If you overdrafted your account, deposit money immediately to cover the negative balance. The sooner you bring it positive, the fewer fees you’ll face. Then call your bank to request a fee reversal.
What to Do Right Now
| Step | Action | Why |
|---|---|---|
| 1 | Check your exact negative balance | Including all pending charges |
| 2 | Deposit or transfer enough to cover it | Plus a buffer for pending transactions |
| 3 | Call your bank and request fee reversal | Especially if this is your first time |
| 4 | Review pending transactions | Stop recurring charges if possible |
| 5 | Opt out of overdraft coverage (if you want) | Transactions get declined instead of incurring fees |
Overdraft Fees by Major Bank
| Bank | Overdraft Fee | Max Fees Per Day | Notable Policy |
|---|---|---|---|
| Capital One | $0 | N/A | Eliminated overdraft fees |
| Ally Bank | $0 | N/A | Eliminated overdraft fees |
| Citibank | $0 | N/A | Eliminated overdraft fees |
| Bank of America | $10 | 2 ($20 max/day) | Reduced from $35; no fee if overdrawn by $1-$5 |
| Chase | $34 | 3 | No fee on overdrafts ≤$5; end-of-day balance used |
| Wells Fargo | $35 | 3 | 24-hour grace period to deposit before fee |
| TD Bank | $35 | 3 | $5 buffer before fee triggers |
| PNC | $36 | 4 | Low Cash Mode feature (extra time to deposit) |
| U.S. Bank | $36 | 4 | $5 cushion before fee |
What Happens If You Don’t Fix It
| Timeline | What Happens |
|---|---|
| Day 1-5 | Overdraft fee charged; additional fees for each pending transaction |
| Day 5-30 | Extended overdraft fee at some banks ($7-$12/day or per period) |
| Day 30-60 | Bank may close your account and charge off the negative balance |
| Day 60+ | Debt sent to collections; reported to ChexSystems |
| ChexSystems record | Makes it difficult to open a new bank account for 5 years |
How to Get Fees Reversed
| Approach | Script | Success Rate |
|---|---|---|
| First-time request | “This is the first time this has happened. I’d like to request a fee reversal as a courtesy.” | 70-80% |
| Loyal customer | “I’ve been a customer for X years with no prior overdrafts. Would you consider reversing this fee?” | 60-70% |
| Multiple fees in one day | “I had several transactions clear while my account was negative. Could you reverse all but one of the fees?” | 50-60% |
| Financial hardship | “I’m in a difficult financial situation. Can you work with me on these fees?” | 40-50% |
How to Prevent Future Overdrafts
| Prevention | How It Works |
|---|---|
| Opt out of overdraft coverage | Debit transactions get declined instead of charged a fee |
| Link savings account as backup | Bank transfers from savings to cover overdraft (small or no fee) |
| Set low-balance alerts | Get notified at $100, $50, $25 |
| Switch to a no-overdraft-fee bank | Capital One, Ally, Citibank, SoFi |
| Track spending in budgeting app | Know your real balance including pending charges |
| Build a $200-$500 checking buffer | Keep extra cushion you never spend |
Overdraft “Opt-In” vs. “Opt-Out”
| Setting | What Happens When You Overdraft |
|---|---|
| Opted IN (overdraft coverage) | Transaction goes through; you’re charged $35 fee |
| Opted OUT | Debit card transactions get declined; no fee charged |
Checks and automatic payments may still overdraft even if you opt out. Opt-out primarily affects debit card and ATM transactions.
The Bottom Line
Deposit money to cover the overdraft immediately, call your bank to reverse the fees, and set up low-balance alerts or opt out of overdraft coverage. If you get overdraft fees regularly, seriously consider switching to a bank that doesn’t charge them — Capital One, Ally, and Citibank have eliminated overdraft fees entirely.
Related: I Sent Money to the Wrong Account | I Lost My Debit Card