The first bank to eliminate overdraft fees was Capital One. It also eliminated insufficient funds fees, which are now a thing of the past as of 2022.
After this decision, many banks joined in and offered solutions for their consumers. Overdraft fees used to be quite high, generating many complaints from customers.
Banks and accounts with which you can get overdrafts without additional fees
Many banks are willing to offer you overdrafts, but not all of them will approve them immediately, and many charges too high-interest rates. Here are the banks and accounts that provide fast and affordable overdrafts:
Capital One 360 Checking with your bank account
Since the beginning of 2022, Capital One has offered its customers fast overdrafts with no additional fees; it’s a great option for not only that, but you also enjoy an account with no monthly maintenance fees, minimum deposit, or minimum balance requirements.
You can access a 0.10% APY and its extensive ATM network. Capital One has offered overdrafts for a long time but, until now, decided to eliminate surcharges.
Ally Interest in your checking account
You get overdrafts quickly and with no additional fees; their accounts do not require a minimum deposit or a specific balance. It is one of the preferred accounts for many citizens because of the convenience of withdrawing their funds.
Cashback with your debit account
In addition to having no interest on your overdrafts, it won’t take money from your Discover savings account to replenish the overdraft amount. It’s a great solution when you need cash immediately but doesn’t want to cover large fees.
It’s a great account bank because it doesn’t have a maintenance fee or require you to maintain a minimum balance. You’ll also enjoy rewards for your spending even if you request an overdraft.
Axos Bank Rewards Checking
This fully online bank allows you to overdraw your Essential Checking, Fist Checking, or Rewards Checking account. You can link it to another account or line of credit. One of its great benefits is that it has no overdraft fees.
Bank of America
You can get your overdrafts immediately. It also has an optional overdraft protection service where you can link your checking account to second savings, checking, or credit card account.
That way, you can cover overdrafts more simply. As for fees, Bank of America does have some, depending on the transfers or transactions you are making.
Like the other banks mentioned above, the approval of your overdrafts is done immediately. It also has a protection service that allows you to link the account to a savings account to cover your overdrafts.
However, that service is unavailable if you have a Chase Secure Checking account. Eliminated fees for overdraft transfers.
Other banks where you get immediate overdrafts
Almost all banks have the same policies regarding overdrafts and protection for returning the money; among the options are the following:
- SunTrust Bank
- Bank of Huntington
- Fifth Third Bank
- Citizen’s Bank
- PNC Bank
- TD Bank
- U.S. Bank
- Wells Fargo
Do you have to wait a few minutes or apply for overdrafts?
Generally, when you open an account at a bank that allows overdrafts, accepts the associated overdraft fees and features, and activates the service, you will be able to use it from the moment you have your account active.