Having had a bank account in Europe for nearly 20 years, I never paid a dime for not having enough money in the account. The transaction just fails.
I'm so confused.
this post was submitted on 19 Mar 2025
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This is huge. It seems criminal for banks to charge you up to $50 when you may not even have that in your account.
34% of Canadians getting slapped with one of these fees in 2023 is bonkers. That's like $50 million in fees taken from the people who are least able to afford it.
That's amazing! I remember being broke and being hit by NSF. It was downright devastating. $40 or $50 is a lot when you have no money.
Can anyone explain what risk or labour is involved in an NSF incident and how that's even worth $10?
It’s 100% automatic and electronically based. The marginal cost of processing any NSF is quite literally $0. Even at $10, it’s 100% profit to the banks.
Unsure if it has changed but in 2018 I was approving and declining transactions manually before 9:30AM that would go through accounts with insufficient funds. Any transaction I didn't have time to go through before the 9:30 cut off would auto NSF
Back in 2006-2008 my wife and I were in a tight spot, we were hit with NSF fees within seconds of going into the red. And this was at two of the big six, not some teeny-tiny regional credit union that still did a lot of things by hand back then.
So I don’t know where you worked, but I can ABSOULTELY GUARANTEE that none of the big six were wasting time and money having a salty bag of mostly water actually processing NSF determinations. Maybe you were rolling back fees on review, but not applying them.
Source: wife actually works at one of the big six, and even when she started working in the 90s, NSF fees were 100% automated.
Should have gone the Québec route and removed NSF charges.
Quebec is often ahead of Canada as they also have election spending capped at $100 per year.
Non-sufficient ? Do you mean insufficient ?
I don't mean anything, as I didn't write the headline.