How Much does your Bank Charge for Check Bounce ? Many times it happens that you give a check in someone’s name, and for some reason that check bounces. In the event of check bounce, most banks charge check bounce charges from their customer. These charges vary from Bank to Bank.
“I sincerely believe that banking establishments are more dangerous than standing armies, and that the principle of spending money to be paid by posterity, under the name of funding, is but swindling futurity on a large scale.” ― Thomas Jefferson
The check bounce charges of State Bank of India (SBI), ICICI Bank and HDFC Bank depend on many things. This includes the reason and nature of the check Bounced. GST is also levied on the check bounce Charge of SBI, ICICI & HDFC Bank.If the check bounced due to insufficient funds or signature in the account, then both the defaulter and the recipient will deduct their Bank charges. However, a bounced Check can always be resubmitted.
The check bounce charge in SBI is lower than that of ICICI Bank and HDFC Bank. According to the SBI website, if a check has been deposited in the branch of SBI and the bank issuing it, is returned without payment, a check of up to Rs 1 lakh will be charged for Rs 150. A check of more than one lakh rupees will be charged 250 rupees. GST will have to be given separately on this. If the check is bounced due to insufficient funds, then a charge of Rs 500 will have to be paid. If the check is bounced due to any other technical reason, the charge will be Rs 150.
Due to insufficient funds in HDFC Bank, for the first time in a quarter, Hdfc Bank Charges Rs 350 For the First instance & Rs 750 for any subsequent Bounced attempts in that Quarer. . Due to technical reasons, 50 rupees will have to be charged when the check bounces.
“Rather than justice for all, we are evolving into a system of justice for those who can afford it. We have banks that are not only too big to fail, but too big to be held accountable.” ― Joseph E. Stiglitz
In the event of a local check deposit in ICICI Bank, a penalty of 100 rupees will be charged if the check bounces due to financial reasons. Due to non-financial reasons, for the first time in a month, a charge of Rs 350 and Rs 750 will be charged thereafter. An additional 150 rupees will have to be paid when the out station check bounces.
These Charges Keep on Revising on the basis of Government and Banks internal Policies from time to time, So we Recommend to refer The Banks Website to check the Real Time Charges or Penalties for any Bank & for any changes or revision of charges.