A check that a bank refuses to pay called Answer Revealed
by J Nandhini | Updated Oct 26, 2023
A check that a bank refuses to pay called
The correct answer is Non-sufficient funds (NSF)
Non-sufficient funds (NSF) is a term used in banking to indicate that a person's account does not have enough money to cover a transaction they have attempted to complete. This can happen, for instance, when someone writes a check, makes an electronic payment, or tries to withdraw cash, but the account balance is insufficient to cover the amount.
When a transaction is declined due to NSF, the bank typically charges a fee to the account holder. This fee helps cover the costs associated with processing the insufficient transaction. It's important for individuals and businesses to monitor their account balances and avoid attempting transactions that exceed the available funds to prevent NSF occurrences and associated fees.
A check that a bank refuses to pay called - FAQ
The correct answer is Non-sufficient funds (NSF)