What is Bank of America Overdraft Credit Ends?
Bank of America Overdraft Credit Ends is a feature that allows you to avoid overdraft fees if you have sufficient available funds in your linked deposit account (checking or savings).
How Does It Work?
When you make a purchase or withdrawal that exceeds your available balance, Bank of America will automatically transfer funds from your linked deposit account to cover the transaction. This helps you avoid overdraft fees that you would typically incur if you had insufficient funds.
Key Features:
- Transfer from Linked Account: Funds are automatically transferred from your linked deposit account.
- Avoid Overdraft Fees: It eliminates the need to pay overdraft fees.
- Available for Debit Cards and ACH Transactions: This service applies to transactions made with your debit card and through ACH transfers.
- No Interest Charged: There's no interest charged for using this service.
Important Notes:
- Automatic Transfer: It's important to understand that the funds will be transferred automatically from your linked deposit account. This means your balance in the linked account will be reduced.
- Not a Guarantee: This service is not a guarantee that your transactions will always go through. If you have insufficient funds in both your main account and linked deposit account, the transaction may be declined.
- Terms and Conditions: It's important to review the terms and conditions associated with Bank of America Overdraft Credit Ends.
Benefits:
- Reduces Financial Stress: It can help you avoid the stress of overdraft fees.
- Convenient: It provides a convenient way to cover unexpected expenses.
- Protects Your Credit Score: It can help protect your credit score by preventing negative impacts from overdraft fees.
Considerations:
- Potential for Negative Balance: If you don't have sufficient funds in your linked deposit account, you may end up with a negative balance.
- Overdraft Fees on Other Transactions: It's important to note that this service doesn't cover all transactions. You may still be charged overdraft fees for other types of transactions, such as ATM withdrawals or checks.
Conclusion:
Bank of America Overdraft Credit Ends can be a useful tool for avoiding overdraft fees. However, it's important to be aware of its limitations and how it works before relying on this service. Carefully review the terms and conditions and ensure you have sufficient funds in your linked deposit account to avoid any potential negative balances.