July 18, 2019
Bank of America is the second largest bank in the United States, with over 4,500 branches. It’s very likely that you know a few people who have an account with them. What you might not know is that a Bank of America overdraft fee charges about the same amount as Netflix does for a 4 month subscription! Fortunately, after reading this you will have a full understanding of how you can ask for a Bank of America overdraft fee refund and how you can avoid their overdraft fees altogether.
How a Bank of America Overdraft Fee Works
If Bank of America charges you an overdraft fee, it means that they had to cover a transaction that caused your account balance to dip below zero. A Bank of America overdraft fee is $35. Sound excessive? That’s because it really is.
Any purchase over $1 that results in a negative account balance will warrant this type of fee. Bank of America can also charge you multiple overdraft fees per day. In fact, they can charge you up to 4 of them in a single day, resulting in a maximum total loss of $140.
Let’s say you have an account balance of $1 and buy a latte for $4. This results in one overdraft fee of $35, and additional purchases with your negative account balance will result in additional fees.
“Bank of America can charge you up to 4 overdraft fees in a single day, resulting in a maximum total loss of $140.”
Non-sufficient funds (NSF) fees are similar to overdraft fees. Bank of America charges you an NSF fee for a transaction that would lead to a negative account balance. However, if they charge you an NSF fee it means that they did not cover the difference for your transaction and instead declined it altogether. At Bank of America, NSF fees cost the same as overdraft fees – $35. Additionally, you can be charged up to 4 NSF fees in one day – totalling up to $140!
Bank of America Overdraft Protection
Bank of America offers an overdraft protection service. This allows you to link a savings account, credit card, or additional checking account to your current checking account. If you overdraft, you will be able to avoid the fee since funds will be transferred from your external credit source.
There is no fee to enroll in Bank of America’s overdraft protection service. However, they will charge you $12 every time you transfer money to cover for an overdraft. So, in just 3 transfers, you are already paying more than the cost of 1 overdraft fee.
Waiving a Bank of America Overdraft Fee
If you check your account and notice any overdraft fees, Bank of America may be able to help you out. You would have to call them and request to have your fees waived or refunded. Begin with asking open-ended questions such as: “What can I do about these fees?” If you’ve been a good customer for a considerable amount of time, you should tell them that. Sometimes, they will help out a loyal account-holder, since they’d rather keep customers than lose them. While there’s no guarantee that this will work, it’s always worth a try to get a Bank of America overdraft fee refund.
Extended Overdraft Fee
Until recently, Bank of America charged extended overdraft fees. They would charge them every 5 days that your account was in overdraft. However, due to a recent class action lawsuit, they don’t do this anymore. In fact, you may be entitled to a Bank of America overdraft fee refund. If you received one or more extended overdraft fees from Bank of America between February 25, 2014 and December 30, 2017, try contacting them to see if you are eligible for a Bank of America overdraft fee refund.