Overdraft Protection helps you avoid declined transactions when using your debit card.
Recently, we made changes to help you minimize overdrafts when you use your debit card for everyday, (non-recurring) transactions. Here is how the changes work. Now when you use your debit card, and your personal account does not have enough available funds, your transaction will be declined unless you have funds in a linked account with Overdraft Protection. While we have made changes to help you reduce overdrafts with your debit card, you can still incur overdraft fees for other transactions like writing a check or making a recurring payment.
Bank of America provides several tools that can help you protect your money and avoid unexpected overdraft fees as well as declined transactions.
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Linking your accounts with Overdraft Protection. You can link your existing checking account to another Bank of America® account like credit card, savings or second checking account1. Then, instead of overdrawing or being declined, Overdraft Protection kicks in and transfers available funds automatically to cover your transaction. There is no fee to set up Overdraft Protection. You pay a flat $10 transfer fee only when you use the service2. The fee is waived for some checking accounts. |
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Learn more and see a demo of how Overdraft Protection works 
Set Up
To set up Overdraft Protection, visit a local banking center or call the number on the back of your debit card to talk to an associate. Please note, if you currently have Overdraft Protection, it will continue to work as it does now, no action is needed.
About our new Overdraft Settings…
Our overdraft policy helps you avoid unexpected overdrafts when you use your debit card for everyday purchases. These changes include two different overdraft settings for personal accounts: Standard Setting and Decline-All Setting.
Standard Setting
All personal checking accounts automatically include Standard Overdraft Setting unless you requested the Decline-All Setting. This means:
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If you make an everyday (non-recurring) debit card transaction and there’s not enough money in your checking or linked Overdraft Protection account, your transaction will be declined and you won’t be charged an overdraft fee on the transaction.
For other types of transactions such as checks, Online Banking payments or recurring debit card payments, we may still pay them, even if they cause your checking account to be overdrawn3. This means:
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You’ll still be charged a $35 Overdraft Item fee, but many customers prefer this to not having certain payments made on time, such as rent checks, mortgage payment or car payments.
Most customers will find the Standard Setting to be the right fit for their account. But if you prefer, you can switch to the Decline-All Setting. We will only authorize transactions when there is enough money available in your checking account or linked Overdraft Protection account. Keep in mind, you will be charged a $35 NSF: Returned Item fee for each transaction that is returned unpaid, including checks and certain other payments. Plus, some merchants also charge additional fees for returned checks. Note: you are not charged an Overdraft or Returned Item fee for declined everyday (non-recurring) debit card transactions.
Still have Questions? Visit our FAQ page for answers to some of the most commonly asked questions about our new Overdraft Policy and how Overdraft Protection works.
1 Overdraft 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.
2 The Overdraft Protection Transfer fee is waived for some checking accounts. Please see your Personal Schedule of Fees for more information.
3 When 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.
