How Much Is My Overdraft Fee for Bank of America?
Incurring in a Bank of America overdraft fee happens when a payment is charged to your account but there is not enough money in it to cover the payment. Each time this happens, the bank will choose to authorize the payment but will charge you $35 for each time you overdraft the account. Calling Bank of America will help you protect your account and avoid any future fees.
Sometimes unexpected things take place, and we can't control the outcome. This also applies to overdrafting your Bank of America account. Because of this it is very important that you keep track of your finances so as not to incur in any overdraft fees that could place an enormous burden on your economic life. So, let's take a look at Bank of America's overdraft fees and how to avoid them.
What exactly is an overdraft fee and how do I avoid getting one?
An overdraft fee is the fee Bank of America charges you when a payment from your account is approved but you don't have enough funds in your account to cover it. In this case, the bank authorizes the payment and then penalizes you for it. Keep in mind that if you incur in multiple overdrafts, you will get charged the same number of fees for them, so keeping track of how much money is in your account at all times is always the best way to avoid getting hit with overdraft fees. Additionally, if you have already overdrafted your Bank of America account, you should deposit enough money to cover both the payment that was authorized and the fee or the bank will proceed to deduct it from your next deposit, which could affect any pending charges and result in more fees to be paid.
How much does Bank of America charge for each overdraft?
Bank of America's policy both on overdrafts and returned items is to apply a fee of $35 per item. This means that if you are hit with two overdrafts you will be charged $70, and so forth. Fortunately there is a cap on how many times you can be penalized with this fee, so you can only be charged for four overdrafts or returned items in one day. Even so, the amounts can add up quickly and Bank of America can choose to close your account and send it to a collection agency if the situation continues.
Is there any way to protect my account from overdraft fees?
Bank of America offers its customers two ways to protect themselves from overdraft fees. The first one is to change your account settings to decline all payments for which you don't have enough funds, but keep in mind that this may cause you to be penalized with a returned item fee. The second option is to activate Bank of America's Overdraft Protection where you link a second account to your primary one and funds get transferred when an overdraft is imminent. This method also involves transfer fees, but is a less expensive option.
How can I get more information on my overdraft fee for Bank of America?
If you have already been charged an overdraft fee or want to activate the protection methods available for your account you can give Bank of America a call and a representative will be happy to help. They'll do so by figuring out what payment was at fault for generating the overdraft fee, and let you know what options are available to prevent this from happening again.
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