Bank, for example, will only charge up to 4 overdraft fees per day, but counts the limit on NSF fees separately, so that you can end up paying eight separate penalties in a day. However, a few banks do distinguish between the two fees when they count up the daily maximum. Since a bank must choose between approving and declining an overdraft, a single overdraft will cost you either an overdraft fee or an NSF fee, but never both. Practically every bank charges the same amount for overdraft and NSF fees, and the two are often printed as one figure in your schedule of fees. The nonsufficient funds (NSF) fee occurs each time the bank chooses to reject a transaction that overdraws your balance. You can commonly expect banks to charge a maximum of 4 to 6 overdraft fees per day per account, though a few outliers do allow as many as 12 in one day. Typically, banks do not charge the overdraft fee when you overdraw by less than $5.Įvery bank and credit union has its own limit on the number of overdraft fees it will charge in one day. The most obvious fee involved in an overdraft is the simply-named overdraft fee, which occurs each time the bank approves a transaction that exceeds your available balance. Besides the standard overdraft fee, you may encounter the non sufficient funds (NSF) fee, the overdraft protection fee and the extended overdraft fee. The multiple fees involved in an overdraft represent some of the highest checking account fees that banks charge. While most banks charge similar amounts for each fee, they sometimes apply slightlyĭifferent rules to the way each fee works and when it is charged.
0 Comments
Leave a Reply. |