Overdraft Fees: Compare What Banks Charge

Alliant Credit Union doesn’t charge overdraft fees. Customers can opt in to a free overdraft protection transfer service to cover unexpected overdrafts. Alliant’s Courtesy Pay service — where Alliant pays to cover transactions that extend beyond a customer’s overdraft protection — is available to customers who have been credit union members for at least six months and have transferred at least $600 into their accounts each month.

American Express National Bank rejects any transaction that would result in a negative balance. Though this helps you avoid fees, you may want to look into a more flexible overdraft program if you’re concerned about needing to be able to overdraft.

Capital One 360 offers free overdraft protection transfers from a linked Capital One 360 savings account or money market account, and the bank might decide to not charge an overdraft fee for a check payment, electronic payment or recurring debit card transaction that results in an overdraft. If you don’t opt in to these services, your transactions will be declined by the bank.

Chime, a financial technology company, offers a program called SpotMe®. Eligible customers who meet the requirements can overdraft up to $200 with no fee. Transactions that would overdraw the account by more than $200, or overdraft transactions by ineligible members, are generally declined. There are no overdraft or nonsufficient funds fees.

Qualifying members will be allowed to overdraw their Chime Checking Account for up to $20 on debit card purchases and cash withdrawals initially but may later be eligible for a higher limit of up to $200 or more based on Chime Account history, direct deposit frequency and amount, spending activity and other risk-based factors. The SpotMe on Debit limit will be displayed within the Chime mobile app and is subject to change at any time, at Chime's sole discretion. Although Chime does not charge any overdraft fees for SpotMe on Debit, there may be out-of-network or third-party fees associated with ATM transactions. SpotMe on Debit will not cover any non-debit card transactions, including ACH transfers, Pay Anyone transfers, or Chime Checkbook transactions. SpotMe on Debit Terms and Conditions: https://www.chime.com/policies."

With Discover Bank, you can link a qualifying Discover® savings or money market account for free transfers if you don’t have enough cash in your checking account. Otherwise, the bank will decline the transaction that would cause a negative balance, at no charge to you.

One customers who make at least $500 in eligible direct deposits per month can overdraft up to $200 fee-free.

SoFi charges no overdraft fees, but customers can also opt in to two overdraft protections options: free overdraft protection transfers from your linked SoFi Savings account or a free buffer, called Overdraft Coverage, where SoFi allows you to overdraft up to $50 as long as you make monthly direct deposits of $1,000 or more. (SoFi says: "We do not charge any account, service or maintenance fees for SoFi Checking and Savings. We do charge a transaction fee to process each outgoing wire transfer. SoFi does not charge a fee for incoming wire transfers, however the sending bank may charge a fee. Our fee policy is subject to change at any time. See the SoFi Checking & Savings Fee Sheet for details at sofi.com/legal/banking-fees/.")

Truist Bank has no overdraft fees or related overdraft fees, including continuous negative balance fees, returned item fees or overdraft protection transfer fees. Truist’s Negative Balance Buffer allows customers to overdraw their account up to $100 as long as they meet these initial qualifications: Their account must be open at least 35 days, it must have a positive balance, and a direct deposit of at least $100 must be made for two consecutive months. To maintain eligibility, a customer must make a recurring direct deposit of at least $100 per month.