Bank Of America Overdraft Fee?
After the overdraft law was passed this past summer for banks, can banks still charge a $35 overdraft fee?? I accidentally overdrafted $27 a couple of days ago, should I expect to get a 35 charge to my account?
- Elise CLv 410 years agoFavorite Answer
That overdraft law pertains to one-time debit card transactions only. All banks must now offer you a choice. You can opt for the bank to pay your debit card overdraft and charge you a fee if it overdraws you OR you can opt for your card to be declined if you do not have the funds available in your account. If you have the second election and you accidentally overdraw, the bank cannot charge you the fee.
If your bank never asked you to make an election, you are automatically opted into the latter. Just remember: checks, ACH's and recurring debit card payments can still overdraw your account and you will be assessed a fee for these regardless of your debit card election.Source(s): Bank Manager
- D JLv 710 years ago
It's all part of your agreement with the bank depending on the type of checking account you have.
You can sign up for overdraft protection or they can bounce your check. You decide. Go in and speak with your local branch manager & see if they will waive the fee, if it's abnormal for you to overdraft.
Just remember it is your job to keep your balance. The bank uses trick to get you to overdraft. Go to the ATM & you account balance will not be what you actually have in the bank.
YOU ARE RESPONSIBLE.