When you use credit cards, you may reflect a negative balance if you do not cover your monthly payments. In these cases, all your transactions are called overdrafts, but not all banks allow it. Here are some of the banks that let you overdraft instantly.
Banks that let you overdraft immediately
We have a large list of banks, many of them popular, that allow you to overdraft immediately.
PNC overdraft immediately
PNC offers an immediate overdraft service, but the process is more rigorous because they evaluate each case before approval. This process usually takes a long time, so once you initiate your application, you will have to wait and will not be able to withdraw money at ATMs.
However, your overdraft coverage covers only those transactions made with checks, automated payments, or wire transfers. They cannot be used for ATM or debit transactions.
In addition, you should remember that they have overdraft fees ranging from $40 to $145. They also limit you to only four overdrafts per day.
Wells Fargo overdraft immediately
Wells Fargo has also decided to incorporate the overdraft immediately. This bank also does not allow you to use overdraft for ATM or debit transactions.
But, between PNC and Wells Fargo, it is better to go with this option because they do not have overdraft rejection fees.
They also evaluate each application on an individual basis. Once approved, you will have to pay $15 for each overdraft you proceed with, and you have a daily transaction limit. For transfers, you will pay $12.50 per transfer.
Bank of America (BOA) overdraft immediately
Bank of America is less demanding with how it uses the overdrafts it allows. By choosing this option, you can use it for debit transactions, checks, ACH, and ATM withdrawals.
However, the fee for each overdraft over one dollar is $35, while those under one dollar are free of charge. You will be able to make four overdrafts per day.
Bank of America charges a $35 overdraft fee for overdrafts over one dollar and has a bank overdraft limit of four. Overdrafts totaling less than one dollar have no fees.
Chime overdraft immediately
Chime has an overdraft limit immediately of up to $200, for which Chime members won’t have to worry about expensive overdrafts.
However, not everyone is eligible for this program. You must first have a bank account and have received in the last few days a deposit of at least $200.
Chase overdraft immediately
Chase gives you several options for your overdraft plans. It has a standard practice, overdraft protection, and debit card coverage.
In the standard practice, your overdrafts will be able to cover payments through checks and automatic bills. But, if you exceed $50 a day, you will have to pay a $34 fee.
On the other hand, in Overdraft Protection, you can use overdrafts for debit transactions. This is possible because Chase links your checking account to your savings account to cover your overdraft.
Finally, debit card coverage and overdrafts cover check and bill payments, adding daily debit transactions.
BB&T Bank overdraft immediately
BBT&T covers automated check and bill overdrafts. ATM withdrawals and debit card purchases will not be possible unless you request the service.
With this option, you can overdraw six times a day. In addition, it has an overdraft limit of $216, which would be the highest we have seen so far. For each transaction, you will have to cover a $36 fee.
Will using an overdraft immediately affect my credit score?
The answer is: It depends. If you keep your payments current, it won’t affect your credit. Otherwise, it could be affected. Because of this, before applying, you should study your accounts and ensure you can cover your payments to avoid late payments.
References
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“Overdraft Services for Personal Accounts.” Wells Fargo Bank | Financial Services & Online Banking, https://www.wellsfargo.com/checking/overdraft-services/.
Luis graduated from Boston 2004 in Northeastern University and Tulane University with a MBA in NYU Stern School of Business.
Since then, Luis O. has earned the CFA Institute Certificate in ESG Investing, the Chartered Financial Analyst® designation (CFA® charter), as well as having FRM Certification which makes him a high-level financial consultant.
Luis has been collaborating in writing finance-related content for allaboutcareers since February 2022.
