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This is a flat fee assessed if your account goes into "overdraft" to cover a check (or other liability). If your account is set up to do this (pretty standard
by ska 7y ago
This is a flat fee assessed if your account goes into "overdraft" to cover a check (or other liability). If your account is set up to do this (pretty standard in the US) rather than a check failing to clear your bank will cover the check and charge, e.g. $30-$50 for covering it. Of course you owe the overdraft amount as well.
- mattwad 7y agoI also think it's mostly meant to be a deterrent. When I had BofA, any time I got overdraft I just called and they would take it off, usually without an explanation.
- ska 7y agoThat's true, but as in other areas I think it probably has a lot to do with how much they value your future business.