In his final days in office, former Prime Minister Justin Trudeau's government made good on its promise to limit the ability of Canadian banks to charge hefty fees when somebody doesn't have enough in their account to cover a payment.
It’s 100% automatic and electronically based. The marginal cost of processing any NSF is quite literally $0. Even at $10, it’s 100% profit to the banks.
Unsure if it has changed but in 2018 I was approving and declining transactions manually before 9:30AM that would go through accounts with insufficient funds. Any transaction I didn’t have time to go through before the 9:30 cut off would auto NSF
Back in 2006-2008 my wife and I were in a tight spot, we were hit with NSF fees within seconds of going into the red. And this was at two of the big six, not some teeny-tiny regional credit union that still did a lot of things by hand back then.
So I don’t know where you worked, but I can ABSOULTELY GUARANTEE that none of the big six were wasting time and money having a salty bag of mostly water actually processing NSF determinations. Maybe you were rolling back fees on review, but not applying them.
Source: wife actually works at one of the big six, and even when she started working in the 90s, NSF fees were 100% automated.
Can anyone explain what risk or labour is involved in an NSF incident and how that’s even worth $10?
It’s 100% automatic and electronically based. The marginal cost of processing any NSF is quite literally $0. Even at $10, it’s 100% profit to the banks.
Unsure if it has changed but in 2018 I was approving and declining transactions manually before 9:30AM that would go through accounts with insufficient funds. Any transaction I didn’t have time to go through before the 9:30 cut off would auto NSF
Back in 2006-2008 my wife and I were in a tight spot, we were hit with NSF fees within seconds of going into the red. And this was at two of the big six, not some teeny-tiny regional credit union that still did a lot of things by hand back then.
So I don’t know where you worked, but I can ABSOULTELY GUARANTEE that none of the big six were wasting time and money having a salty bag of mostly water actually processing NSF determinations. Maybe you were rolling back fees on review, but not applying them.
Source: wife actually works at one of the big six, and even when she started working in the 90s, NSF fees were 100% automated.