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Difference between revisions of "Your Bank Account"
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→Overdraft services can avoid unexpected charges
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|align="left"|'''Tip''' | |align="left"|'''Tip''' | ||
Overdraft protection helps not only with avoiding unexpected charges. If you pay for something and your bank doesn’t honour your cheque because there’s not enough money in your account, your [https:// | Overdraft protection helps not only with avoiding unexpected charges. If you pay for something and your bank doesn’t honour your cheque because there’s not enough money in your account, your [https://www.peopleslawschool.ca/improving-credit-score/ credit rating] will suffer. | ||
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===If you deposit an NSF cheque to your account=== | ===If you deposit an NSF cheque to your account=== | ||
When someone pays you with a cheque, you deposit the cheque in your bank account. Your bank will typically credit the money to your account, and present the cheque to the cheque writer’s bank for payment. This process ideally ends with the cheque being “cleared”. But sometimes a cheque bounces. That means there’s not enough money in the cheque writer’s account to cover the cheque. The cheque is returned to your bank stamped '''NSF''' (standing for '''non-sufficient funds'''). | When someone pays you with a cheque, you deposit the cheque in your bank account. Your bank will typically credit the money to your account, and present the cheque to the cheque writer’s bank for payment. This process ideally ends with the cheque being “cleared”. But sometimes a cheque bounces. That means there’s not enough money in the cheque writer’s account to cover the cheque. The cheque is returned to your bank stamped '''NSF''' (standing for '''non-sufficient funds'''). | ||