Well, many confusing credit card charges are known to freak out a lot of people out there, but this one seems in plain and simple English, doesn’t it? Like, you can read it and understand that this “MEMO CREATED BY NSF SUPPORT” charge is about a memo that is created by NSF Support, or whatever that means. So, let’s just break it down a bit, shall we?
So What Does This Charge Really Mean?
See, now we’ll be breaking it down bit by bit, so just keep on reading. Like, if you just saw this charge appear on your bank or credit card statement then this is the segment you shouldn’t be skipping over. Alright, so, here:
- MEMO: Well, this is just a term when a bank takes note of something like a transaction or something like that.
- CREATED BY: We don’t even need to explain this one, it is just in plain English.
- NSF SUPPORT: Well, first of all, NSF is just a short form of Non-sufficient Funds, and this whole NSF SUPPORT thing is like a tag for the system that handles the errors or those usual oops moments.
Now you can understand this whole term aka charge label in a better way, right?
Why’s My Bank Hitting Me with This Charge Anyway?
First of all, this is likely a fee of some sort. A fee? For what? Well, as we told you the meaning of that NSF thing, you see, this is likely a fee for bouncing a payment or anything like that. It could be that there was some payment scheduled to be deducted from your account, but there wasn’t enough balance or money in your account, and that’s precisely why this fee is applied when your payment bounces or fails just because of insufficient funds.
You see, when something like this happens, the bank needs to correct a few things here and there, and because this is extra work, well, the fee is just for that extra work. This can work as a reminder as well, you know, so the next time you keep enough amount in your bank account for such payments to go through successfully. Simple as that! Looking at the complaints from the customers or whoever wrote about it online, this fee is usually between $25 to $35, though, mainly it depends upon which bank’s customer you are.
Whoa, Are Banks Switching Up the Game on This Fee?
Well, yes, it is true that recently, there are some banks who are kinda ditching the idea of such fees, and yes, we’re talking about big-name banks here, like Bank of America and Wells Fargo.
Why are they doing so? Well, that’s just because a lot of people were seeing these fees on their bank account statements and they were complaining a lot, and that was just extra work right there too. So, they decided to ditch it altogether, and now you don’t get such fees reflected on your bank account statement.
