What does V5 INC RET PS Mean?

If you are a customer of TD Bank and you deal with funds and cheques you must have seen this code on your bank statement V5 INC RET PS sometimes. Then you must want to find out what this V5 INC RET PS is and how it’s associated with your money.

TD Bank doesn’t provide any information about it on its website.  To know about it just stay with us and you have all the information about it.

What Does V5 INC RET PS Mean On Bank Statement?

V5 INC RET PS is an error code on your bank statement that happens when a cheque you deposited is bounced from your bank account by the bank. 

Basically when you deposit a cheque in your bank account and it doesn’t get cleared by the bank and in association with it a small fund is deducted from your account as a cheque return fee. 

V5 inc ret ps represents the amount of funds that are deducted by the bank. Fun fact this only happens when people have their account in TD banks.

Now you know what v5 inc ret ps means but you also want to know happens what when your cheque gets bounced and returned by the bank. 

There can be many reasons for it and some of them are explained below.

Also, read Hold Rel Mem Cr Meaning, Reasons And Consequences!

Reasons Why It Shows V5 INC RET PS On TD Bank Statement?

The first and the most common reason is less money in the depositing account.  Sometimes the sender doesn’t have enough money in their accounts to transfer that’s when the cheque gets bounced back by the bank. 

In this case, banks can’t help you with anything and you have to contact the sender for any outcome.

Another common reason is writing or spelling mistakes on the cheque. Many cheques get returned due to this silly mistake. 

People often write the wrong name of the recipient, account number, date even wrong amount on the cheques due to which their cheques bounce back.

Sometimes what people do is overwrite the cheque or change the amount on an already written cheque this is also a reason why a cheque gets bounced. An overwritten cheque is mostly refused by the bank.

Bank can also return your cheque and this mostly happens when the sender asks the bank to do so.

Conclusion 

Now we can say that v5 inc ret ps is an error code on your bank statement and indicates the small fee deducted by the bank as a return fee when your cheque is bounced back and you also know the reasons for that.