If you present a cheque to be cashed and it is not paid, or only part of it is paid, the unpaid part bounces, and the bank carries out a series of steps for which they charge you a fee that is generally set as a percentage of the unpaid amount of the cheque, with a minimum amount.
What requirements must be met in order to charge this fee?
- The fees charged by banks are unrestricted, except in cases where they are limited by law. In the case of the cheque return fee, there is no limit, so each bank can establish the fee it chooses.
- The bank must inform you of the fee amount before the transaction is performed.