A system and method are provided for feed-forward/feedback non-causal channel equalization in a communications system. The method comprises: receiving a non-return to zero (NRZ) data stream input; using three thresholds, estimating a first bit in the data stream; using two thresholds, determining a third bit value received subsequent to the first bit; comparing the first bit estimate to the third bit value; comparing the first bit estimate to a second bit value received prior to the first bit; and, in response to the comparisons, determining the value of the first bit. In some aspects of the method, the third bit value is determined in response to a prior third bit value determination. Determining a third bit value includes: distinguishing NRZ data stream inputs between fourth and fifth thresholds as a “0” if the prior third bit value was a “1”, and as a “1” if the prior third bit value was a “0”.