It’s more common than you think to find an odd code or two appearing on your bank statements! But what happens when there’s money associated with a code you don’t understand or recognize? What does V5 INC RET PS mean, for example?
This is a code that’s relatively common, but seems to cause some concern. It refers to when a check into your bank account bounces.
Let’s take a look at everything you need to know about the V5 INC RET PS code, and how you can handle it when it arises.
What does the V5 INC RET PS code refer to?
The V5 INC RET PS code refers to a check paid into your account that’s bounced. This may mean the depositor didn’t have enough money in their account to cover the transfer, for example.
Interestingly, this code will only ever apply to you if you have an account with TD Bank – it’s unique to their customers.
Why would a check bounce?
While the V5 INC RET PS code may indicate that a check has bounced, it does not, however, show you why. As it happens, there are multiple reasons why checks can bounce – for example:
There may not have been enough money in the depositing account
One of the most common reasons checks bounce is because senders don’t have enough money to complete transfers when they’re paid in. You can contact the sender directly if this happens, as the bank – sadly – won’t be able to help you in retrieving the money.
The information on the check is incorrect
As fussy as checks are to fill out, it’s essential to get them right! Any incorrect information (such as the name of the recipient or sender, the amount written in numbers or letters, the date, or even the signature) can be enough for a bank to refuse it and, therefore, cause the check to bounce.
The issuing bank canceled the check
The check may well have been canceled by the issuing bank before it was completely received by the other. This is usually due to a request by the sender, so it is best to contact them directly if this is the case.
There was overwriting on the check
Finally, if there is any overwriting on the check, it can be refused. Therefore, if there is even the slightest mistake on the check, it is best to rewrite it from scratch!
FAQs
Who do I contact about the V5 INC RET PS error code?
If you need clarification about the V5 INC RET PS error code, it is best to contact the TD bank customer support service directly.
Whose fault is it that my check bounced?
The person at fault for the check bouncing depends entirely on the reason for its bouncing. That is why it is always best to talk with your bank directly. They should be able to give you a clear reason, after which you may need to contact the sender for another check.
