Increase to Non-Sufficient Funds (NSF) cheque charge
Beginning on April 1, 2009, the WSIB will increase the fee it charges employers whose cheques are returned due to Non-Sufficient Funds (NSF) to $40 per cheque from $10 per cheque.
We are increasing the NSF cheque fee to bring it up to date with the associated processing costs and to provide a sufficient deterrent to submitting NSF cheques. The WSIB has not increased the NSF fee it charges since 1989.
In reviewing the amounts charged by similar organizations and banking institutions, the WSIB found that the average NSF fee is $30 to $50 per cheque. The WSIB’s revised fee is in line with these organizations and institutions. | | |