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Overdraft fees occur when you try to give or pay more than you have in your checking account or card. The cost at Bank of America is $10 dollars per transaction
Bank of America is one of the largest financial institutions in the United States. Its diversity of products makes it very attractive to millions of customers based in the country. However, like everything, it can cause you some extra payments, one of them being overdraft fees.
Overdraft fees are those that must be paid when a checking account holder withdraws cash with their debit card or writes a check for an amount greater than the balance they have in their account. The first thing the bank will do, in this case, will be to reject the transaction because the person does not have enough funds to make the transaction. Then, the bank will charge you an overdraft fee.
For Bank of America, overdraft fees are $10 for each overdrawn transaction. If you want to avoid this surcharge, then you should be well aware of Bank of America’s policies on it.
The first thing you should be clear about is that overdraft fees will apply even when you spend only one dollar too much. And the fee for 2022 will always be the same, which is $10 per transaction. Although the advantage is that Bank of America can only charge you two overdraft fees on the same day.
These fees do not apply to cash withdrawals at an ATM and even to purchases you make with your debit card. These are the only two cases that will be exempt from the collection of an extra fee for overdraft. Bill payments and scheduled transactions with a debit card if you are going to overdraw your account and then $10 will be charged.
What can you do to Avoid Overdraft Fees
According to experts from Go Banking Rates, the most recommended is:
- Be very well informed about the balance of your credit card, debit card or current account.
- Always leave a reserve amount in your account, so, if for some reason you run out of the money you had previously allocated and you don’t realize it, when you try to make a transaction, there will be a way to do it and you will avoid the overdraft fee.
- Take the subscription offered by Bank of America to protect you from overdraft charges. It’s called Balance Connect®. With this protection, the bank will withdraw the overdrawn difference from your updated account if you make a transaction that is greater than the balance you have.
- Use another account to make your payments.