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Gravatar for Enoch Omololu, MSc (Econ)
Enoch Omololu, MSc (Econ)

Enoch Omololu, personal finance expert, author, and founder of Savvy New Canadians, has written about money matters for over 10 years. Enoch has an MSc (Econ) degree in Finance and Investment Management from the University of Aberdeen Business School and has completed the Canadian Securities Course. His expertise has been highlighted in major publications like Forbes, Globe and Mail, Business Insider, CBC News, Toronto Star, Financial Post, CTV News, TD Direct Investing, Canadian Securities Exchange, and many others. Enoch is passionate about helping others win with their finances and recently created a practical investing course for beginners. You can read his full author bio.

About Savvy New Canadians

Savvy New Canadians is one of Canada's top personal finance platforms. Millions of Canadians use our site each year to learn how to save for retirement, invest smartly, maximize rewards, and earn extra cash. We have been featured in prominent finance media, including Forbes, Globe and Mail, Business Insider, CBC, MSN, Wealthsimple, and TD Direct Investing. Learn more about Savvy New Canadians.

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2 thoughts on “What is an NSF Fee? Non-Sufficient Fund Fees in Canada”

  1. Gravatar for I

    What about the extra business fee?
    I prepay a bill monthly on the 28th, however because it was too near the end of month, my cash credit cushion got eaten up,(I over pay a bit so that over a long time I have a full payment as credit on the accoumt…just in case). not by NSF but by fail to pay charges. The business tried to pull out of my bank, but the numbers though correct, somehow don’t work. So I never get NSF charges, but I get ~$30 charges. Are they legal if there is no NSF? Why do some companies charge a 2% fee, and others go straight for NSF?
    It seems as though they like the extra money by forcing NSF payments.

    • Gravatar for Enoch Omololu, MSc (Econ)

      They can still claim it’s an NSF on their end since the payment did not go through. It’s not always tied to what the bank does i.e. whether your bank also charges you NSFs.

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