Which bank has the lowest NSF fees? My BOA charges me 35.00 each time, that is astronomical!?

Question

too many banks charge over 30.00 in NSF fees if a person overdraws on their funds and I'm trying to find the lowest fee. Which bank? Thanks!

Answer 1

You should check smaller banks in your area which may offer more competitive NSF fees. The fee you mention is actually about average. Some banks are now moving to a tiered structure where they charge you even more when you overdraw the account more. For someone with 10 NSFs paid or unpaid, the fee will be over $50 per item.

While it is good to know you can overdraw your account if necessary, using your overdraft ability as a loan is not a good idea. You should consider using a credit card instead, but still staying within your means. Banks also offer more affordable alternatives for those who overdraw their accounts. You can apply for overdraft protection in the form of a credit line, or if you have additional cash consider opening a savings account which is linked to your checking account. Then a transfer will be made automatically, although there still may be a fee for this--but it will be much less.

Answer 2

NSF Charge is Non Sufficient Funds. There may be something in the rules on the account which you signed when you opened the account that states the bank will charge you a NSF fee if your balance falls below a certain level. It is a totally bogus charge in my opinion and just a way to get money for the banks' bottom line profit. Call the bank and ask them about the charge. Explain to them that you did not understand about the charges and ask them to reverse the charge. It sounds like it was an honest mistake and usually the bank will forgive the first mistake. If it happens again, they will hit you. Make sure you have them explain the exact rules to you.

Answer 3

rather than look for the lowest overdraft fees:
1> see why you are overdrawing in the first place. KNOW YOUR BALANCE, and don't write checks for which you do not have money, or
2>contact your bank and set up an OVERDRAFT LINE OF PROTECTION for your checking account. Most banks will do this for you up to $ 500 so that even if you are overdrawn, your checks WILL BE PAID, avoiding embarrassment. Most banks charge only a "per use" fee, like $ 20, so to save a lot of money either way--DON'T OVERDRAW.

Answer 4

That is the standard fee. Watch BOA close because they will run your payments thru highest amount to lowest. This ensures them they get the maximum number of NSF charges to your account. Congress is trying to pass a new law to stop this.

Answer 5

NSF fees probably should be higher, they are designed to discourage you from being over drawn. Instead of looking for another bank, try to be more careful.

Answer 6

I can tell you one thing for sure. Do NOT go with US Bank. They messed up and kept charging me overdraft fees because they wanted to wait 4 days to put the cash in my account.
What did they do about it when I told them its their fault? Tough

Answer 7

BOA offers great services like free checking and better than average interest rates.
Do you know how they can afford that? Your NSF charges!

Thanks.

Answer 8

I wouldnt know I never overdraft my account