Bank of America savings accounts do not overdraft
Bank of America does not permit overdrafts on savings accounts. If you attempt a withdrawal or transfer that exceeds your balance, the transaction will be declined. Your bank will not cover the shortfall, and you will not incur an overdraft fee on the savings account itself.
This is different from a checking account, where Bank of America offers overdraft protection as an optional service. Savings accounts are structured to prevent you from going negative, which means the account simply stops the transaction rather than allowing it to proceed.
If you need access to money beyond what you have in savings, you have other options—but they work differently than overdraft protection on checking.
Key Takeaways
- Bank of America savings accounts will not overdraft; transactions that exceed your balance are declined at the point of sale.
- Overdraft protection is available only on checking accounts, and it must be linked to another account (savings, money market, or line of credit) to work.
- If you link your savings account to overdraft protection on a checking account, your savings can be tapped to cover checking shortfalls, but your savings itself cannot go negative.
- Attempting to withdraw more than you have in savings will simply fail; you will not be charged an overdraft fee for a declined savings withdrawal.
How Bank of America overdraft protection works on checking accounts
Bank of America's overdraft protection is a service you can turn on for a checking account. It links your checking account to another account—typically a savings account, money market account, or Bank of America line of credit—and automatically transfers money to cover a shortfall if a transaction would otherwise be declined.
The transfer happens instantly at the point of sale. If you swipe your debit card and your checking balance is $50 short, the system pulls $50 from your linked savings account (or line of credit) to complete the purchase. You are not charged a fee for this transfer.
However, this protection applies only to your checking account. Your savings account itself cannot overdraft, even if it is linked to your checking account for overdraft protection purposes.
What happens if you try to withdraw more than your savings balance
If you attempt a withdrawal, transfer, or debit card transaction from your savings account that exceeds your available balance, Bank of America will decline the transaction. The money will not move, and you will not be charged an overdraft fee.
This applies whether you are withdrawing at an ATM, transferring online, or attempting a debit card purchase directly from the savings account. The transaction simply fails, and your account remains at its current balance.
If the transaction is declined, you will typically receive a notification via text, email, or your mobile app, depending on your alert settings. You can then choose to retry the transaction with a smaller amount or use a different payment method.
Linking savings to checking account overdraft protection
Many Bank of America customers link their savings account to their checking account specifically to serve as a backup for overdraft protection. This is a common setup, and it works as long as you understand the direction of the flow: money moves from savings to checking, not the other way around.
To set this up, log into your Bank of America online account or mobile app, go to your checking account settings, and look for overdraft protection options. You can select which account you want to link as your backup source. Once linked, any shortfall in checking will automatically pull from savings.
The key point: your savings account is the source of the backup funds, but it cannot itself overdraft. If your savings balance is too low to cover a checking shortfall, the overdraft protection transfer will fail, and your checking transaction will be declined.
Alternatives if you need money beyond your savings balance
If you need access to more money than you have in savings, Bank of America offers several options. A personal line of credit is a revolving credit product that lets you borrow up to a set limit and pay interest only on what you use. You can draw from it as needed, similar to a credit card.
A personal loan is a fixed-amount loan with a set repayment schedule. You receive the full amount upfront and repay it in monthly installments over a set term. Interest rates and terms depend on your credit profile.
You can also link a Bank of America credit card or line of credit to your checking account for overdraft protection instead of your savings account. This way, any shortfall is covered by borrowed money rather than depleting your savings, though you will pay interest on the borrowed amount.
Overdraft fees and how to avoid them
Bank of America charges an overdraft fee only when a transaction on your checking account is paid despite insufficient funds—meaning the bank covered the shortfall and your account went negative. This fee is currently $35 per transaction, though the amount can change.
You will not be charged this fee if a transaction is declined. You will also not be charged if overdraft protection successfully transfers money from your linked savings account (or other source) to cover the shortfall, because the account never actually goes negative.
To avoid overdraft fees entirely, you can turn off overdraft protection on your checking account. Without it enabled, any transaction that would overdraft will simply be declined, just like a savings account withdrawal. You can manage this setting in your online account or by calling Bank of America customer service.
Frequently Asked Questions
If I link my savings to my checking overdraft protection, can my savings go negative?
No. Your savings account itself cannot overdraft. If overdraft protection tries to transfer money from savings to cover a checking shortfall, but your savings balance is too low, the transfer will fail and your checking transaction will be declined. Your savings will remain at its current balance.
What is the difference between overdraft protection and overdraft fees?
Overdraft protection is a service that automatically transfers money from another account to prevent a shortfall. Overdraft fees are charges Bank of America levies when a transaction is paid despite insufficient funds. If overdraft protection works, you avoid the fee. If it is not enabled or fails, the transaction is declined and no fee is charged.
Can I use my savings account as overdraft protection for someone else's checking account?
No. Overdraft protection can only be linked between accounts in your own name. You cannot link your savings account to another person's checking account, even if you are a joint account holder.
What happens if I try to transfer money from my savings account to my checking account but do not have enough?
The transfer will be declined. Bank of America will not allow you to transfer more than your available savings balance. You will need to transfer a smaller amount or wait until your savings balance increases.
Does Bank of America charge a fee if my savings withdrawal is declined?
No. Declined transactions on savings accounts do not result in fees. You are only charged an overdraft fee on a checking account when a transaction is actually paid despite insufficient funds.