The overdraft fee for Bank of America is currently $35. Although It said that BoA will reduce its overdraft fee from to $10 starting from May 2022, however, it doesn’t seem to happen so far. Since different banks have different policies on overdraft situations. At BoA, overdraft fees include overdraft item fees and non-sufficient funds (or NSF: Returned item) fees.
At BoA, an overdraft item fee is charged when the amount of a check or a withdrawal exceeds the balance in the eligible checking or savings account, and Bank of America pays the overdraft item anyway. When it is determined that your account is overdrawn after finishing processing for the day, and the transaction or transactions are paid by BoA, an overdraft item fee of $10 per item over $1 will be charged.
Certainly, there is a limit upon the BoA overdraft item fees. Personal/Consumer accounts can be charged a maximum of 2 overdraft item fees and returned item fees in a single day. Small business accounts can be charged no more than 4 overdraft items and returned item fees per day.
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An overdraft protection transfer fee may be charged when a transaction overdraws your eligible checking or savings account and, as a result, the available funds are transferred from your eligible linked overdraft protection account to cover the amount. We won’t charge this fee for any item that is $1 or less.
When you do not have enough available funds in your account to cover an item, and BoA declines to pay or return the item unpaid (a returned item), you will be charged an NSF: Returned item fee for each returned item over $1.）
$35 is not a small amount. According to CFPB, American pay over $15 billion annually in overdraft fees. If we can get refunded or waive draft fees, it will save us a lot of money for sure. However, if you don’t ask, the answer will never be yes.
How Overdraft Fees Are Calculated
Calling customer service is encouraged to illustrate your situation and potentially ask for a refund. You can always dispute Bank of America charges and overdraft fees. In order to speak to a live person in Bank of America customer service about the overdraft fee, you need to dial 1-800-432-1000.
Notice that Call Center hours on Monday to Friday are from 7 am to 10 pm, Saturday and Sunday start from 8 am to 5 pm EST. Otherwise, Live chat with Erica in the BoA app, the 24/7 virtual financial assistant, may also work in the same way.
You can change your BoA overdraft settings by scheduling an appointment at a financial center or call 800.432.1000 (Mon-Fri 8 a.m.-11 p.m. or Sat-Sun 8 a.m.-8 p.m., all times ET). Outside the U.S. call 1.315.724.4022 (international collect; cell phone roaming charges may apply).
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Bank of America is the second-largest banking institution in the United States, serves approximately 10.73% of all American bank deposits. It was acquired by the Charlotte-based NationsBank for $62 billion in 1998. Through a series of mergers and acquisitions, it built upon its commercial banking business by establishing Merrill Lynch for wealth management and Bank of America Merrill Lynch for investment banking in 2008 and 2009, respectively. Competing with Citigroup, Wells Fargo, and JP Morgan Chase, Bank of America primarily focuses on financial services of commercial banking, wealth management, and investment banking.At one point or another, we’ve all seen our bank accounts come precariously close to that “$0” danger zone. Overdraft fees are an added sting, taking money that you may not have.
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If a fee does hit your account, you have options. Sometimes, simply talking to your bank and explaining your situation can be enough to get those fees reversed and your account back in good standing. With that said, knowing the ins and outs of the overdraft system can help you avoid overdraft fees altogether.
An overdraft fee is a penalty charged to your bank account when certain transactions occur without sufficient funds in the account to cover them, leaving your account overdrawn. This can happen for several reasons, including automatic payments, funds coming out while a deposit is pending or ATM withdrawals.[1]
There are other reasons for fees to hit your account, in addition to insufficient funds. Other bank charges include out-of-network ATM fees and monthly maintenance charges. These are typically not associated with having sufficient funds in your account.
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There is no standard rate for overdraft fees across the financial world. Banks and credit unions set their fee schedules, both the costs and the reasons why they occur. On average, overdraft fees are roughly $35 for each occurrence, with online-only banks typically charging less per occurrence than traditional banks and credit unions.[2]
In 2020 alone, financial institutions such as Bank of America and Chase earned $12.4 billion in overdraft fees.[3] Though this number is down from years before, banks earn a massive amount of money from customers with insufficient funds.
It is important to note that overdraft fees can’t occur on credit cards. There are other fees associated with credit cards, including finance and interest. Most credit cards are governed by an existing limit. With these cards, transactions are automatically declined once that limit is reached. However, there are some credit cards that allow customers to spend beyond their limits without fees. Others allow customers to opt-in to allowing fees for charges that go over the credit limit.
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Some banks, such as Ally Bank, have done away with overdraft fees completely.[4] There are also apps, including Recoup and Cushion, that will negotiate with your bank on your behalf to get fees refunded.[5]
If your bank does charge overdraft fees, there is a good chance that you can get them waived. No matter what financial institution you use, the process to get your fees waived is roughly the same. Though getting an overdraft fee refund is never a guarantee, there are steps to take that can improve your chances.
1. Contact your financial institution: Start with a simple phone call. Call your bank as soon as you notice an overdraft fee on your account. Speaking to a real person should be the first step.
Updated: Potential Resources
2. Explain your situation: People make mistakes. This is why talking to a live representative is so important. Be sure to explain why you had insufficient funds, such as financial troubles or an unexpected transaction. You don’t have to go into every detail, but explaining your situation allows the representative to understand essential information that led to the fee.
3. Advocate for your: While maintaining a respectful tone, indicate why you feel the fee should be reversed. As a loyal customer, be sure to highlight your longevity with the bank and list your other accounts there (such as CDs or investments). Conclude with your plan of action for not only ensuring the account gets back to a positive balance, but what you’re doing to make sure it doesn’t happen again.
4. If necessary, talk to a supervisor: Sometimes, the first representative you talk to may not be the best to handle your request. They might not be in a position to reverse fees, or they simply might not understand your appeal. If this is the case, ask for one of the managers on duty. They often have the final say on reversing fees and can weigh your presented points against the bank’s interest better than a customer service representative.
Bank Of America Overdraft Fee Guide
5. Try again later: If you’re still not getting the desired results, call back and try again in a day or so. The bank is staffed with people, and moods can change from day to day. Simply speaking with a different representative at another time could be all that’s needed to get the fee reversed.
6. Explain your situation in person: If all else fails, put down the phone and visit your bank. Putting a face to the voice often helps your case, as bank representatives will see your plight as a human, not just another voice on the phone. Be sure to remain respectful, but follow the above list while sitting down with someone.
In short, yes. Overdraft fees are legal as long as the bank has provided you with their documented overdraft rules and allowed you to consent to
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