Avoid overdraft fees
For covered ATM and one-time debit transactions, you can decline overdraft coverage instead of opting in to the bank's fee-based service.
Costsfree · a few hours · one habit change
Getsmoderate money benefit
EvidenceA
Last checked
What it costs
Time to review your account's overdraft setting and choose the option you want. Declining this coverage does not cost money.
What you get
The CFPB says many banks and credit unions charge $30 or more per overdraft transaction. For ATM transactions, institutions cannot charge an overdraft fee unless you have opted in to overdraft coverage.
Notes
Overdraft fees vary by institution, and some financial institutions set daily maximums. Ask your bank or credit union about its fees, opt-in setting, and what happens when a transaction would overdraw the account.
Sources
- Consumer Financial Protection Bureau — Know your overdraft options