is a blank cheque printed in the branch with your account information on it. For example, a book of 200 personal cheques from ASAP Cheques costs just $13. Ordering directly through a reputable third-party supplier such as ASAP Cheques, Cheque Direct or Action Forms can be much cheaper, especially if you use cheques frequently for personal or business and buy in bulk. Banks don’t actually print the cheques themselves-they take your order and send it to a cheque printer, resulting in a marked-up price.
Many people automatically go through their bank because of convenience, and may not realize it’s cheaper to order directly from independent cheque printers. It’s a well-kept secret that you aren’t required to order cheques through your bank.
#Td chequebook cost plus#
Depending on the style and quantity of cheques ordered, a chequebook can cost between $25-$70, plus taxes and shipping. Premium chequing accounts that charge a higher monthly fee may include cheques as part of the package, but most basic chequing accounts require you to pay extra to order cheques. Although cheques are increasingly being replaced by other forms of electronic payment, they are still commonly used by Canadians to pay landlords for rental housing, by businesses that don’t accept electronic payments, and for personal payments, such as a birthday gift to a relative or money owed to a friend.Ĭheques are typically sold in books of 50, 100 or 200 and can be ordered for an additional fee, either through your bank or directly through a cheque printing company. When the cheque is cashed, money is withdrawn from your chequing account. When you write a cheque, you’re instructing the bank to make that payment. A cheque is a written, dated, and signed secure slip of paper indicating an agreement to pay another individual or organization a designated sum of money.
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