And, in general, each bank decides how much to charge. The same study found the average standard overdraft fee was $29.80. If the account stays in the negative, the customer may keep getting hit with the fee.Īccording to a study by Bankrate, the average NSF fee was $26.58 in 2022. Extended overdraft fees are usually applied on top of the standard overdraft fee if an account overdraws and it’s not replenished within 5 to 7 days.Overdraft protection fees apply if a customer opts in to a bank’s overdraft protection service, which transfers funds from a linked savings account, credit card or line of credit when there aren’t enough funds in the checking account.Those who opt out can’t be charged a fee but might have their transaction refused. If the spending continues, it can trigger multiple charges, even in a day. Coverage for those who opt in is triggered when they spend more money than they have in their account: The customer pays the fee and the bank honors the transaction. Customers can choose upfront whether to opt in or out of overdraft coverage. Standard overdraft fees apply to debit card transactions and ATM withdrawals.Customers don’t need to opt in for banks to charge NSF fees. If the same unpaid transaction is resubmitted, the fee could be triggered again. When there aren’t enough funds in an account to cover a payment or a withdrawal, the bank rejects the transaction and charges the fee.
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