Bank of America offers overdraft protection, but only if you link may be able to access accounts
Bank of America's overdraft protection transfers money from a linked savings account, money market account, or line of credit to cover a shortfall in your checking account. The transfer happens automatically when a transaction would otherwise overdraw you. You have to set it up yourself—it is not turned on by default—and it only works if you have another account at Bank of America to link to it.
The protection covers debit card purchases, ATM withdrawals, checks, and ACH transfers. It does not cover wire transfers or external transfers to other banks. If you do not have a linked account with sufficient funds, the transaction will be declined instead.
Key Takeaways
- Overdraft protection requires you to link a savings, money market, or credit line account to your checking account through your Bank of America online banking or mobile app.
- Bank of America charges a transfer fee each time overdraft protection moves money, currently $10 per transfer, though this varies by account type and region.
- Without overdraft protection enabled, transactions that would overdraw your account are declined, and you avoid overdraft fees entirely.
- You can turn overdraft protection on or off at any time, and you can set a maximum transfer amount to limit how much the bank will move in a single day.
How to turn on overdraft protection
Log into your Bank of America online banking portal or open the mobile app. Go to Settings, then Account Services, then Overdraft Protection. Select your checking account and choose which linked account you want to draw from—savings, money market, or a line of credit. Confirm the setup and you are done.
You can also call Bank of America at 1-800-432-1000 to set up overdraft protection over the phone. A representative can walk you through linking accounts and explain the fees that apply to your specific account type.
What the transfer fee costs
Bank of America charges $10 per overdraft protection transfer on most checking accounts. This is separate from any overdraft fees you might face if a transaction is declined. The fee applies each time the bank moves money from your linked account, not each transaction that triggers the transfer.
Some account types, such as certain premium or student accounts, may have different fee structures. Check your account agreement or call the bank to confirm what you will pay. The fee is deducted from your checking account after the transfer completes.
Overdraft protection versus overdraft fees
Overdraft protection and overdraft fees are two different things. Overdraft protection is a service you turn on that automatically transfers money to prevent an overdraft. Overdraft fees are charges the bank applies when you overdraw your account without protection in place.
If you do not have overdraft protection enabled, Bank of America will decline most debit card and ATM transactions that would overdraw you—no fee, no transfer, just a declined transaction. Checks and ACH transfers may still overdraw your account, and you will face an overdraft fee (currently $35 per transaction on most accounts) for each one that does.
Overdraft protection costs $10 per transfer but prevents the larger $35 overdraft fee. Whether it makes sense depends on how often you overdraw and how much you value the convenience of having transactions go through.
Setting limits on automatic transfers
You can set a maximum transfer amount so Bank of America does not move more than you want in a single day. This is useful if you want overdraft protection as a safety net but do not want the bank to drain your savings account in one go.
To set a limit, go to your overdraft protection settings in online banking or the app and enter the maximum daily transfer amount. The bank will not transfer more than this amount, even if your checking account needs more to cover pending transactions. Any shortfall beyond the limit will result in a declined transaction.
When overdraft protection does not work
Overdraft protection only transfers money from accounts you have already linked. If your linked account does not have enough funds, the transfer fails and the transaction is declined. The bank will not transfer money from an account at another bank, even if you have one.
Wire transfers and external transfers to other banks are not covered by overdraft protection. These transactions will be declined if you do not have sufficient funds in your checking account. Overdraft protection also does not apply to fees or interest charges.
Turning off overdraft protection
You can disable overdraft protection at any time through your online banking settings or by calling the bank. Once it is off, the automatic transfers stop. Transactions that would overdraw your account will be declined instead, and you will not pay the $10 transfer fee.
Disabling the service does not affect your linked accounts or any other banking services. You can turn it back on whenever you want by following the same setup steps.
Frequently Asked Questions
Can I use overdraft protection with accounts at other banks?
No. Bank of America overdraft protection only works with other Bank of America accounts you own. You cannot link a savings account from another bank to cover overdrafts on your Bank of America checking account.
What happens if my linked account does not have enough money?
The transfer fails and your transaction is declined. You will not pay the $10 transfer fee because no transfer occurred. The transaction simply does not go through.
Does overdraft protection cover wire transfers?
No. Wire transfers and external transfers to other banks are not covered by overdraft protection. These will be declined if you do not have sufficient funds in your checking account.
Can I set overdraft protection to transfer only when I ask?
No. Overdraft protection is automatic—it transfers money whenever a transaction would overdraw you. You cannot make it manual or require approval each time. You can only set a daily maximum transfer amount or turn it off entirely.
Will overdraft protection hurt my credit score?
No. Overdraft protection transfers are not reported to credit bureaus and do not affect your credit score. They are internal account transfers between your own Bank of America accounts.