If your bank account balance dips into the negative, an overdraft fee can make things even worse. You could be hit with a penalty of up to $30 (or even more) when your account goes into the red. And if you don’t bring your balance back up promptly, you could face multiple fees for additional overdrafts.
However, there are plenty of banks that have done away with overdraft fees. Bank with one of these institutions and you’ll never have to worry about these charges again.
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Read more: How to Get Your Overdraft Fees Refunded
Big banks may be known for fees, but you won’t find overdraft charges at Citibank. And if you’ve struggled in the past to monitor your account balances, Citi allows you to link a savings account for automatic transfers to cover a potential overdraft. Some customers can also apply for the ability to transfer funds from a line of credit to cover the charges.
Capital One’s 360 Checking account makes our list of the best checking accounts for several reasons, one of which is its lack of overdraft fees. In some cases, the bank will even cover the payment with a service called No-Fee Overdraft Protection. You must immediately deposit money to pay for the transaction, however. If you don’t, the bank may not approve additional transactions, and your account may be closed
You won’t pay any overdraft fees with Discover’s checking account. You can also score some rewards with the bank’s cash-back debit program, which pays 1% back on up to $3,000 of purchases each month.
If you’re worried about overdrawing your account, consider opening a money market or savings account at the bank too, both of which pay competitive savings rates and can be linked to cover charges if your checking account balance drops to zero.
Chime isn’t actually a bank; it’s a financial technology company, and its bank accounts are FDIC-insured via a partner program. No matter what you want to call the company, you won’t ever have to comb through your account statement to look for any overdraft fees. You can enroll in a service called SpotMe for limited overdraft coverage without any charges, provided you receive at least $200 of direct deposits per month.
Note: On May 7, 2024, the Consumer Financial Protection Bureau issued an order against Chime Financial for failing to refund consumers’ remaining balances within 14 days after they closed their checking and/or savings accounts. Chime was ordered to pay a $3.25 million civil money penalty and at least $1.3 million to consumers in redress.
There’s a lot to love about Ally Bank, which is why it’s on our list of the best online banks. It doesn’t charge overdraft fees, and you can opt for transfer protection by linking a savings or money market account to your checking account to replenish the balance if it dips below zero.
You may also be able to qualify for CoverDraft, which provides up to $250 in temporary relief for a transaction that overdraws your account. You’ll get 14 days to bring your balance out of the red, with your next deposit automatically applying to the negative balance.
Like Chime, Aspiration is an online-only financial firm, not a chartered bank, but it offers FDIC coverage via a partnership program. In addition to not charging overdraft fees, the key point of differentiation about this company is a focus on protecting the planet. Each time you swipe your debit card, you’ll get the option to fund planting a tree.
Truist Bank’s Truist One Banking offers two checking accounts without overdraft fees. These accounts allow you to overdraw up to $99 without incurring a fee. If you reach a negative $100 balance, additional transactions will be declined.
This overdraft feature is available to Truist customers who have made a deposit of $100 or more for two consecutive months. Be mindful of other fees, though. You’ll pay a $12 monthly fee if you fail to meet direct deposit or balance requirements.
Alliant Credit Union is one of the largest credit unions in the country, and its members don’t have to worry about any overdraft fees or nonsufficient funds fees. Alliant also pays impressive rates and offers valuable membership benefits that help distinguish it as one of the best credit unions in the country.
How to avoid overdraft fees
Overdraft fees are avoidable. Here are four simple ways to make sure you’re never stuck paying extra for letting your balance dip below zero.
1. Opt out. Talk to your credit union or bank about opting out of overdraft fees. Once you opt out, transactions that exceed your available balance will be declined. You’ll want to make sure that you aren’t subject to nonsufficient funds fees too.
2. Link your savings account. When you link accounts, any amount not covered by your checking account will automatically be covered by your savings account. Assuming you have money in savings, this is a far less costly option. In fact, some banks and credit unions offer this service for free.
3. Sign up for account alerts. Many banks offer low-balance alerts via email or text message. These alerts will notify you when your balance falls below a certain threshold, which can give you a heads-up before you overdraw.
4. Switch banks. As more banks and credit unions stop charging overdraft fees, it’s getting easier to find a bank without them. So, shop around.
Overdraft FAQs
How much do overdraft fees cost?
According to Bankrate research, the average overdraft fee in 2024 was $27.08. In some cases, a bank might charge that fee multiple times in one day.
The Consumer Financial Protection Bureau recently finalized a rule capping big banks’ overdraft fees at $5 or an amount covering the banks’ losses due to the overdraft. This rule is set to take effect on Oct. 1, although this could change under the new Trump administration.
Can you get overdraft fees waived?
It depends. Some banks offer 24-hour grace periods to give you extra time to make a deposit and avoid the fee. If you incur an overdraft fee, it’s always worth your while to request a refund. If it’s not a regular occurrence, some banks may excuse your mistake.
How long can your account be negative before you’re charged an overdraft fee?
It varies from bank to bank. Some banks give you a grace period — typically a specific time on the next business day — to deposit enough money to cover an overdraft before you incur a fee. Check your bank’s terms and conditions to see its policy on overdraft charges.
More on overdraft fees
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