Nobody likes overdraft fees, but depending on how much cash you need and how soon you need it, a charge for overdrawing your funds may help you avert a crisis. In a time-sensitive situation, it can be worth it to be charged a fee to get the money you need.
Since our last overdraft fee comparison, banks have raised their prices. Since the end of 2012, the average fee for a $50 overdraft increased from $33.70 to $34.90 at the 10 largest U.S. banks.
Though the differences don’t vary significantly, certain banks cost slightly less than others when it comes to overdraft fees.
See our table below to compare overdraft fees from 10 major U.S. banks:
These fees are for the state of New York, and most banks have consistent fees across the country, but always make sure by checking with your bank. Fees are usually found under the Checking Account sections on a bank’s site.
|Bank of America||$35|
|U.S. Bank||$36 per item for item amounts $5.01 or more|
As you can see from the table above, overdraft fees aren’t cheap. To avoid getting charged, keep your eye on your checking account. Sign up for text alerts from your online banking to notify you when your funds dip below a certain amount.
Also, you can opt out of paying for overdraft coverage, which will simply take away your charging privileges when your account runs out of money.
When is the last time you were charged an overdraft fee?