It happens; a cheque bounces because you missed it or some emergency came up and you don’t have the funds. But, a small mistake can lead to a big hassle. What are the real consequences of a bounced cheque?
A bounced cheque can incur a number of separate fees. The foremost of these fees is a non-sufficient funds (NSF) fee – usually around $50. On top of this, you may also face a charge from the payee.
If you have overdraft protection to cover your bounced cheque, you may think you’re protected. But think about the fees attached to this bank service: is it really worth it? Often, an overdraft protection fee may look small to begin with, but it can have upwards of 20% interest tacked on.
Though your credit score may not be drastically or directly influenced by a bounced cheque, there are some things to consider. In short, though banks are not required to report a bounced cheque to credit agencies, they can, and will, report such activities as a risk to other agencies that track mishandled bank accounts. With this flag on your account, your banking could be seriously hindered for a number of years.
If you are employed, even if it is only part-time, we can offer you a payday loan. At Pay2Day, we know that life happens, and that occasionally bills or emergency payments pop up out of nowhere and throw off all of your careful financial planning.
Because of this, we offer you great deals on payday loans to make sure that you never have to deal with any hidden fees, credit score dips, or flagged bank accounts from a bounced cheque. Pay2Day gives you the ability to have more control over your banking, ensuring that you can continue on your financial path without having to deal with the hassle of a bounced cheque.
If you need a little help with a bill or cheque that you fear might bounce, and are looking for a hassle-free, personal loan, head on over to your local Pay2Day retail location inthe Greater Toronto Area.