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sshepard / Getty Images An overdraft fee is generated when a checking account holder withdraws cash using their debit card or writes a check for an amount greater than the account’s current balance. The bank will either reject the transaction due to insufficient funds or pay the transaction on your behalf — and you’ll incur the overdraft fee in either case. Bank of America, Member FDIC, overdraft fees are $10 each time you overdraw your account. Understand Bank of America’s overdraft policy so you can avoid this costly bank fee. How Much Bank of America Overdraft Fees CostOverdraft fees are one of the most expensive bank fees. Fortunately, you can avoid them if you know how they work. No matter which type of Bank of America checking account you have, you’ll be subject to an overdraft fee if you attempt to withdraw too much money from your account. The Bank of America overdraft fee is:
Bank of America caps the number of overdraft fees you can be charged in a day. Consumer accounts are subject to a total of two overdraft or returned item fees. What Triggers Bank of America Overdraft FeesBank of America will decline ATM withdrawals and everyday debit card purchases when your account balance doesn’t cover the transaction. In this case, you will not be charged a fee. However, recurring transactions like bill payments and scheduled debit card transactions will overdraw your account and incur the $10 fee. How To Avoid Bank of America Overdraft FeesYou can do a few things to protect yourself from declined transactions and penalties for overdrawing your account. Here’s how to avoid overdraft fees:
Another way to avoid overdraft fees is by using the Bank of America Advantage SafeBalance Banking® account. This no-frills checking account has no overdraft fee. Transactions will be declined or returned unpaid if you have insufficient funds in your account. However, the account does charge a monthly fee unless you meet the requirements to waive it.
How To Get Bank of America Overdraft Fees WaivedEven when you are at fault, it might be possible to get an overdraft fee refund. Bank of America customers can call their local branch and politely ask to have the fee waived. This method works best if you’re not a repeat offender. Another option is to speak with a customer service representative by phone at 1-800-432-1000. Cynthia Bowman contributed to the reporting for this article. Information is accurate as of Sept. 29, 2022. Editorial Note: This content is not provided by any entity covered in this article. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by any entity named in this article. What is overdraft protection transfer fee?There is a $12.50 fee charged to your checking account when overdraft protection advances funds to cover an overdrawn amount more than $5. The fee is reduced or waived if: The Available Balance is negative $50 or less.
What is the overdraft protection fee for Bank of America?Rather than a $35 overdraft fee, Bank of America will charge a $12 overdraft protection transfer fee if you are opted into the program. To enable overdraft protection, you must link a qualified account so that the bank can transfer funds from one account to another in the event of an overdraft.
Does Bank of America charge you an overdraft fee everyday?No more than 2 Overdraft Item fees are charged per day. Please refer to the Personal Schedule of Fees for more details. How much does a safe deposit box cost? How do I get pricing information for checking accounts?
Will Bank of America forgive overdraft fees?Bank of American does refund overdraft fees case by case, so describe your circumstance with honesty and sincerity, and it is highly possible that you may get your money back.
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