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Overdraft Fees: Compare What Banks Charge

Feb. 12, 2019
Overdraft Fees: What Banks Charge
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An overdraft fee is often one of the most expensive fees from a bank, but not all charge the same amount. And some banks don’t even have an overdraft fee.

Overdraft fees by bank

Financial institutionOverdraft coverage fee (per item)Max fees per dayTotal possible cost in a day (excludes extended overdraft fees)
Alliant Credit Union$28UnlimitedNo limit
Ally Bank$251$25
Associated Bank$354$140
Bank of America$354$140

BB&T

$366$216
BBVA Compass$38 ($32 in Calif.)6$228 ($192)

BMO Harris Bank

$364$144
Boeing Employees Credit Union $25Generally 5, may be higher with transactions involving BECU loan paymentsGenerally, $125, may be higher with transactions involving BECU loan payments
Capital One 360$0 transfer fee from linked accountN/AN/A
Chase$343$102
Charles Schwab$0 transfer fee from an overdraft sourceN/AN/A
ChimeNo overdraft program or feesN/AN/A
Citibank$344$136
Citizens Bank$357$245

Comerica

Up to $385Up to $190
Connexus Credit Union$29.95No maximum number; up to $300 negative balanceNo limit
Consumers Credit Union$30No maximum numberNo limit
Discover Bank$30, waived with annual first fee forgiveness program 1$30
Fifth Third Bank$375$185
HSBC Bank$353$105
KeyBank$395$195
M&T Bank$38.505$192.50
Navy Federal Credit Union$203$60
PNC Bank$364$144
Regions Bank$366$216
Santander Bank$356$210
SimpleNo overdraft program or feesN/AN/A

SunTrust

$366$216
TD Bank$355$175
TIAA Bank$0 transfer fee from a linked accountN/AN/A
Union Bank$335$165
USAA$252$50
U.S. Bank$364$144
Wells Fargo$353$105

When a transaction drops your checking account balance below zero, a bank or credit union will choose to reject or cover the transaction. You may be charged fees in either case. The charge for a rejected transaction or check is known as a nonsufficient funds fee, while the charge for an approved transaction is called an overdraft fee. Some banks charge multiple nonsufficient funds or overdraft fees per day if you make many transactions with a negative balance, meaning you could owe hundreds of dollars in penalties.

You can read our explainer on how to avoid overdraft fees. As a rule of thumb, it’s best not to opt in to overdraft coverage for ATM or one-time debit card transactions if you think you will have issues with overdrafts. When you opt out, the negative debit or ATM transaction will be declined and you won’t be charged a fee.

Some banks don’t charge overdraft fees if an account is overdrawn by $5 or less at the end of the business day. So if you buy a $6 sandwich with $2 in your account, you would be exempt from a fee.

If you’re looking for banks with no or low overdraft fees, here are our recommendations.

Banks with low or no overdraft fees

Simple

at Simple,

Deposits are FDIC Insured

Simple

4.0 NerdWallet rating
    • No overdraft program or fees.
    • No monthly account fees.
Chime

at Chime,

Member, FDIC

Chime

4.0 NerdWallet rating
    • No overdraft program or fees.
    • Highly rated mobile apps.

Capital One 360

4.5 NerdWallet rating
    • Free transfers from linked savings accounts.
Discover

at Discover,

Member, FDIC

Discover Bank

4.5 NerdWallet rating
    • Offers fee forgiveness program.
TIAA Bank

at TIAA Bank,

Member, FDIC

TIAA Bank

3.5 NerdWallet rating
    • Free transfers from linked accounts.

Charles Schwab

4.0 NerdWallet rating
    • Free automatic transfers from savings and brokerage accounts.

Overdraft protection

Outside of the banks without any overdraft coverage fees, you can generally find a cheaper option with overdraft protection transfers.

These are opt-in programs that link a second account to your checking account. An overdraft would trigger a transfer from the second account to cover the transaction. The linked account can be a savings account, credit card, line of credit or even another checking account, depending on the bank’s policy. The cost of this transfer is around $10 or $12, though it can be cheaper. Sometimes the service is even free.

» Looking for a savings account with low fees and good rates? Read NerdWallet’s list of best savings accounts.

How to get overdraft fees waived

Some banks and credit unions that charge overdraft fees will waive the first penalty. Other institutions have once-a-year fee forgiveness programs for customers in good standing. If you received an overdraft fee, but don’t have a history of negative transactions, contact your bank’s customer service department and ask if they will waive it.

Overdraft fees, especially from overdraft coverage, are some of the steepest fees that banks charge. Knowing these fees might help you consider opting out of the programs or find cheaper overdraft alternatives that your bank offers.

» Want to learn more? Read NerdWallet’s explainer on overdraft fees for more on overdraft programs.