Non-Sufficient Funds (NSF) is a term used to describe a situation where there are not enough funds available in a checking account to cover a check that has been written. When this occurs, the check will usually be returned by the bank unpaid. In some cases, the bank may choose to pay the check and charge the account holder an NSF fee.
What is NSF in banking terms?
The National Science Foundation (NSF) is a United States government agency that supports fundamental research and education in all the non-medical fields of science and engineering. Its medical counterpart is the National Institutes of Health.
NSF funds reach all 50 states through grants to nearly 2,000 colleges, universities and other institutions. Each year, NSF receives more than 50,000 competitive proposals for funding and makes about 11,000 new funding awards.
The NSF also awards about $420 million in professional and service contracts yearly.
What happens when you have insufficient funds?
If you have insufficient funds in your checking account, you may be charged a fee by your bank. The fee will vary depending on the bank's policies. You may also be charged a fee by the merchant if you attempt to make a purchase with a check or debit card and there are not enough funds in your account to cover the purchase. What is it called when a check bounces? A check bounces when it is presented for payment and there are insufficient funds in the account to cover the amount of the check. A check may also bounce if it is presented for payment after the date on which it is written. What happens if a check is dishonored? If a check is dishonored, the payee may be charged a fee by their bank. The check will be returned to the payee with “NSF” (not sufficient funds) or “account closed” written on it. The payee will then need to contact the drawer of the check to arrange for payment. What does NFS stand for in slang? NFS stands for "Not For Sale."