CFA Survey of Big Bank Overdraft Fees and Terms
In June, 2010, CFA collected debit card and ATM overdraft opt-in notices and/or fee schedules for the nation’s
fifteen largest banks by visiting websites or branches, or calling customer service. Generally, these overdraft fees
and limits will be in effect when Federal Reserve rules for ATM and debit card transactions opt-in take effect
August 15. The chart shows the fees charged when a customer’s debit card purchase, ATM withdrawal, check or
preauthorized debit exceeds the available funds and the bank covers the transaction. Tiered fees are imposed based
on the number of overdrafts in a twelve month period. “Sustained” overdraft fees are charged when consumers have
not repaid the amount overdrawn plus the initial fee within a few days and are either a one-time or a periodic fee.
The last column shows the total cost of one $10.01 overdraft if not repaid in ten business days, using the highest
fee/s charged by the bank.
Sustained OD Fee Cost of $10 10-day OD
Bank of America
$35 after 5 days
$30 after 7 days
$15 after 5 days
Citizens Bank/RBS $22 first OD
$6.99 per day 3-12th $85.93
Fifth Third Bank
$25 first OD
$8/day after 3 days
$33 2 to 4 OD
$37 5 or more
$25 first OD
$7/day after 4 days
up to $98 max
1 Bank of America does not permit single debit transactions and ATM withdrawals to overdraw an account.
2 Chase Bank does not permit ATM withdrawals to overdraw an account. Chase adds a $10 fee for Basic Checking
accounts that have a negative balance in a month.
3 Citibank does not permit single debit transactions and ATM withdrawals to overdraw an account.