Letter Nsf Check With Bank Statement) (of Uncollectible)
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FAQ
Uncollected funds fees occur when the funds in an account are still on hold, meaning that the funds are unavailable for the transaction(s) being processed. For example, a check is deposited but the funds for that check have a 3 business days hold on them before they are available to cover transactions.
A not sufficient funds check is a reconciling item on a bank reconciliation, since if you deposit a check, you assume that it has cleared the bank, whereas a not sufficient funds check has not cleared the bank, thereby reducing the on-hand cash balance.
NSF checks are recorded as an adjusted book balance line item on the bank reconciliation statement, with the NSF amount deducted from its balance.
Dear Name of Bounced-Check Writer: I am writing to inform you that check #Check Number dated Date on Bounced Check, in the amount of $Amount of Bounced Check made payable to Your Name/Payee's Name has been returned to me due to insufficient funds, a closed account, etc..
NSF (not sufficient funds) checks. When this happens, the bank returns the check to the depositor and deducts the check amount from the depositor's account Therefore, NSF checks must be subtracted from the company's book balance on the bank reconciliation.