Bank of America's overdraft fees as of 2024

Bank of America charges $35 per overdraft transaction if you spend more than your account balance. The fee applies each time a transaction posts that overdraws your account, so multiple purchases in one day can mean multiple fees. If your account stays overdrawn, you may face an additional $35 fee after five business days if the balance is not brought back to zero.

These fees apply to most checking accounts at Bank of America, though the specific terms depend on your account type. Some accounts marketed to students or with certain conditions may have different structures, so checking your account agreement or calling 1-800-432-1000 will confirm what applies to your specific account.

Bank of America does not charge overdraft fees on ATM withdrawals that would overdraw your account — those transactions are simply declined. Overdraft fees only apply to debit card purchases, checks, ACH transfers, and bill payments that post to your account.

Key Takeaways

  • Bank of America charges $35 for each transaction that overdraws your account, and another $35 if the account stays negative for five business days.
  • Multiple overdraft transactions in one day each trigger a separate $35 fee — there is no daily cap on how many fees you can incur.
  • ATM withdrawals that would overdraw your account are declined and do not trigger a fee.
  • You can turn off overdraft protection for debit card purchases and ATM withdrawals through your online account settings or by calling the bank.

How overdraft fees stack up over time

If you overdraw your account on a Monday with three separate debit card purchases, you will be charged $35 three times — once for each transaction. If the account is still negative on Friday, you will owe another $35. A single week of overspending can easily cost $140 or more in fees alone.

The fees compound because they are charged against your account balance, which means they can push you further into the negative. If you owe $50 and a $35 fee posts, you now owe $85, making it harder to get back to zero without depositing more money.

Turning off overdraft protection for certain transactions

Bank of America allows you to disable overdraft protection for debit card purchases and ATM withdrawals. When you turn this off, those transactions will be declined instead of posting and triggering a fee. You can make this change through your online banking portal under account settings, or by calling customer service.

Overdraft protection cannot be turned off for checks, ACH transfers, or automatic bill payments — those will still be processed even if they overdraw your account, and you will owe the $35 fee. This is a federal rule that applies across all banks, not a Bank of America policy.

What to do if you have been charged overdraft fees

If you have been charged overdraft fees in the past 60 days, you can contact Bank of America and request a reversal. The bank does not have a formal policy on how many reversals you can receive, but customer service representatives have discretion to remove one or two fees if you have a reasonable explanation and have not made a habit of overdrawing.

Call 1-800-432-1000 and ask to speak with someone in account services. Have your account number ready and be prepared to explain what happened. The bank is more likely to reverse a fee if the overdraft was caused by a timing issue (a deposit that posted late, for example) rather than overspending.

How Bank of America's fees compare to other banks

Bank of America's $35 overdraft fee is in line with most large national banks. Chase, Wells Fargo, and Citibank all charge $35 per overdraft transaction. Some regional banks and online banks charge less — between $25 and $30 — or charge no overdraft fees at all if you maintain a minimum balance or have direct deposit set up.

If overdraft fees are a recurring problem for your budget, switching to a bank with lower fees or no overdraft fees may save you money over time. Online banks like Ally, Charles Schwab, and Chime often have lower or zero overdraft fees, though they may have other trade-offs like fewer physical branches or different account features.

Setting up alerts to avoid overdrafts

Bank of America sends a text or email alert when your balance falls below a threshold you set. You can configure this through your online banking account under alerts and notifications. Setting an alert at $100 or $200 gives you a warning before you actually overdraw, so you have time to transfer money or pause spending.

Pairing alerts with a linked savings account makes it easier to move money quickly. If you have a savings account at the same bank, you can transfer funds online in minutes to cover the shortfall. Some people set up a small overdraft line of credit instead, which charges interest but may cost less than multiple $35 fees if overdrafts happen often.

Frequently Asked Questions

Can Bank of America overdraft fees be waived?

Bank of America can waive overdraft fees on a case-by-case basis if you call and ask, particularly if the overdraft was caused by a timing issue or if you have not had fees reversed recently. There is no may provide, but customer service has discretion to remove fees. Calling 1-800-432-1000 and explaining the situation is your only option.

Does Bank of America charge overdraft fees on every transaction that overdraws?

Yes. Each transaction that posts when your balance is negative triggers a $35 fee. If you make three purchases that overdraw your account on the same day, you will be charged $35 three times. ATM withdrawals are the only exception — those are declined and do not charge a fee.

What is the difference between overdraft fees and NSF fees?

Bank of America uses the term "overdraft fee" for transactions that post and overdraw your account. An NSF (non-sufficient funds) fee would apply if a check or ACH transfer is declined because there is not enough money, but Bank of America does not charge a separate NSF fee — it charges the overdraft fee instead when the transaction posts.

How long does it take for an overdraft fee to post?

Overdraft fees typically post within one to two business days of the transaction that caused the overdraft. The five-day fee (charged if your account stays negative for five business days) posts on the fifth day. Fees post on business days only, so weekends and holidays do not count toward the five-day window.

Can I set up overdraft protection with a linked account?

Yes. Bank of America allows you to link a savings account, money market account, or line of credit as overdraft protection. If a transaction would overdraw your checking account, the bank will automatically transfer funds from the linked account instead. There is no fee for this transfer, though some linked accounts may charge interest if you use a line of credit.