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How much different banks charge for overdraft fees and overdraft protection


overdraft fees

Summary List Placement 
A bank charges an overdraft fee when your balance goes below zero and the institution covers the cost of your purchase.
By enrolling in overdraft protection, you can automatically transfer funds from savings to checking to cover a purchase that would put your balance in the negative.
Overdraft protection is free with some banks, while others charge a fee for transferring money from savings to checking.
Each bank charges different overdraft fees, and each has its own limit for the number of times per day it will charge you.
See Business Insider’s picks for the best national banks »

Overdraft fees have the potential to add up quickly. It’s helpful to know how much your banking institution charges for overdrawing from your account, and the maximum number of times per day it will fine you. You should also know whether the bank offers cheaper or free overdraft protection.

Here are the overdraft fees and overdraft protection charges at some of the most popular banks in the US.

Table of Contents: Masthead StickyHow much banks charge for overdraft fees

Bank
Overdraft fee
Max charges per day
Fee for using overdraft protection

Alliant Credit Union
$28
Unlimited
None

Ally
$25
1
None

Associated Bank
$35
4
$10

Axos Bank
Up to $25
3
None

Bank of America
$35
4
$12

Betterment
None
N/A
None

BB&T
$36
6
$12.50

BBVA
$38 ($32 in CA)
6
$12 ($7 in CA)

BMO Harris
$36
4
$10

Capital One 360
$35
4
None

Charles Schwab
$25
4
None

Chase
$34
3
None

Chime
None
N/A
None

CIT Bank
None
N/A
None

Citibank
$34
4
$10

Citizens Bank
$35
7
$12

Comerica
Up to $38
5
Up to $16

Connexus Credit Union
$29.95
6
None

Consumers Credit Union
$35
Unlimited
$10

Discover
$30
1
None

Fifth Third Bank
$37
5
$12

HSBC
$35
3
None

Huntington Bank
$37.50
4
None

M&T Bank
Up to $38.50
5
$12.50

Navy Federal Credit Union
$20
3
None

NBKC Bank
None
N/A
None

Pentagon Federal Credit Union
$30
1
None

PNC Bank
$36
4
None

Radius Bank
$25
1
None

Regions
$36
6
$12

Santander
$35
6
$12

Simple
None
N/A
None

SunTrust
$36
6
$12.50

TD Bank
$35
5
$3

TIAA
$30
2
None

USAA
$29
3
None

US Bank
$36
4
None

Varo
None
N/A
None

Wealthfront
None
N/A
None

Wells Fargo
$35
3
$12.50

What’s an overdraft fee?

Banks charge a fee when your balance drops below zero dollars. There are two types of fees: overdraft fees and nonsufficient funds fees. The fee amounts are usually the same, but the process is different.

A bank charges an overdraft fee if a purchase would overdraw your account, and the bank covers your overdraft so the transaction goes through. This is typically the process when you swipe your debit card but don’t have enough money in your checking account to cover the purchase.

You’ll pay a nonsufficient funds fee if a purchase would overdraw your account, and the bank denies your transaction. A bank charges a nonsufficient funds fee when a check bounces or you don’t have enough money in your account to cover an automatic payment.

Banks only charge a fee if you overdraw your account by …read more

Source:: Business Insider

      

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