Today, we end up with several acronyms and codes on our bank statements. At times, it becomes quite difficult to differentiate between the different codes. One such code in a bank statement that is likely to leave you confused is V5 INC RET PS. Have you ever wondered what V5 INC RET PS mean on a bank statement? Let us analyse the meaning of this code.

What does the V5 INC RET PS code mean? 

The code V5 INC RET PS invariably means there was a cheque that was deposited into the account, but it bounced. This does mean that the person who has issued the cheque does not have enough funds in her or his account. 

Do note that the code   V5 INC RET PS is specific to TD Bank. You will find this code only if you have an account with TD Bank. The code for bounced cheques with respect to other banks may be different. 

The significance of the code V5 INC RET PS

The term RET does have an important significance in the bank statement. The term RET presumably refers to a returned cheque. There can be several reasons why a cheque is returned. 

The issue of the cheque does not have enough funds in his account

One of the common and highly possible reasons why a cheque may bounce is the lack of funds in the sender’s account. That would mean the person has given you a cheque for a particular amount but does not hold that much money in his or her account. In this situation, you will need to get in touch with the person issuing the cheque to you, as the bank cannot do anything in this context. 

The information on the cheque may be incorrect 

Writing a cheque can be fussy, and you need to be quite careful when writing a cheque. Even a single incorrect information can make it liable to be returned. Some of the information that can go wrong would include the name of the recipient of the cheque, the date, the amount in words and numbers and even the signature. Any incorrect information on the cheque can cause the bank to reject the cheque, and it will be returned. 

The issuing bank might have cancelled the cheque

The issuing bank might have cancelled the cheque. This is usually done as per the request of the issuer of the cheque. And you will need to get in touch with the sender or issuer of the cheque. 

Overwriting on the cheque

If there is any sort of overwriting on the cheque, it is likely to be returned. Make sure to check whether the cheque has any overwriting issues before depositing it in the bank. If you notice any sort of overwriting, you can ask the issuer of the cheque to give a new cheque in place of the overwritten one. 

Is there any charge for the returned cheque? 

Yes, when you deposit a cheque in your account, and if it is not honoured by the issuing bank for any reason, it will bounce. And you will be charged for the cheque bounce. A little less intuitive as it may appear, but it is what normally every bank does. 

If you want to avoid getting charged for a bounced cheque, you can take care of the following precautions. 

  • Make sure that the issuer of the cheque has enough funds in his or her account. Of course, you may not be able to check it and would need to believe in what your issuer says.
  • Ensure that the drawer of the cheque has his or her account active and running. An inactive account is liable to cheque return even when it may have enough funds. 
  • Do not accept cheques from people whom you do not know or do not trust. Ask them to pay in the form of a Demand Draft. 

In some cases, you may also contact the bank of the drawer of the cheque to know the account status. However, it is up to the bank whether it is ready to divulge any information about the check or the drawer. 

The Concluding thoughts

The banking industry does have a very confusing vocabulary. In most of the cases, you would find that the codes and details between the two banks are not similar. The error code V5 INC RET PS is one of them. If you find such a code in your bank statement and wonder what it is all about, the information. And details shared above should resolve the queries you might have had. 


Who should you contact when you get the code V5 INC RET PS on your bank statement? 

Since the code V5 INC RET PS refers to a returned cheque, there is nothing that your bank or even the cheque issuer’s bank can do in this context. You may need to get in touch with the person who issued the cheque to you. 

If my cheque bounced, whose fault is it? 

Largely enough, the responsibility for the cheque that bounced can only be fixed depending on the reason for the cheque bounce. It is advisable to talk to your bank first to understand whose fault it might be. Only after they give a proper reason for the cheque to be bounced can you fix the responsibility for the bounced cheque. 

Why does some amount get credited from your account after receiving Ret Ps.?

Since you have deposited a cheque in your account and it was not honoured by the issuing bank, the charges would be on your account. You will be charged a small amount as the cheque bounce fee. Logically speaking, you are not at fault when a cheque bounces on your account, but the bank charges you for no fault of yours. 

What language options are there in TD customer care services?

TD Bank customer support offers services in two languages, viz English and Spanish. However, if you do not know either of the languages, you can drop them an email after translating your query into English using any of the translation services.

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