Alternatives to chequesĬheques continue to be a useful form of payment because they’re secure and leave a paper trail, but there are several alternatives for sending payments: Because the money has already been debited from your account, you usually can’t stop payment on a certified cheque. The fee for getting a cheque certified is $10-$20, unless it’s included as part of your monthly banking package. When you certify a cheque, the bank “holds” the funds, guaranteeing the recipient that the cheque will be paid. Certified cheques are generally required when a business doesn’t know the buyer’s credit situation and doesn’t want to risk taking a personal cheque that could bounce. Certified chequesĪ certified cheque is a cheque that is guaranteed by the issuing bank to have enough money set aside to cover the payment. Moreover, you could face criminal charges if you knowingly write bad cheques to commit fraud or obtain credit under false pretenses. Besides annoying the payee and costing both sides time and money, NSF cheques leave a black mark on your credit history for six years. To avoid being dinged by NSF fees, keep track of your account balance and don’t write cheques that you can’t afford to be cashed. NSF fees are quite high-most financial institutions charge around $45 per transaction. When you write a cheque from an account with insufficient funds, the bank can reject the payment and charge you an NSF fee, or it can cover the transaction and charge you an overdraft fee. ![]() An NSF cheque is a cheque that cannot be honoured because of insufficient funds and is usually referred to as a bounced or bad cheque. When your chequing account doesn’t have enough money in it to cover a cheque or debit transaction, it’s deemed to have non-sufficient funds (NSF). You can only get a few at a time, and they aren’t always accepted as payment by merchants because they’re basic and appear less secure. Counter cheques are meant as an emergency fix, so don’t rely on them on a long-term basis. ![]() You may be charged a small fee, around $1-$2 per cheque. If you’re in a pinch and don’t have any cheques handy, you can ask a teller at your bank for a counter cheque, which is a blank cheque printed in the branch with your account information on it. ![]() For example, a book of 200 personal cheques from ASAP Cheques costs just $13. Ordering directly through a reputable third-party supplier such as ASAP Cheques, Cheque Direct or Action Forms can be much cheaper, especially if you use cheques frequently for personal or business and buy in bulk. Banks don’t actually print the cheques themselves-they take your order and send it to a cheque printer, resulting in a marked-up price. Many people automatically go through their bank because of convenience, and may not realize it’s cheaper to order directly from independent cheque printers. It’s a well-kept secret that you aren’t required to order cheques through your bank. Depending on the style and quantity of cheques ordered, a chequebook can cost between $25-$70, plus taxes and shipping. Premium chequing accounts that charge a higher monthly fee may include cheques as part of the package, but most basic chequing accounts require you to pay extra to order cheques.
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