Bank of America Overdraft?

Question

I was overdraft by 6 dollars, and got charged 20 dollars the next day. But I still didn't realize this and spent another 5 dollars yesterday, and today I found out when I signed onto my account, and saw that their policy was "2nd + day during the current month and preceding 12 months: $35.00 each item
" Does that mean I would get charged an additional 35 dollars for the 5 dollars I spent yesterday? It has not shown up yet in my acct, if I pay my debt now would that 35 dollars go away?

Answer 1

It means that you will get charged $35.00 fee for the $5.00 dollars spent. However, if the $5.00 transaction is PENDING and not POSTED, then if you pay to get your account current (before the cut off time at your bank), they will not charge you $35.00. The difference between pending and posted is the key to your answer.

Note: To protect yourself, you should always have a $25.00 buffer in your account so that in case of emergencies, such as this, you will have adequate funds to cover small, forgotten transactions. You might also start keeping a small checking log with you at all times, and everytime you use your card, you log it in, that way you won't have any "surprises" along the way.

Hope this helps!

Answer 2

I agree with C.C Lady and Lauren. The first item that goes overdrawn will land you a $20 fee, then after than expect to get hit with $35 per transaction for the next year. Like Lauren said, you should keep $25 as a buffer or enroll in overdraft protection. You can use your savings account (which transfers $100 at a time) or you can link a Bank of America credit card to it (each transfer is treated like a cash advance, so additional finance charges may apply) I feel your pain, but charging fees is what keeps the lights on for most banks. They count on people mishandling their finances in order to increase theirs. Believe it or not, they have a particular section that explains about overdrafts and preventing them.

Answer 3

Yes the debit card great, unless you forget to mark a purchase in the ledger. Still have the notice of when I was .01 cent overdrawn and was charged a fee. If it was the first time you where over talk to the manager they will most likely refund the charge, but that will take a couple of days, so make sure you have their charges, and the additional 5 put in before it comes through, again speak with them ahead of time

Answer 4

additional 35 dollars for the 5 dollars I spent yesterday?
Probably....banks have recently changed the order in which they process checks...instead of chronological order...it's now from highest to lowest in order to maximize NSF fees. Banks are making BILLIONS of dollars off of this. Ripoffreport.com is flooded with complaints about this practice.

If you're money is tight...pay only with cash or money orders....the banks are out to make money off of the slightest mistake you make. Try switching to a credit union.

Answer 5

dunno bout ur bank but yeah usually they charge you another $34 or $35 for every transaction, even if its $2 .. bastards will charge you $34. If you can put money to cover it right away before the fee shows up then u should. or you can probably get ur overdraft fee removed or at least half of it if you dont overdraft a lot.

Answer 6

yes it does my daughter just opened a account at B0fA and they were VERY specific about the over draft fees