NSF

NSF stands for Non-Sufficient Funds. It means that a person did not have enough money in their bank account to cover a payment by cheque or pre-authorized debit (PAD).

When this happens, the bank usually charges extra fees. When it’s a cheque, both the person who wrote the cheque and the person the money was payable to might be charged extra fees by their banks. NSF cheques are sometimes called “bounced” cheques.

When it’s a PAD, only the person who owed the money can be charged an NSF fee.

If your bank charged you an NSF fee, you can ask if they will waive or cancel it.