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I was on this bank's site called ICICI Bank and under their service charges page I noticed this charge (direct quote from page):

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Collection Items:
Collection item returned unpaid = $15.00

Please note that third-party charges/correspondent bank fees and charges may apply for collection items.
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The link is found was found here: http://icicibank.ca/personalbanking/disclosure.htm

Can someone explain to me what this charge represents?

Thanks

2007-07-18 11:53:58 · 2 answers · asked by Anonymous in Business & Finance Personal Finance

2 answers

It means checks you deposited that bounced.

2007-07-18 12:45:35 · answer #1 · answered by STEVEN F 7 · 0 0

The item referred is a Cheque or Bank Draft sent for Collection with another bank.

2007-07-18 18:58:53 · answer #2 · answered by K.J.Haroon Basha 3 · 0 0

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