Sonya BatemanHow much you can overdraft your checking account will vary by bank or credit union and your account history. Below, we explain what you can expect when you overdraft and provide a list of overdraft policies at major banks and credit unions.
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What Happens When You Overdraft?
When you make a transaction with insufficient funds, youâll typically be charged an overdraft fee. For multiple overdrafts, separate fees are charged for each item that goes over your available balance. Bank overdraft fees vary but generally range from $25 to $40 per item.
Most banks or credit unions will allow overdraft transactions and cover the insufficient funds for the transaction. However, you’ll be required to pay back this overdraft amount plus any fees.
Can You Cash a Check If Your Account Is Overdrawn?
Most businesses use a check authentication system to assess the riskiness of your check. If they scan your check and the system shows a history of overdrafts or checks returned for insufficient funds, the business probably won’t take your check.
If a business does cash a check when your account is already overdrawn or if the check itself will overdraw your account, then the check will be returned. That means you’ll end up owing money for the value of the check to the business that cashed it, plus your bank might charge you an overdraft fee and the business might charge you a returned check fee.
Do Overdrafts Affect Credit?
Overdrafting your checking account won’t usually have an impact on your credit score. Overdrafts will only get reported to a credit bureau if the bank takes you to collections to recover the money you owe. This might happen if you leave your account overdrawn for a significant period of time — usually a few months — or if you rack up a lot of overdraft fees and don’t pay them. To make sure overdrafts don’t end up on your credit report, pay your fees, and get your checking account back in the green quickly.
How Can You Avoid Overdrafts?
The best way to avoid overdrafting your checking account is to keep track of the money you have available. However, even keeping careful track of your account balance doesn’t always work. For example, a check you deposited might not clear as soon as you expected or purchases made with checks or debit cards may not be reflected in your balance right away.
Fortunately, most banks and credit unions offer some type of overdraft protection program, which may include:
- The option to not allow overdrafts, in which case your transaction will be declined if you donât have enough funds in your account.
- Linking another account, such as a savings account or credit card, to your primary account and allowing automatic transfers to cover insufficient funds. Fees are often associated with these transfers.
- An overdraft line of credit, which automatically covers insufficient funds up to a certain amount. Overdraft lines of credit are similar to credit cards in that youâll be charged interest, typically at a low rate, and any amount charged to the credit line must be paid back.
How Much Can You Overdraft?
Most banks cover the transaction when you overdraft. How much they’ll cover will depend on several factors, including whether you’ve overdrafted your account before and whether you have an overdraft protection plan linked to your account.
Banks don’t generally give a specific number or frequency of overdrafts at which theyâll stop covering transactions; this is usually determined on a case-by-case basis.
Bank and Credit Union Overdraft Policies and Fees
Almost all banks let you overdraft, but it’s best to check your own bank or credit union’s policy and if there is an opt-in or opt-out program for how to handle overdrafts. In some cases, you can connect your savings account to act as a backup, but some will still charge fees for the transfer.
Below we cover the overdraft policies and fees of major banks and credit unions. To find this information, we viewed the overdraft policies at each bank and credit union and spoke with customer service representatives to confirm details not covered online.
Axos Bank
- Overdraft limits: Maximum of four items per day; amount limits vary on a case-by-case basis unless you have a linked account or line of credit, in which case the amount limit will be the amount of available funds in the linked account or credit line[1]
- Available protection programs:
Bank of America
- Overdraft limits: Maximum of four items per day; if you have Overdraft Protection, Bank of America will not approve an amount higher than the available funds in your linked account[4]
- Available protection programs: Overdraft Protection allows you to link a second Bank of America account to your checking account to cover insufficient funds. Transfer fees may apply, depending on your account type.[5]
Bank of the West
- Overdraft limits: Maximum of four items per day; amount limit varies based on the amount of funds available in your linked overdraft protection account[6]
- Available protection programs:
- Savings Overdraft Protection: Automatically transfers funds in $50 increments from an eligible savings or money market account to cover insufficient funds. Transfer fees are applied to each transaction.[6]
- Gold Line Account: Overdraft line of credit that automatically transfers funds in $50 increments to cover insufficient funds. Loan transfer fees are applied to each transaction.[6]
BB&T Bank
- Overdraft limits: Vary according to account type and account history[7]
- Available protection programs:
- Overdraft review: An opt-in program that automatically declines transactions that would overdraft your account[7]
- Overdraft protection: Link an eligible savings account or line of credit to your checking account to cover insufficient funds with automatic transfers. Fees of $9 per transfer are applied (but are waived for transfers less than $5).[7]
BBVA
- Overdraft limits: No set limit, but you must opt-in to receive overdraft coverage; the bank does not guarantee that all overdraft attempts will be approved.[8]
- Available protection programs:
- Courtesy overdraft option: The option to opt-in or out of overdraft protection; if you opt-out, BBVA will not approve any transactions that would overdraft your account[8]
- Linked Account Overdraft Sweep Service: A program that links a BBVA savings, money market, or secondary checking account to cover overdrafts; there is a once-daily $12 fee for transactions[8]
- Overdraft protection line of credit: The option to link a line of credit (which accrues interest) to cover overdrafts; there is a once-daily $12 fee for transactions[8]
BMO Harris Bank
- Overdraft limits: Maximum of four items per day; amount limits vary at the bankâs discretion.[9]
- Available protection programs:
Chartway Federal Credit Union
- Overdraft limits: No limit on the number of items per day; amount limits vary up to $750 depending on your account history[10]
- Available protection programs:
Chase Bank
- Overdraft limits: Maximum of three items per day; no set amount limit[11]
- Available protection programs: Overdraft Protection allows you to link to your Chase savings account to automatically cover insufficient funds. Transfer fees are applied for each transaction.[11]
CIT Bank
- Overdraft limits: Maximum of four items per day; amount limit varies depending on the funds available in the linked account[12]
- Available protection programs: Overdraft protection allows you to link a CIT Savings or Money Market account to cover overdrafts; CIT does not charge fees for these transactions[13]
Citibank
- Overdraft limits: Maximum of four items per day; no set amount limit[14]
- Available protection programs:
Citizens Bank
- Overdraft limits: Vary by account[15]
- Available protection programs: Savings Overdraft Transfer and Overdraft Line of Credit options available; both have a $12 transfer fee[15]
Connexus Credit Union
- Overdraft limits: Maximum overdraft amount of $300, not including fees[16]
- Available protection programs:
- Find out more
Fifth Third Bank
- Overdraft limits: Maximum of five items per day; amount limit varies on a case-by-case basis[18]
- Available protection programs:
- Standard accounts do not allow overdrafts; transactions are declined when there are insufficient funds. Fifth Third customers can opt-in to overdraft coverage to enable overdrafts, which are charged the standard fee of $37 per item.[18]
- Overdraft protection: Link a Fifth Third savings account to your checking account to automatically cover insufficient funds. A per-transfer fee of $12 is applied.[19]
First National Bank
- Overdraft limits: Maximum of four items per day; amount limit of up to $800 depending on your account history[20]
- Available protection programs:
- Find out more
HSBC
- Overdraft limits: Maximum of $10 per day for Select Credit customers[21]
- Available protection programs: Select Credit is a revolving line of credit for overdraft protection.[21]
KeyBank
- Overdraft limits: Maximum of four items per day or 20 items per month; no set amount limit[22]
- Available protection programs:
- Overdraft service: KeyBank customers can choose to opt out of overdraft and instead have transactions declined when there are insufficient funds[22]
- Link your checking account to a qualifying KeyBank account to cover insufficient funds, including savings, credit card, line of credit, and home equity line of credit accounts[22]
M&T Bank
- Overdraft limits: Maximum of five items per day; no set amount limit[23]
- Available protection programs:
Navy Federal Credit Union
- Overdraft limits: Maximum of three items per day, not to exceed $500 in overdrafts, including fees[24]
- Available protection programs:
PenFed Credit Union
PNC Bank
- Overdraft limits: Maximum of four items per day; no set amount limit[28]
- Available protection programs:
- You can choose to opt out of overdraft coverage and instead have insufficient fund transactions declined
- Link a qualifying account (savings, money market, credit card, or personal line of credit) to your checking account for automatic transfers to cover insufficient funds[28]
Regions Bank
- Overdraft limits: Maximum of six items per day; no set amount limit[29]
- Available protection programs: Overdraft Protection transfers funds from a linked qualifying account (savings, money market, credit card, or line of credit) to cover insufficient funds. A daily transfer fee of up to $15 is charged.[29]
SunTrust Bank
- Overdraft limits: Maximum of six items per day; no set amount limit[30]
- Available protection programs: Overdraft Protection transfers funds from a linked qualifying account (savings, money market, credit card, or line of credit) to cover insufficient funds. A daily fee of $12.50 is applied. This fee is waived if you deposit funds in your checking account to cover the overdraft by the end of the business day.[30]
TD Bank
- Overdraft limits: Maximum of five items per day; no set amount limit[31]
- Available protection programs: Savings Overdraft Protection links your savings or money market account to your checking account to cover insufficient funds. A daily transfer fee of $10 applies.[31]
U.S. Bank
- Overdraft limits: Maximum of four items per day; no set amount limit[32]
- Available protection programs: Overdraft Protection links a backup account (savings, money market, credit card, line of credit) to your checking account to cover insufficient fund transactions. Daily transfer fees apply: $12.50 for standard accounts, $7.50 for Gold Checking accounts, and free for Platinum Checking accounts.[33]
Wells Fargo
- Overdraft limits: Maximum of four items per day; no set amount limit[34]
- Available protection programs:
- Wells Fargo customers can opt out of overdraft coverage for debit cards, so transactions are declined rather than processed and charged overdraft fees[35]
- Overdraft protection: Link up to two qualifying accounts (savings, money market, credit card, line of credit) to your checking account as backup funding sources. Daily transfer fees vary according to backup account type.[35]
In Summary
How much you can overdraw varies according to your bank or credit unionâs policies and your account history. Banks are more lenient in allowing overdrafts for customers who do not overdraft frequently and pay back the insufficient funds quickly. You can also sign up for overdraft protection programs your bank or credit union may offer to help you avoid hefty overdraft fees and high amounts of returned transactions.
For more on banking services, see our research on how much you can withdraw from an ATM.
Loren Eaton
Kait Scirri
Katie Spence
Lindsey Desmet
Kathrina Bognot
William Lipovsky
Erika Crawford
Cathy Desmet
Joseph Cho
Maria R. Riegger, Esq.
Hey I just got Bank of America like 3 weeks ago , and been putting money into it , never overdrafted before , just switch to decline all setting and have -2.00 due to fee on standard setting which I try to withdraw n it charge me , can I take out money ?
Hi Ismael,
If I understand your question correctly, once you change the settings on your account to Decline All, this new setting should take effect immediately and any transactions that would result in an overdraft will be automatically declined. In short, you won’t be able to withdraw money from your current balance. You can read more about the Decline All setting on the Bank of America website. I hope this helps, and please let me know if you have any further questions!
I have SunTrust bank and last Wednesday my checking was at $-121. I deposited my paycheck the following Friday and it is now Monday and my history shows that no deposit was made and that it’s still at negative. I’ve had over drafted items before, but always brought them back up. Is there any reason why my check hasn’t gone through yet?
Hi Nina,
It’s likely that the check simply hasn’t cleared yet. Many banks set the cut-off time for the business day around 3 PM or earlier, so if you deposited the check after that time, it won’t have been processed until today (Monday). Depending on where the check came from and your bank’s check clearing policies (if you’d like, you can read more in our article on the subject), the check should clear within the next day or two at the most, bringing your account back into the positive. I hope this helps!
I have had a savings account with navy federal for 20 years, I just got a checking account there earlier this month… when and how much can i overdraft? Emergency. Also, I bank with wellsfargo for a long time .also, how much can i overdraft there?
I have had a savings account with navy federal for 20 years, I just got a checking account there earlier this month… when and how much can i overdraft? Emergency. Also, I bank with wellsfargo for a long time .how also, how much can i overdraft there?
Hi Lori,
Navy Federal Credit Union has a number of available overdraft programs in place. Whether you’re able to overdraft at all and how those overdrafts will be handled depends on the settings and limits of your individual account. For example, the default setting for NFCU is the Savings Transfer program, where money will be moved into your checking account from your savings account to prevent your checking account from going into the negative. With this program, you could technically withdraw as much money as is in your savings account (pending other limits and regulations). You can read more about the available Navy Federal settings for overdrafts on the credit union’s website. Similarly, Wells Fargo customers can opt into a number of different overdraft settings. If you’re not sure what the overdraft settings are on your Wells Fargo or Navy Federal account, you’ll need to get in touch with customer service to find out more about how your account is set up to handle overdrafts.
Within these settings, there’s also the overdraft limit (or the maximum negative balance that a bank will allow an account to carry) to consider. This limit varies by individual, typically between $100 and $1,000. Because this information is specific to your account, it’s not really possible to say exactly how much you can overdraft with either Navy Federal or Wells Fargo. If you have a very strong banking history with no record of overdrafts, and if your accounts are set up to allow overdrafts, it’s likely you’ll be able to overdraft several hundred dollars from each account. Again, that’s dependent on a “best case scenario” sort of situation (and keep in mind the NSF fees you’ll typically be charged for each overdraft). Best of luck!
Hello I have a checking account with Chase bank I have 1200.00 in my acc now but I wrote a check for 1600.00 that they will try to electronically cash tommrow. I have over draft protection so I can go into the negative. What are the chances they let this 1 transaction go thru putting me 400 in the negative.thank you
Hi Jeff,
With Overdraft Protection from Chase, overdrafts will typically be covered by pulling the needed funds from the linked savings account to keep your checking account from having a negative balance. As long as you have $400 in your savings account, the check should clear with no problem. Be advised that the money moving from the savings account to the checking account will count towards the limit of six monthly withdrawals. You can read more about Overdraft Protection on the Chase website. I hope this helps!
Hi,
I had a -366.00 in my Bank of America account. And I got paid this morning and my account is now 50 dollars. Will I’ll be able to take out 400 dollars.
Hi Vorry,
According to Bank of America’s overdraft policies, it doesn’t sound as though you’ll be able to withdraw $400 from a balance of $50. The Overdraft Services page states that with the Standard Setting, “ATM withdrawals and every day, non-recurring debit card transactions (individual debit card purchases such as at the grocery store or a one-time online purchase), will only be authorized when we determine you have enough available funds in your account or in your eligible linked Overdraft Protection account at the time of the transaction.” This implies that unless you have the funds available in either your checking account or in a linked account, you won’t be able to use an ATM withdrawal to get more cash than you have available.
I bank with barksdale credit union if I already overdrafted my bank limit can I do another transaction 3 or 4 days later?
Hi Ann,
According to the Barksdale Federal Credit Union website, all checking accounts include “Overdraft Protection via your Prime Savings account or Line of Credit.” If you have a savings account linked to your checking account, you should be able to overdraft again with another transaction, and the necessary funds will be pulled from the savings account. If you don’t have a linked account, Barksdale may or may not allow an overdraft transaction, depending on the overdraft limit of your account. The overdraft limit is the highest negative balance that a credit union/bank will allow an account to reach, and it can vary by individual anywhere between $100 to $1,000. Sorry I couldn’t give you a more definitive answer!
I bank with barksdale credit union if I already went past my bank overdraft limit can I do another transaction a couple days later?
Hi I bank with Chase I have -10.38 balance can I still withdrawal cash from atm I opted in to the overdraft protection
Hi Michael,
If you have Overdraft Protection, typically what will happen is that Chase will allow the withdrawal, and rather than having your checking account go in the negative, it will transfer enough funds from your linked savings account into your checking account. There’s no fee for this, but it does count toward the six allowed withdrawals from your savings account per month. In short, yes, as long as you have money in your linked savings account, you’ll be able to withdraw more than your available balance. I hope this helps!
Hi my name is Taylor and I’m with the Commerce Bank. I overdrafted my account about $27 two days ago. They gave me a overdraft fee and now my account is -$67. Can I still withdraw say $40 from an ATM? I will get paid in a week so I should be in the clear soon.
Hi Taylor,
In most cases, customers are able to continue withdrawing from an overdrawn account until they hit their overdraft limit (which could be anywhere between $100 to $1,000, depending on the bank policies, the customer’s financial history, the other activity on the account, etc.). If this is the first time you’ve had a negative balance, you’ll likely be able to withdraw another $40 from the ATM (but you’ll also get another overdraft fee).
Question my account is over drawn by 377 my overdraft is 509 how can get the remaining amount.. Ps I bank with a credit union.
Or shoul I go to th store and make a purchase and then withdra
Hi Yvette,
It’s possible that you’ve already reached your overdraft limit; this limit is typically between $100 and $1,000 and varies by individual. Banks or credit unions may not disclose your overdraft limit until you reach it. Once that happens, you won’t be able to withdraw any more from an overdrawn account and any debit transactions you try will be declined. If you haven’t reached your overdraft limit, you should be able to visit an ATM to withdraw cash like you normally would. You may be able to get cash back from a purchase at a store, but again, the policies about allowed overdrafts will vary with your particular credit union. Keep in mind that you’ll likely be charged an NSF fee for each overdraft, and you may be charged repeatedly the longer your account stays in the negative.
If I have 100.00-200.00 in my account and decide to go shopping and my total winds up being 3500 can I write a check for that and walk out or will my check be denied?
Hi Jason,
The answer depends somewhat on where you’re doing the shopping. Some stores, like Walmart, use an electronic check company (TeleCheck, in Walmart’s case) to process the check immediately. Most banks won’t allow you to overdraft by such a large margin, so the transaction would likely be declined and the store would not accept your check. Any other stores that use a similar electronic check processing system will likely be the same, so in short, I wouldn’t count on being able to write a check in that scenario.
Ok let’s say I have 100.00-200.00 in my account and I’m trying to do black Friday shopping and my bill runs up to 3500. Will I be able to write a check for 3500 and walk out or will the check be denied? I bank with SunTrust.
Will I be charged overdraft fees if my balance is 0$?
Hi Taylor,
If you stay exactly at $0, you shouldn’t be charged an overdraft fee. Just be careful of any pending payments that haven’t posted yet, or any automatic transactions (like bill payments, etc.).
I have chase and I’m negative $300. I just got paid and was wondering if I would be able to get cash back after I deposit my check
Hi,
I have Chase and I am negative $338. I just got paid $2,980. Every time I would deposit a check at the ATM, it would also let me withdrawal money. If I’m negative and I go deposit the check at the ATM, will it let me get some cash back?
Hi Gabriela,
It’s hard to say whether you’ll be able to withdraw cash when you make the deposit. Chase typically makes up to $200 from a check deposit immediately available, but even if the $200 clears right away, that still won’t quite bring your account into the black. If you’re able to withdraw from a negative balance (which most accounts can, although you might get an NSF fee) then you should be able to get some cash out of the ATM.
It did not let me take $100 out when I deposited my check. The check still hasn’t cleared and it’s been days.
Hi Gabriela,
Sorry to hear that the check is still giving you trouble! Did your receipt from the deposit specify when the funds would be available? If you still have the receipt, you might be able to check for a definitive date that the check will clear. You can also try calling Chase customer service directly (the number is 1-800-935-9935), and a representative might be able to tell you when you can expect the funds to clear.
Okay I’m in the Overdraft Program with Bank of America I NEED Emergency Funds.So I went to one of Bank of America ATMS And try to do an OVERDRAFT of $40.00 it wouldn’t do it Why!
Hi I opened a chase account less than a month ago. I have 30.00 in my account is it possible for me to overdraft 150.00
Hi Felicia,
It looks like Chase hasn’t published any official information about when an account is able to overdraft, but if your account is less than a month old, it’s likely you won’t be able to overdraw on it. You can try it — if the overdraft doesn’t go through, Chase will just decline the transaction.
I had my chase less than one month. I was only able to overdraw $80. Paid it less than 5 business days to avoid the $15 fee for 5 consecutive day negative. Then the following week I tried $100. Was declined, but it did let me overdraw $80 again. Horrible credit and low score in chex systems. I actually had to show responsibility with a chase liquid debit card for a year in order to be approved for this checking account. Hope that helps.
Do you have any experience with bluebird? Is there an overdraft with bluebird American Express and is it true that if your get your payroll directly deposited to your bluebird you will get paid 2 days in advance?
Hi Michelle,
According to the American Express website, you may be able to get your paycheck up to 2 days before payday with Bluebird. Your money will be available as soon as the funds are added to your account, which can be as much as 2 days ahead — although ultimately this depends on when your employer submits the paycheck information. As far as overdrafts, it sounds like Bluebird is set up to reject any transaction that would put your account in the negative, so you wouldn’t be able to overdraft with a Bluebird account. I hope this helps!
I have overdraft amount of $500 a transaction in the amount of $655 is expected to come thur, will the credit pay, i hope not
Hi Mary,
The bank or credit union will most likely reject the transaction if it will put your account above the maximum negative balance allowed for your account (so basically, if your overdraft limit is $500, and you have less than $155 in your account, the bank will reject a $655 transaction). You may still be hit with an NSF fee, even if the transaction doesn’t post.
Hey Will,
I have a account with a credit union I also have a privileged protection where I can overdraft my account up to $500. I recently had around forty bucks in the account and tried to pull out $200 but it declined (I used my banks atm). I now have two dollars in my account and really need money to pay for my car problems. Any idea on how to get money out? (I know i can go to a store and run my card through credit and it will go through) but I really need cash.
Hi Keitha,
Unfortunately, if your credit union is rejecting a transaction that will put your account in the negative, there’s not too much to be done. You can try calling to see if they’ve changed the policy on your account for any reason (banks and credit unions will often change or remove overdraft privileges for a variety of factors) but ultimately, it’s really up to the credit union’s discretion whether you’re allowed to withdraw more cash than you have. If you have a credit card, you can also try withdrawing cash from an ATM on that (although the fees will be pretty steep, up to 25% in some cases). Sorry I couldn’t bring you better news!
Go in the store and get cash back. Most banks will not allow you to overdraft at the ATM but will for debit and credit card purchases. Getting cash back from the grocery store is considered a debit card purchase.
Hey I recently over drafted my account at my credit union and I get paid weekly so my account will be back in the positive when my check is deposited but I would still need to over draft to pay bills for the next week they told me I had thirty days to bring my account back into the positive but once it’s back in the positive I I overdraft again a day or so later do I have a additional 30 days to bring it back to the positive?
Hi Shay,
It depends on your credit union to decide what will happen when you overdraft a second time. In most cases, I would think that if you pay back the first overdraft very quickly, you’ll probably be allowed another 30 days to pay back the second overdraft the same as the first — particularly if that’s the first time that something like this has happened. However, banks and credit unions can decide not to allow accounts to go into the negative (meaning the credit union just won’t allow a payment that would put an account in the red) if there’s a lot of overdraft activity. That likely won’t happen if this is one of the first overdrafts on your account. But I did want to let you know that it’s a possibility if a similar situation comes up again. I hope this helps!
I overdrafted my account by 500. I paid it off in full plus some less than 3 days later. I am a customer who makes regular deposits and they still have my account on lock. Meaning they took away my debit card privelleges. But when I called the 1800 number on the back of my card they said that I can still write checks. Forgive me for being confused but this makes no sense. Why take away the most convientent way to spend my money and pay bills if I make regular deposits and always pay off my negative balances right away. This has me so angry because you would think that they would do this to someone who keeps a negative balance and does not pay it off.
I bank with NBT by the way.
Hi Michelle,
I’m sorry to hear about the trouble you’ve had with your account! Unfortunately, NBT doesn’t publish much information about how they deal with overdrafts. It sounds like the best option is to keeping trying to contact NBT at the customer service line (1-800-628-2265). You might have better luck if you visit your local branch directly, and hopefully you can work with them to get your account unlocked. Best of luck!
Hi, I just opened a Bank of Oklahoma basic checking account and I have roughly $70 in there. What is the likelihood of me being about to overdraft with overdraft protection? I have to pay rent which is $800 and I get paid in a week. What should I do?
Hi Brett,
If you did not opt for overdraft protection, “Bank of Oklahoma will not authorize and pay overdraft items for ATM transactions and everyday debit card transactions, and your transactions will be declined and returned with no overdraft fee to you.” However, if you did opt-in (sounds like you did), Bank of Oklahoma will authorize and pay ‘everyday’ transactions (your rent should fall into this category) “at our discretion.” If you don’t have any prior history with the bank, the likelihood of the overdraft being accept is fairly slim. I’d talk with a personal banker at your local branch to see what they can do. Banks can be persuaded quite easily with these types of things. Especially if they think you’ll be getting a mortgage soon, etc.
Hi I overdraft $300 with chase bank for 3years and now I would to pay what should I do thanks
Hi Xavier,
After about a month, the amount was likely sent to a collections agency. Call your bank to find out which agency is holding your debt (or if they have discharged it by now).
Question please. I overdrafted my account this weekend at a casino. I have a feeling it’s around $5k, but I lost track. Gambling problem I’ve had many years. I will be calling my credit union on Monday to speak with them, however, I was in hopes you could offer some advice. I am not even sure what to say. I do plan to repay this debt, however, I can only do so at the rate of $500/wk. or so. Thanks.
Hi Jill,
The good news is that you’re dealing with a credit union which are usually a lot more understanding than banks. Depending on the credit union, you may be charged additional ‘extended overdraft fees’ based on if your account remains in overdraft for over a week. However, at a repay rate of $500 per week, you needn’t worry much. If your account remains in poor standing for more than a month, the amount could go to collections though you needn’t worry much if you’re in good communication with your credit union. So as far as money is concerned, you’ll likely the initial overdraft fee plus a few extended overdraft fees. May as well look at it like a super cheap and easy loan.
My card has over draft protection. I asked what it was set at and they told me. Ill give you a for instance amount of 500 dollars. If I needed 400 and didn’t have enough would they approve it? I called my bank and they said as long as I had over draft protection they would. Is that righ?
Hi Lynn,
Yes, you would be covered. Though note that if you have ‘overdraft protection’, that nearly always means the funds will be drawn from another one of your accounts. Overdraft protection is protecting you from getting an overdraft fee. You’ll still pay the money at the moment of the transaction. But if you don’t have a linked account and the bank is still okay with you overdrawing, you’ll still get the money right away, you’ll just have to pay an overdraft fee (about $30) and you’ll still owe the money at a later date.
In short, yes, you’ll be covered.
I have tried to overdraft my account with bank of america and it denies me every time. Are there certain atms that allows overdraft.
Hi Monica,
Bank of America can restrict you from overdrafting your account. Click on ‘What Overdraft Settings are available for consumer accounts?’ to read more to see why you’re being declined and what you can do remedy the situation. There is no difference per ATM as to whether or not you can overdraft.
I have been with Wells Fargo for 21yrs and my account is in good standing. My account transitioned from First Union to Wachovia then to the final merger with Wells. I have overdraft protection and Debit card overdraft protection. I have overdraft my Account via ATM cash withdrawals twice this year. I have an emergency and I plan to do it again (3rd time in 3 months). I have had Direct Deposit forever so the Funds will be repaid in less than a week. I noticed my Debit card ATM limit is $310. I want to withdraw $340 at the ATM. Will The ATM overlook the “set $310” because of my standard checking overdraft protection or will it decline and only allow me to withdraw up to $310 and not a penny more?
Hi Chris,
The ATM withdrawal limit is independent of overdraft protection. Your limit is not based on whether or not you have the funds, it’s based on a proprietary formula that Wells Fargo feels is the right amount to give you access to at any ATM. However, the limit can be adjusted quite easily. Simply call 1-800-869-3557 or speak with a banker at a Wells Fargo location.
And just to let you know, you can withdraw the $300, then wait 24 business hours. You can then overdraw another$300 because that’s your limit but it had to be at a WF atm. I do it every single month for a year when my monthly direct deposit comes in. The atm screen turns green & yellow looking like a decline…but read it. Will say you will be charged $35, do you accept. And they have cut me off once, but it worked again in a week (I tried everyday til it let me…took a week). They do want you to believe otherwise. And if you call to ask they will tell you it’s the discretion of the computer /atm. You cannot do it inside the bank.
Can Regions bank restrict your overdraft protection without notice if you have been overdrafting a lot for the past 2months? My overdrafts always get paid rather quickly due to my direct deposits.
Hi Monica,
Yes, Regions bank can do what you’ve experienced. From this page of the Regions website: “We reserve the right to require you to pay any overdraft immediately or upon demand. We also reserve the right not to pay overdrafts. We typically do not pay overdrafts if your account is not in good standing, you are not making regular deposits, or you have too many overdrafts.”
Let me know if you would like a more specific answer to your exact situation.
Hi I 30$ in my account I’m waiting on debit card with chase can I over draft my account with arm card?
Hi Travis,
Chase may decline any type of overdraft. But if your overdraft goes through, it’s a $34 fee if the amount is you overdraft more than $5. If you for sure want to have your overdrafts go through, go to Chase.com/coverage, call 1-800-935-9935 or visit any Chase branch. Source.
How often does Bank of America charge for account overdrafts ? Mine was overdrawn on the 20 th and again on the 27 th even though I had money in my account on the 27 th , please help in
Hi Loretta,
Bank of America will charge you $35 when you have insufficient funds. This happens whether or not the check goes through (and BofA pays on your behalf) or if it bounces. You can be charged the $35 fee up to four times per day if you try to pull insufficient funds four times per day. Source.
hi i have chase I’m overdrawn i get paid tomorrow direct deposit i know the bank is going to take theirs can i still get i say 600 if i only have 300 can i rite a check to cover my rent cost or can i take a loan out
Hi Robert,
You can write a check when your account is overdrawn and hope your landlord doesn’t try to cash/deposit it before the funds are available. Though if your landlord does, Chase will still likely pay. You will just get a $34 overdraft fee. Chase will still give you money any time you overdraft except when you do so while making debit card purchases. But you can still get those processed, you just need to call 1-800-935-9935. And note that Chase reserves the right to stop paying overdrafts at any time for any reason. This normally only happens if a customer overdrafts over and over again and their account remains in poor standing for a long period of time. Source.
i am with suntrust bank.I already deposited my check today so my overdrafted will be covered can i withdraw money or keep getting stuff because i know my money is going to be there the next morning
Hi China,
You can, yes, but you will get hit with overdraft fees on every purchase up to six purchases per day until the check amount gets added to your account. The fee is $36 for every overdraft up to six per day on all overdrafts above $5. Source.
Hi my name is Tim I bank with legacy how much can I take out at one time I work so it will be paid back but I want to know in advance cause I really need to catch up my bills asap
Hi Tim,
To which Legacy Bank are you referring? There are several with similar names.
hello again,
also do I pay with cash whatever the amount is?
Hi Alissa,
I have great news for you! You probably don’t owe anything. Overdrafts below $5 do not get charged a fee as long as you have the free overdraft protection. Having protection is not automatic but I’m told that basically everyone signs up for it when they create an account. Read more here. And if you do ever get an overdraft fee, you can pay it via cash or just by putting funds into the account. The bank will take what it is owed and then the rest will be placed in your account.
HEY
I was in US for 4months. I bought a cell phone through ebay. But the phone didnt reach me in time nor did I hear back from the seller so I set up a claim with the bank. They promised to refund me for that.before coming back to my country I received my phone a day before departure and the money was deducted from my account. I informed the bank about it and still a refund was added to my account. everything was fine. Soon after returning back I used up all the money from my visa card . Now after 3 months the bank has charged me for that amount of $349. I am not in US neither do I plan to go back again soon. What should I do now? I dont have enough money to pay it back as I am a student myself.
Hello,
That does sound like a difficult situation. Just to make sure I understand, did you return the phone after it was sent to you? If you did send back the phone but you’ve now had the refund withdrawn (so essentially you’re missing the $349 that you’re owed), you should be able to contact the bank and inform them of the error. If you have the records to get in touch with the seller, you may want to confirm with them that the phone was sent back and submit documentation of that to the bank. If you didn’t send back the phone, and you do owe the $349, you’ll need to work with the bank directly as to how to pay off the charge. The bank may be willing to work out a payment plan of some sort to help you pay back the debt over time. Best of luck, and I hope this helps!
Hello,
I have a TD bank debit card and I had a overdraft of 2 dollars in my checking’s. I forgot to put it back into the positive and it has been 3 are so months. How much would I owe back now?
Hey what’s up I have a Chase checking account and it’s overdrawn by a hundred bucks this is the first time it’s done that is there anyway I can cash a personal check from my bank and get money out? Or cash my own personal check to myself at my ATM
Hi Dustin,
What will happen is Chase will first take whatever money you owe. Then, yes, you can have whatever is left over.
Hi Will
I have a chase checking account and a debit card. I use to be able to overdraft my account, would take a 35$ hit, and that would be that. Recently I had some financial issues and had to overdraft alot for the past 2 months. I’m back on track now, but towards the end of that 2 months I realized they stopped allowing me to overdraft. My card would get declined. I assume its because I’m in bad standings with the bank now. My question is will they eventually put me back in good standing automatically or is that something I will have to call and discuss? Thanks for your time.
Hi James,
Chase and I spoke and the rule of thumb is that a person in your situation will be in the dog house for a year – no overdrafting for a year. Though, as with many overdraft situations, exceptions can be made. I asked how to get an exception and was told they need an account number in order to manually look at your account and see what they can do for you. Since I don’t have your account information, this is where my work must end. But for you – this is what you need to do: call the main customer service line at 1-800-935-9935, enter your account info and then speak with someone who will assess your situation. From what I was told, there’s a good chance you’ll be able to overdraft again much sooner than a year. Just do whatever you can to convey the message that you are indeed a good/reformed customer. Any other questions, just let me know. Thanks, James.
Hey I wanted to know if I was to overdraw my account for $300 dollars and pay it back in about a month’s time how would it effect my account in the future. I currently back with Wells Fargo since 2012 this would be the first time I had to do this
Hi Jessie,
As much as I hate to say it – I can’t give you a definitive answer on what will happen. You will probably be fine since you’ve been a good customer. But Wells Fargo and I spoke and I was told that some accounts will be closed if overdrawn for 30 days. The money will then go to collections. The best thing you can do is keep your location apprised to your plan to pay the money back and you should be okay.
Hi everyone. I was working in the US this summer. I opened a bank account and got a DEBIT card with it. A put my earnings on this debit card and used it as my primary payment method. At the end of the summer before coming back home I rented a car for 10 days(for $927). After I got the car I checked my balance and the cost of the car was withdrawn so I was like ‘Ok since I’m leaving in a few days I’m gonna use up all my money on my debit card’. Just the day before leaving the US I returned the car to the car rental company. Everything was fine, I flew back to Europe. Now the day after I arrived in Europe I checked my account balance to see how much money I have left and the thing I saw shocked me. -$862 !!! I did a little research and found out that even though the car rental company immediately withdrew the rental cost from my account on the day I rented the car, that money reappeared on my account the following day. I didn’t know that. I kept paying with my debit card knowing it’s a debit card so it won’t go negative, I will just zero it down. The day I left the US I had $116 left on my debit card. I planned to spend it all back home. But today I realized that the car rental company cherged my card again so I’m negative -$862 on my balance.
The problem is that right now I don’t have enough money to pay it back. What happens if I just leave it hanging? I’m not planning to go back to the US soon and I’m not a US citizen.
Can you please inform me about all the possibilities? Thank you in advance.
Hi Adam,
The amount owed may grow as some banks charge extended overdraft fees for accounts that have been in the negative for more than one month. After 60 days for a bank and 45 days for a credit union, your balance will be sent to collections. If the balance remains unpaid, it will be reported to ChexSystems. This is basically the bank’s version of a FICO credit report. So your status will be damaged if you don’t pay – which would make it difficult to get another US bank account in the future at any bank or credit union. But you won’t be stopped at the airport or anything upon your return to the US.
Two reasons you should pay: It’s the just thing to do. You’ll probably sleep better at night. It will make life a lot easier if you ever return to the US and want to get another bank account.
Reason you should not pay: You’re sure you’re not going to want to get another US bank account and you’re fine stiffing the bank $862 + fees.
Remember also that overdraft fees are fairly easy to have paid so you’ll likely only owe the $862. Let me know if you have any follow-up questions!
How do i take money off my card when i don’t have the funds in the bank. What do i say when I go inside the bank to take money off my debit card. do i have to use my bank or can i got to any bank to receive funds
Hi Jackson,
Overdrafts aren’t meant to be loans. When a bank agrees to let its customers overdraft, it’s more as a courtesy – not an opportunity. But if you need the money, find out how much you can overdraft with your current account settings. Then see if there’s any way to overdraft more. Then withdraw up to that amount. You must use your own bank to do an in-person withdrawal of this kind but you can use an ATM owned by any bank.
My daughter is a uk citizen studying in New York. She would like to open a bank account that does NOT permit an overdraft as she is poor at money management. Does such a facility exist and if it does can we insist with the bank that NO overdraft should ever be allowed. The account would be fed from a uk based dollar account
Hi Naomi,
After an exhaustive search, there don’t appear to be any banks or credit unions (henceforth referred to as merely ‘banks’) that disallow overdrafts. Many merely put policies in place to mitigate the damage. Why? Because banks make billions off overdrafting customers each year. It’s why checking accounts are free – because banks know they will make it back with fees. It sounds surprising but overdrafting is one of the biggest money makers for banks – alongside collecting mortgage interest. I know personally since I used to help manage profitability for dozens of banks.
So for your daughter, she can do things like get text alerts when her balance is low. She can get overdraft protection. Even getting one or two fees waived per year isn’t too difficult. But getting into a messy overdraft situation will likely always be a possibility. Let me know if you have any further questions.
I’m with south state bank and if tried to do too many overdrafts transactions in one day Will it lock me out
Hi Raheen,
With South State Bank, you can overdraft up to 6 times per day but withdrawals that would overdraw your account by more than $500 will be rejected and you will still be charged the $36 overdraft fee.
Hi there,
My card wouldn’t go through when I needed something online and my account was overdrafted $-20 at the time, if I were to go in store, would it also decline?
Thanks!
Hello,
Yes, it would be denied just the same. It doesn’t matter if your purchase is online or on-store, the overdraft policy for your bank remains the same.
Hi . I am at 50$ to my account and I need to pay 1000$ for my rent , I don’t have overdraft protection , I am wondering if they would allow my check to go through!
The easiest thing to do since I’m unaware of which bank/credit union you use is call your local branch and explain the situation. You will be told one of the following: Yes, you can overdraft but will receive an overdraft fee of approximately $30. No, you cannot overdraft, you will simply be denied during your attempt. Yes, you can overdraft and you have overdraft protection which means you can ‘borrow’ that extra $50 fee-free. Banks (and especially credit unions) are very considerate when it comes to overdrafts. Explain your situation and, based on the number of banks we’ve investigated, you shouldn’t have a problem getting that extra $50. And if an overdraft fee is included, many financial institutions will refund the amount if you ask nicely and don’t overdraft more than once or twice per year. If you have another question, just leave another comment. Good luck!
I bank with Wells Fargo , I get paid weekly , i am overdraft almost 500$ but I need to pay my rent, if I write out a check for 550$ To my landlord do you think it’ll bounce , I don’t have overdraft protection and I do get paid weekly , never has a checked bounced but I was just curious since I’m already overdraft .
Hi Cc,
Wells Fargo treats repeated overdrafts on a case-by-case basis. So there’s no exact answer I can give you. Upon receiving the request for funds, Wells Fargo looks at your history with the bank, the account age, average 12-month balance and a few other smaller factors. This will determine if they’d like to cut you some slack or not. Basically, if you’re a high value customer (typically these are customers who have a lot of money at the bank in total, customers who borrow a lot or customers who may want to borrow soon) they will cut you slack.
What will happen when you write the check is that when your landlord goes to deposit it, it may or may not be accepted. If it’s accepted, it will go through but you’ll get an overdraft fee. If it’s rejected, the check will ‘bounce’ but you won’t get a fee. Go with your gut based on what you think will happen. There’s no way to know for sure without trying. Sorry I couldn’t give an exact answer. Let me know if you have any follow-up questions.
How long should my accoubt be open before im allowed to overdraft
If you’re looking to overdraft to throw caution to the wind and just get extra money, you can do so right away. Although with overdraft protection, banks like to see 30 days of good account standing before you use it. Otherwise, your account may not stay in good standing, in which case all overdrafts will be refused. You also may not stay in good standing if you overdraft (without protection) right away. I’m sorry I cannot give you a perfect answer – it varies greatly from bank to bank.
I over drafted my account by $300 over a few consecutive days this past week! I have Bank of America! I have direct deposit and my account is going to be brought back to a positive balance in the morning hours! I will still need to overdraw my account to pay bills! They told me today they can restrict me from over drawing my account frequently is this true? or whats the situation can I frequently overdraft as much as I would like up to my limit on a weekly basis as long as my account is current and in a positive balance when I decide to over draft?
Yes, Bank of America can restrict you from overdrawing your account frequently. Source: https://www.bankofamerica.com/deposits/manage/faq-overdraft-services.go (click on ‘What Overdraft Settings are available for consumer accounts?’ and it’s at the end of the first paragraph). Head over to that same page to read about overdraft protection and overdraft settings. Adjust your account as necessary. But in short, if you keep overdrafting, your account will no longer be in good standing and the privilege to overdraft will be taken away. Banks aren’t in the business of giving short-term loans via overdrafts. All you need to do is get a little bit ahead on your bills and then you won’t have to worry about any of this. Note: Every bank has a very similar policy. No bank likes its customers overdrafting very often. Sorry I’m not delivering better news, Anthony. Let me know if there’s anything else I can help you with.
I am overdraft $1600 with TDBank in 2 days , what is going to happen now? I have plans to start paying back the $ asap next week any advice? Thank you
Hi Raul,
TD Bank charges $35 for each transaction that overdraws your account (up to 5 per day). So however many transactions it took for you to overdraft the $1,600, multiple that by $35. Furthermore, TD Bank charges a $20 ‘sustained overdraft fee’ if your account remains in the negative for 10 business days. Though here’s the good news. You said you will pay it back ASAP. This means you needn’t worry about the sustained overdraft fee. Also, I strongly encourage you to call your branch and explain your mistake. Be honest and apologetic. They will likely waive your overdraft(s) as well. People overdraft all the time so banks do have sympathy.
Here’s is my source for the information regarding overdraft fees at TD Bank: https://www.tdbank.com/popup/TDAFAQ.html and if you want to consider this in the future (overdrafts for repeat offenders are far less likely to be forgiven) consider TD Bank’s overdraft protection services: https://www.tdbank.com/personal/overdraft_comparison.html
If there’s anything else, Raul, don’t hesitate reach back out. Good luck!
Please i was over 900 dollars overdrawn in my cheque account on the same day but much later my pay was deposited into it still leaving me in arrears of 350:00 my question is because there wasn’t enough funds to cover the entire debt will the 600 dollars be deposited back into my account
Hi Danny,
The bank will take all funds deposited until you get back into the positive. They will also take money to cover the overdraft fee unless you can get them to waive the overdraft fee (which I would try doing). It sounds harsh but they just need to recover their money before they can let you any.
Ok it’s happened once before I was overdrawn in my account there were funds in my account but for some reason the debt was paid and a few days later they were deposited back into my account
I had a bank make a similar mistake on my account once. I called them but they didn’t care. Two years later when they were going through the books they noticed the mistake and debited my account. I’d let them know about any strange happenings and if they don’t want to do anything about it, keep enough in the account so you won’t be overdrafted when they do go looking for the money.
I had a credit card set up to pull payment from my savings. There was not enough money in my savings (though there was more than enough in checking). Although I had overdraft protection, my credit union did not pull from checking to cover the credit card payment. Instead, they charged me a $24 overdraft fee each time the credit card company tried to pull the payment. This seems illogical: if the money was in checking, they should either have pulled the funds from checking into savings to cover the credit card payment, or rejected the transaction altogether, with no fee. (Or this seems to be what your post suggests.) Is that correct? Thanks for your help!
Hi Jackie,
Typically overdraft protection flows from the checking to the savings. Thus, if the checking is low, the savings gets drawn – not the other way around. Most institutions assume if you don’t have money in savings, there’s no point to look into your checking. You should be fine though. Your bill got paid and credit unions are very forgiving when it comes to overdraft fees (and it’s cool yours is already lower than average). You seem like you have your money situation pretty together so your CU should notice you’re normally a trouble-free customer and refund the overdrafts. Most CU’s will refund overdrafts faster than you can pose the question. As long as you don’t have a lengthy history of overdrawing. And for the future, consider debiting your checking account instead. And keep in mind, according to federal law, a person can only make a maximum of 6 withdrawals per month from a savings account.
Let me know if I can be of further assistance.
I overdrafted my acct almost 2 grand. What’s going to happen now?
You will be hit with an overdraft fee of around $30, putting your account slightly more into the negative. You are expected to repay the deficit as soon as possible though generally no more fees will be assessed. If you remain in the negative for too long, the bank will threaten to close your account and then will close your account and you will still have to repay the funds. Ideally, you want to get that 2 grand back into your account ASAP. For what it’s worth, most banks will forgive an overdraft fee or two per year so it’s worth asking to at least have the $30-ish forgiven. Of course let me know if you have further questions.
Hey what banka let u overdraft that much? And did u take it from atm or use debit card transactions? My boyfriend has chase bank and they stopped him at 1100 he needed it for rent until his check came in I’m wondering if he can still get more out for now till his ssi check comes in Fri to.civer it all let me know how u got it up to 2000
Hi Mary,
Each bank uses a unique algorithm to determine how far each customer can overdraft their account. The average balance of the account, the years the customer has had the account, and other factors are all considered. In other words, overdraft limits will always vary from one customer to the next.
Can I over draft using my debit card at a hotel swiping the card the room is 110 dollars for a night will it go through I have it to where I can over draw and it want decline
If I understand your question correctly, yes, the payment will go through.
I Bank With Army Aviation.. My Checking is negative $54.. Will I Still be able to go overdraft $300.00 from the ATM for an emergency?
Hi Raycheal,
Unfortunately, your account must be in good standing for 30 days prior to being granted an overdraft. Source.
Hey I got a question I got into an overdraft yesterday and paid it the same day but needed to take 300 out for an overdraft and it wouldn’t let me what should I do
Hi Rob,
Unfortunately, it’s largely up to the bank’s discretion to decide which, if any, overdrafts will be allowed on any given account. Some banks will allow overdrafts for recurring automatic payments but not for everyday purchases or ATM withdrawals, while others won’t allow any overdrafts at all based on the account settings or account history. If you tried to overdraft for $300 and the transaction was declined, it will likely continue to decline until you have enough funds in your account to cover the withdrawal. To find out about the overdraft settings and restrictions on your account, you would need to get in touch with your bank directly.
HI I currently have $0.13 in my checking account and need money desperately to get my seizure medicine out it cost around $400 for a month supply. I saw all the other banks you posted but you didn’t say if Regions will allow you to overdraft and or how much? I appreciate your help if anyone can answer?
Lauren,
Since overdraft limits and policies can vary by individual account, I recommend contacting Regions directly to find out what amount you’ll be able to overdraft to purchase your medication and what fees or penalties may apply. You can also find out more about the types of overdraft coverage and protection that Regions offers online. I hope this helps!
Sorry you didn’t get the response to your question sooner. Regions will let you overdraft up to $400