What Do You Know About Bank of India Overdraft Limits, Fees, and Protection

Are you in great financial need and don’t have enough money in your account, then what to do?

You may take an overdraft from your bank instead of applying for a loan.

Are you aware of what an overdraft facility is?

Well, we will let you know all the aspects of an overdraft in the given post. Go through it.

What is an Overdraft?

Basically, an overdraft is the extension of credit from your bank or financial institution without having enough balance in your account. You can make any transaction or withdraw cash from an ATM, with a zero balance in your account which is granted by the bank authority. 

It lets you withdraw money to accomplish your requirement without having a sufficient balance in your bank account with the consent of the bank authority. You will be sanctioned a certain amount of money fixed by your bank that you can use for your needs and pay later.

You have to pay a fee for granting an Overdraft by your bank authority.

Bank of America Overdraft Fees

If you have an account in Bank Of America, then you need to know about the bank of America overdraft fee. For each overdraft you have drawn, you have to pay $10/ transaction and $20 for more than two overdrafts withdrawn in a day.

You can avoid paying overdraft fees by paying the amount at the end of the day.

Bank Of America Overdraft Protection

Overdraft protection allows you to link your eligible account up to five other BOA accounts and it transfers the overdraft amount automatically from the linked bank in which sufficient balance is available to cover the transactions. 

We have provided you with a brief of bank of bankofamerica overdraft protection.

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