8 Best Banks for Overdrafts
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Overdraft fees are the fees that banks charge consumers who make a transaction that costs more than the available funds in their account. Overdraft fees tend to be in the range of $30-$35 per occurrence, and some banks charge that fee multiple times per day if a consumer continues to make transactions that overdraft their account. If a consumer isn’t vigilant about watching their account balance, they could wind up with more than $100 in fees without realizing they’ve overdrafted.
» Learn more about overdrafts with our guide to overdraft programs and fees
Some banks have worked to create better overdraft services for consumers by reducing or eliminating overdraft fees or by offering free or low-cost overdraft protection. The banks on this list have created consumer-friendly overdraft policies and have strong overall star ratings for their other consumer products and customer service. See our picks below.
» How does your bank stack up? Compare what banks charge for overdrafts
A note about methodology: The financial institutions on this list all received a 4.5- or 5-star rating on their overdraft services based on NerdWallet’s star-rating process. The star ratings listed on this roundup, however, reflect the financial institutions’ checking account star ratings, which include such factors as monthly fee, minimum opening deposits and domestic ATMs. Learn more about star ratings on our methodology page.
Overdraft fees are the fees that banks charge consumers who make a transaction that costs more than the available funds in their account. Overdraft fees tend to be in the range of $30-$35 per occurrence, and some banks charge that fee multiple times per day if a consumer continues to make transactions that overdraft their account. If a consumer isn’t vigilant about watching their account balance, they could wind up with more than $100 in fees without realizing they’ve overdrafted.
» Learn more about overdrafts with our guide to overdraft programs and fees
Some banks have worked to create better overdraft services for consumers by reducing or eliminating overdraft fees or by offering free or low-cost overdraft protection. The banks on this list have created consumer-friendly overdraft policies and have strong overall star ratings for their other consumer products and customer service. See our picks below.
» How does your bank stack up? Compare what banks charge for overdrafts
A note about methodology: The financial institutions on this list all received a 4.5- or 5-star rating on their overdraft services based on NerdWallet’s star-rating process. The star ratings listed on this roundup, however, reflect the financial institutions’ checking account star ratings, which include such factors as monthly fee, minimum opening deposits and domestic ATMs. Learn more about star ratings on our methodology page.
Best Banks for Overdrafts

at SoFi, Member FDIC
SoFi Checking and Savings

Monthly fee
$0APY
2.00%With $0 min. balance for APY
Bonus
$300Earn up to $300 with direct deposit. Terms apply.
at SoFi, Member FDIC

at Alliant Credit Union, Federally insured by NCUA
Alliant Credit Union High-Rate Checking

Monthly fee
$0APY
0.25%With $0 min. balance for APY
Bonus
N/Aat Alliant Credit Union, Federally insured by NCUA

at Axos Bank®, Member FDIC
Axos Bank® Rewards Checking

Monthly fee
$0APY
1.25%With $0 min. balance for APY
Bonus
$100Requirements to qualify
at Axos Bank®, Member FDIC
Ally Bank Interest Checking Account

Monthly fee
$0APY
0.10%With $0 min. balance for APY
Bonus
N/ANavy Federal Credit Union Free EveryDay Checking

Monthly fee
$0APY
0.01%With $0 min. balance for APY
Bonus
N/ACapital One 360 Checking

Monthly fee
$0APY
0.10%With $0 min. balance for APY
Bonus
N/ALast updated on June 27, 2022
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SoFi Checking and Savings

APY
With $0 min. balance for APY
Bonus
Earn up to $300 with direct deposit. Terms apply.
at SoFi, Member FDIC
Discover Bank Online Savings

APY
With $0 min. balance for APY
Bonus
Requirements to qualify
at Discover Bank, Member FDIC
Capital One 360 Performance Savings™

APY
With $0 min. balance for APY
at Capital One, Member FDIC
Methodology
We took a close look at over 80 financial institutions and financial service providers, including the largest U.S. banks based on assets, internet search traffic and other factors; the nation’s largest credit unions, based on assets and membership; and other notable and/or emerging players in the industry. We rated them on criteria including annual percentage yields, minimum balances, fees, digital experience and more.
Financial institutions and providers surveyed are: Affirm, Alaska USA Federal Credit Union, Alliant Credit Union, Ally Bank, America First Credit Union, American Express National Bank, Axos Bank, Bank of America, Bank of the West, Bank5 Connect, Bank7, Barclays, BB&T (now Truist), BMO Harris, Boeing Employees Credit Union, Bread Savings, BrioDirect, Capital One, Charles Schwab Bank, Chase, Chime, CIBC U.S., CIT Bank, Citibank, Citizens, Citizens Bank, ConnectOne Bank, Connexus Credit Union, Consumers Credit Union, Current, Discover Bank, E-Trade, Fifth Third Bank, First Foundation, First Tech Federal Credit Union, FNBO Direct, GO2bank, Golden 1 Credit Union, HSBC Bank, Huntington Bank, Industrial Bank, KeyBank, Lake Michigan Credit Union, LendingClub Bank, Live Oak Bank, M&T Bank, Marcus by Goldman Sachs, Monifi, Nationwide (by Axos), Navy Federal Credit Union, NBKC, One, OneUnited Bank, Pentagon Federal Credit Union, PNC, Popular Direct, PurePoint Financial, Quontic Bank, Redneck Bank, Regions Bank, Revolut, Salem Five Direct, Sallie Mae Bank, Santander Bank, Scarlet, SchoolsFirst Federal Credit Union, Security Service Federal Credit Union, Service Credit Union, State Employees’ Credit Union of North Carolina, SoFi, Suncoast Credit Union, SunTrust Bank (now Truist), Synchrony Bank, TAB Bank, TD Bank, TIAA Bank, Truist Bank, U.S. Bank, UFB Direct, Union Bank, Upgrade, USAA Bank, Varo, Vio Bank, Wells Fargo and Zynlo Bank.
To recap our selections...