There is huge pressure on big banks to be competitive and remove Overdraft Fees. Capital One and Ally Bank have both elmininated these fees altogether. Chase is giving customers who overdraw their accounts by $50 or less a grace period. Bank of America is cutting their fee from $35 to $10 and Wells Fargo have also relaxed their rules regarding Overdraft Fees to allow for a 24 hour grace period.
If you do overdraw your account and see a fee applied, call your bank immediately and ask for the fee to be waived.
According to a recent study by Bankrate, the average overdraft fee is $33.58 I have seen clients spend hundreds of dollars every year on overdraft fees. That money can be put to better use so please please please keep an eye on your balances and don’t pay unecessary fees.
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