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A Simple Oversight Can Cost You Plenty

Mar 29, 2021 | Personal Finance

If you aren’t keeping track of every deposit and debit to your bank account, you are playing financial Russian roulette in the form of an overdraft fee. 

And it may not stop with just one non-sufficient funds fee (NSF) for a rejected payment. If you make more several transactions with a negative balance, you could be on the hook for several hundred dollars in fees and penalties.  

But you may get lucky. Some banks don’t charge an overdraft fee if the overdrawn amount if $5 or less by the end of the banking day, but do you really want to take that risk? Take a look at this list of banks and their penalties. Is your bank on there? 

Financial InstitutionNSF Fee (per Bounced Check)Max. Fees (per Day)Total Possible Cost (per Day)
Alliant Credit Union$28No LimitNo Limit
Ally Bank$251$25
Associated Bank$354$140
Bank of America$354$140
BBVA$38 ($32 in CA)6$228 ($192 in CA)
Citizens Bank$357$245
ComericaUp to $385Up to $190
Fifth Third Bank$375$185
HSBC Bank$353$105
Key Bank$395$195
M&T Bank$38.505$192.50
Navy Federal Credit Union$203$60
PNC Bank$364$144
Regions Bank$366$216
Santander Bank$356$210
Sun Trust$366$216
TD Bank$355$175
Union Bank$335$165
USAAUp to $293$87
U.S. Bank$364$144
Wells Fargo$353$105

The information provided is for informational purposes only and is not a substitute for professional financial advice. You should consult a credit counseling professional concerning the information provided and what should work best in your financial situation. And any action on your part in response to the information provided is at your discretion.

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