Overdraft fees can put a dent in your wallet if you’re not careful. Here are a few ways to protect yourself against overdraft fees.
- Consider overdraft-fee-free banks. To avoid overdraft fees, shop around for no-overdraft-fee banks when choosing a checking account. Many banks, like those in this article, have eliminated overdraft fees, and others may offer a fee-free account option or two.
- Sign up for low-balance alerts. Low-balance alerts notify you when your account balance falls below a certain threshold. If you’re worried about accidentally overdrawing your checking account, sign up for these notifications so you can transfer funds as needed.
- Opt out of overdraft protection. When you opt out of overdraft protection, you can’t be charged overdraft fees for debit card and ATM transactions you can’t cover. However, you may still be charged for checks or ACH transfers that overdraw your account.
- Link your checking and savings. If you want the freedom to overdraw your account, link your checking and savings accounts so your bank can move funds to cover negative balances. Though you might pay a transfer fee, it’s generally lower than an overdraft fee.
Find The Best Banks Of 2024
*Chime is a financial technology company, not a bank. Banking services provided by The Bancorp Bank, N.A. or Stride Bank, N.A., Members FDIC.
˜Out-of-network ATM withdrawal fees may apply except at MoneyPass ATMs in a 7-Eleven, or any Allpoint or Visa Plus Alliance ATM.
¹SpotMe® on Debit is an optional, no fee overdraft service attached to your Chime Checking Account. To qualify for the SpotMe on Debit service, you must receive $200 or more in qualifying direct deposits to your Chime Checking Account each month and have activated your physical Chime Visa® Debit Card or secured Chime Credit Builder Visa® Credit Card.
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.
²Early access to direct deposit funds depends on the timing of the submission of the payment file from the payer. We generally make these funds available on the day the payment file is received, which may be up to 2 days earlier than the scheduled payment date.
³Out-of-network ATM withdrawal and OTC advance fees may apply. View the Bancorp agreement or Stride agreement for details; see back of card for issuer.
⁴Mobile Check Deposit eligibility is determined by Chime in its sole discretion and may be granted based on various factors including, but not limited to, a member’s direct deposit enrollment status.