The banks charge a fee for each article you purchase over your regular balance. This fee is called an overdraft fee.
What all is included in an overdraft fee?
The overdraft fees at Bank of America would include overdraft protection fees, non-sufficient funds in Bank of America, and article fees.
Overdraft article fee is charged when the amount of your withdrawal is more than the balance in the account and Bank of America decides to not cancel the transaction but pays for it on your behalf. After the day’s processing is completed and the account shows an insufficient balance with the overdrawn amount, you will be charged an overdraft fee of $35 for every article above $1. Overdraft protection transfer fee is a service provided by Bank of America to save some of the overdraft fees. When you maintain more than one account with Bank of America and you make an overdraft payment from one, then Bank of America would transfer the balance from the other eligible linked account and will not apply the fee to any article which costs below $1. If Bank of America refuses to pay for an article or returns an article, then you would be charged a non-sufficient fund fee for each article above $1 returned in case of not enough balance in your account. ..
Is overdraft fees refundable?
If you overdraft your account, you may not be able to get a refund.
There are also exceptions to this rule, but they are more complicated and require more thought.
A customer’s mistake caused an overdraft on their account, and the bank’s algorithm has calculated that they are a trustworthy customer. The bank is offering a $50 credit for each day the account remains over-drafted, which is a gesture of goodwill.
If you fall into any of the following scenarios, it does not automatically guarantee that you would be eligible for a refund from Bank of America: -You have had your account closed or frozen -You have had your account with Bank of America for over six months -You have had more than $10,000 in your account at any point in the past six months ..
How to apply for a refund?
If you fall into one of the three situations listed above, it’s always a good idea to try to get a refund. However, Bank of America is more likely to give preference to their long-time account holders, so it’s usually easier for them to process a refund.
If you believe that you have been wrongfully charged by your bank, there are a few things you can do to try and rectify the situation. ..
Dear Bank, I am writing to inquire about my account and the reason for my recent overdraft. I would appreciate if you could provide me with an explanation as to why this occurred. Thank you for your time and attention to this matter. Sincerely, Your Name ..
Some tips on securing a refund
- Don’t be a jerk.
- Be polite and explain your situation in detail.
- Don’t be afraid to ask for a refund if you’re not happy with the product or service you received.
When trying to get a bank to do something for you, always be polite and explain your situation as best you can. It is always a good idea to let the bank that you were always happy with their services up until that point know. If the fault payment was because of an error on your part, then admit it. If you want a favor from the bank then pay all the outstanding balances including the fee before you request the refund. Always be sure to provide your account number, the time and date of the transaction, your address, and your identification number. ..
If you believe that your bank made an error in processing your refund, there is a good chance you will be able to receive the money back. However, there is no guarantee that this will happen and it depends on the policies of the bank. If you have been a loyal customer for a long time, your bank might be more inclined to give you the money back even if an error was made. ..
If you want to avoid overdrafts on your bank account, you can change your preferences or sign up for an optional service called Overdraft Protection. ..
Bank of America has reduced its overdraft fees from $35 to $10 in January 2022. This change is intended to help customers save money and improve their overall financial health.
Overdraft fees are a common charge levied by many popular financial institutions. These fees can add up quickly, and can result in costly overdrafts. ..
