Overdraft fees by bank

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Struggling with overdraft fees? How much do they cost?  What’s the number of fees your bank could make you incur in one day? You will find here a list of America’s top banks with all the answers you need.

Overdraft fee definition

An overdraft is like getting an automatic loan from the bank when your checking account balance dips below zero. Overdrafting allows you to make a payment or purchase even if you are out of money. To really understand what does overdrawn mean and try to cure the problem from its source, there are a few details you should be aware of .

An overdraft fee is the fee incurred when you overdraft. Banks charge interest and/ or fees on the money you borrow (the money used beyond what you have in your account). A standard fee is $35.  Every bank has different fee structures.

What is overdraft protection

Overdraft protection will give your bank permission to cover a payment if you run out of money in your checking account. For example, if you use your debit card for a purchase, but you don’t have money in your account, the bank will honor your purchase rather than declining your card. They expect you to pay them back, and often you will to pay a fee.

These overdraft plans have limits, usually based on the amount of coverage you have signed up for with the bank. If you constantly overspend, your bank may choose to stop overdraft protection for your account altogether.

How to overdraft your bank account on purpose

Though not ideal, sometimes you might need to overdraft your bank account on purpose. If you need groceries, or to pay a bill, and your checking account is out, you might just need to bite the bullet and incur an overdraft fee. If you are signed up for overdraft protection with your bank, you simply need to make a purchase as usual and you will automatically overdraft your account.

Account transfer fee

Some banks let you link your savings to your checking account to your checking account. So that if you overdraft your checking account, money will automatically be drawn from your savings to cover the purchase. This is a cheaper alternative to bank overdraft fees, but banks still charge, usually $10, for the service.

Overdraft fees and limit

Overdraft fees by bank
BankOverdraft feeLimit # fee/dayTotal cost per dayAccount transfer
Bank of America$356$210Yes
Bank of the West$356$210Yes
BB&T Bank$35VariesVariesYes
BMO Harris Bank$354$140Yes
Chartway Federal Credit Union$35UnlimitedUnlimitedYes
Chase Bank$343$102Yes
Citi Bank$344$136Yes
Connexus Credit Union$29.95-$300Yes
Fifth Third Bank$375$185Yes
First National Bank$284$112Yes
HSBC$101$10No
KeyBank$394$156Yes
M&T Bank$38.55$192.5Yes
Navy Federal CU$203$60Yes
PenFed Credit Union$30UnlimitedUnlimitedYes
PNC Bank$364$144Yes
Regions Bank$366$216Yes
SunTrust Bank$366$216Yes
TD Bank$355$175Yes
U.S. Bank$364$144Yes
Wells Fargo$354$140Yes

Banks that don’t charge overdraft fees

If you feel that you are highly likely to overdraft often at your bank, you should consider switching to banks with no overdraft fees. In the past decade, a bunch of online and friendly banks have popped up and received very positive feedback from their clients. Just to mention a few, you will find Simple and Chime. Not charging overdraft fees also means that you won’t get that extra money when you need it. The store will simply decline your debit card when you try to purchase something but you don’t have enough funds.

If you do want to find a bank that will offer you a line a credit with cheaper overdraft fees, this is possible at Capital One 360, Schaw Bank, Discover and EverBank.

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Overdraft fees by bank
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Overdraft fees by bank
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What banks charge? If you overdraft and what to know how much does your bank charge you for overdraft fees, here is the list with the top 25 banks in America.
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OverdraftApps.com
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About Author

Johnathan has been an editor for financial blogs and magazines for over 10 years, and now serves as the Chief Editor and Founder of OverdraftApps.Com. He holds a B.A. and M.A. in Economics.