Find answers to some of the most commonly asked questions about linking your accounts with Overdraft Protection and our new overdraft policy.
1. What is Overdraft Protection?
3. What does Overdraft Protection cost?
4. How can I stay on top of my account balances?
5. How do I sign up for balance management tools?
6. Why has Bank of America changed its overdraft policy?
7. What do these changes mean to me and for my personal accounts?
8. When did the changes to overdraft policies go into effect?
9. How do I change my Overdraft Setting?
10. I don't want my debit card transactions declined. Can't I keep things the way they used to be?
11. What is the difference between Overdraft Protection and Overdraft Settings at
Bank of America?
13. I need cash now and was declined at the ATM. How can I get cash in an emergency?
14. Where can I find more specific information about fees?
15. Do the overdraft changes affect my business account?
1. What is Overdraft Protection?
Overdraft Protection is a service to help you prevent declined transactions, returned checks, and overdrafts on your checking account. With Overdraft Protection, available funds from your linked credit card, savings or second checking account1 are automatically transferred to your checking account if your account should drop below zero.
2. How do I sign up for Overdraft Protection and link my checking account to my credit card, savings or second checking account?
You can sign up for Overdraft Protection and link your checking account to another Bank of America account by calling 1.800.432.1000. Please call Monday-Friday, 7 a.m.–10 p.m. (local time), and Saturday–Sunday, 8 a.m.–5 p.m. (local time).
You can also visit your local banking center or chat with us via text chat on Online Banking.
3. What does Overdraft Protection cost?
There is no cost to enroll in Overdraft Protection. With Overdraft Protection, we charge an Overdraft Protection Transfer fee of $10 each day it is used; no matter how often funds are needed. We waive this transfer fee for some Bank of America accounts2. Call or visit your local banking center for more information.
Learn more about Overdraft Protection cost »
4. How can I stay on top of my account balances?
You don’t have to guess if your available balance is low. Bank of America offers balance management tools like Online, Mobile3, and Text Banking4 so you can quickly check your account balances anywhere. You can even transfer funds to put money in your checking account before you overdraw it. Plus, you can sign up for Alerts5 and get automatically notified you when your account balance is lower than the amount you set.
Learn more about balance management tools »
5. How do I sign up for balance management tools?
Go to bankofamerica.com/onlinebanking and you’ll find information on signing up for Text Banking, Mobile Banking, and Alerts. You can also get your balance and transfer funds with our easy-to-use phone service or at any Bank of America® ATM. These tools help millions of our customers control their account balances.
Learn more about balance management tool »
6. Why has Bank of America changed its overdraft policy?
Federal regulations have changed the way banks can charge overdraft fees for everyday debit card purchases and ATM withdrawals. Also, many of our customers have told us they don’t want us to let them spend money they don’t have. So we’ve improved the way we handle overdrafts to help you reduce the chance of inadvertently overdrawing your personal checking account and avoid unexpected overdraft fees when using your debit card for everyday, (non-recurring) purchases.
7. What do these changes mean to me and for my personal accounts?
These changes mean your personal checking account has been automatically set to our Standard Overdraft Setting, unless you have opted for our Decline-All setting. If you don’t have enough money in your account or linked Overdraft Protection account for an everyday, (non-recurring) debit card purchase or ATM withdrawal, your transaction will be declined, and you won’t be charged an overdraft fee.
Learn more about balance management tools »
8. When did the changes to overdraft policies go into effect?
These changes have already gone into effect for all existing and new personal checking accounts opened under this new policy.
9. How do I change my Overdraft Setting?
You can change your Overdraft Setting by calling 1-800-432-1000. Please call Mon-Fri., 7 am.-10 p.m. (local time) and Sat-Sun 8 a.m.-5 p.m. (local time), or by visiting a banking center.
10. I don't want my debit card transactions declined. Can't I keep things the way they used to be?
To help our customers avoid inadvertently overdrawing their personal checking accounts, we changed the way overdrafts work when using a debit card for everyday purchases. If at the time of a debit card purchase, you don’t have enough money in your personal account for the transaction, your purchase will be declined and you will not pay an overdraft fee for the transaction.
We also offer choices for those times when you may need some flexibility. You can enroll in
Bank of America’s Overdraft Protection. With that service, we automatically transfer available funds from your linked Bank of America credit card, savings or second checking account to your primary checking account so a transaction is not declined. The cost for Overdraft Protection is $10 for each day it is used; no matter how often funds are needed. The fee is waived for some checking accounts.
11. What is the difference between Overdraft Protection and Overdraft Settings at
Bank of America?
Linking your accounts with Overdraft Protection helps prevent declined transactions, returned checks and other overdrafts on your account. Overdraft Protection is a service you can sign up for that links your Bank of America checking account to another Bank of America account – such as a credit card, savings or second checking account. Overdraft Protection automatically transfers available funds from the linked account to cover transactions when your checking account balance is about to drop below zero. This service is designed to give you more flexibility when you need to make purchases and don’t have enough money in your checking account at the time of the transaction.
The Overdraft Setting for your checking account determines how Bank of America handles your transactions when you don’t have enough money in your checking account or your linked Overdraft Protection account at the time of the transaction. We have two Overdraft Settings for personal accounts: Standard Setting and Decline-All Setting. Unless you request otherwise personal checking accounts are automatically set to the Standard Setting. For more information on how these settings work, click here.
12. Does the new Standard Overdraft Setting apply to checks or recurring transactions? Is there any time I could be charged an overdraft fee?
The new Standard Overdraft Setting applies to everyday debit card transactions, like a purchase at the grocery store and ATM withdrawals. For other types of transactions (like checks, Online Banking Bill Pay, and recurring payments) we may pay transactions even when you don’t have enough money in your checking account. In these specific cases, you’ll be charged $35 for each overdraft item. If we return the item unpaid, it typically results in a $35 NSF: Returned Item fee6.
Many customers prefer we pay such transactions because doing so may be more convenient than not having certain payments – like mortgage or insurance premiums– paid on time.
13. I need cash now and was declined at the ATM. How can I get cash in an emergency?
Starting this fall Bank of America will alert you at the ATM when a withdrawal may overdraw your checking account and might cause an overdraft fee. You can choose to proceed or not.
14. Where can I find more specific information about fees?
For more information about account fees, and ways to manage the cost of banking, please visit bankofamerica.com/feesataglance
15. Do the overdraft changes affect my business account?
No, if you’re a business owner, these changes don’t affect your business checking accounts. Go to bankofamerica.com/businessfeesataglance for more information.
1Overdraft Protection Transfer fees may apply. Please refer to your Personal Schedule of Fees for details. If you enroll in Overdraft Protection with your credit card, overdraft transfers will be Bank Cash Advances under your Credit Card Agreement and will accrue interest at the APR stated in your Credit Card Agreement. A fee may apply to each transfer. Please refer to your Credit Card Agreement for additional details.
2The Overdraft Protection Transfer fee is waived for some checking accounts. Please see your Personal Schedule of Fees for more information.
3You must first enroll in Online Banking, and set up Transfers and Bill Pay. Wireless carrier fees may apply.
4Bank of America does not charge for Text Banking. However, your mobile service provider may charge for sending and receiving text messages on your mobile phone. Check with your service provider for details on specific fees and charges that may apply.
5Alerts received as text messages on your mobile access device may incur a charge from your mobile access service provider.
6When we determine your account has been overdrawn for 5 or more consecutive business days, we may charge an extended overdrawn balance charge of $35. We currently charge no more than 4 overdraft item and returned item fees each day.
We may require you to pay an overdraft immediately.
We pay overdrafts at our discretion, which means we do not guarantee that we will always authorize and pay any type of transaction. As an example: we typically do not pay overdrafts if your account is not in good standing or you are not making regular deposits.
Some accounts and services, and the fees that apply to them, vary from state to state. Please review the information for your state in the Personal Schedule of Fees (at www.bankofamerica.com/feesataglance or at your local Banking Center) and in the Online Banking Service Agreement at www.bankofamerica.com/serviceagreement.
