What is Bank of America's policy on overdraft fees?


by fredrick , in category: Banking and Credit , a year ago

What is Bank of America's policy on overdraft fees?

Facebook Twitter LinkedIn Telegram Whatsapp

1 answer

by cornelius.fay , a year ago


Bank of America's policy on overdraft fees may vary depending on the specific account and circumstances. However, generally, Bank of America charges an overdraft fee of $35 per item for each transaction that exceeds the available balance in the account.

It is important to note that Bank of America provides some options to avoid or minimize overdraft fees. This includes:

  1. Overdraft Protection: Customers can link their Bank of America checking account to a savings account, credit card, or line of credit to help cover overdrafts. Though fees may still apply, they can be lower compared to standard overdraft fees.
  2. Preferred Rewards: If a customer qualifies and enrolls in the Preferred Rewards program, they may receive a waiver for certain fees, including overdraft fees.
  3. Balance Alerts: Bank of America allows customers to set up balance alerts via text or email. These alerts can be set to notify the customer when their balance falls below a specific amount, helping them avoid overdrafts.

It is recommended to review Bank of America's specific policies or consult with a representative to get the most accurate and up-to-date information regarding overdraft fees.