Overdraft Fee Checker Tool
We hate overdraft fees. Use Cleo's handy tool to check how much you'll be charged for going into overdraft with your bank.
What is an overdraft fee?
Aside from being our mortal enemy, an overdraft fee is what a bank charges you for overspending in your account.
Whenever you make a purchase and the balance in your bank account goes below zero, your bank generously fronts you the missing funds. Of course, the bank charges you an overdraft fee for their help. And it ain’t cheap.
Especially when you don’t realize you’re in your overdraft and you make more than one transaction. It gets ugly real fast.
“But Cleo - surely my bank wouldn’t charge me each time I overdrafted? It’s an honest mistake and hard to keep track of my balance day to day.”
*Cleo wraps you in a blanket* …. “I’m sorry.”
Want to check your overdraft fee for your bank? Select your bank in the drop down below:
What can you do?
This should be a separate blog post, but since you’re here….
A quick win to improve your financial health is to just be aware of your finances. There’s a few apps out there that let you connect all your bank accounts and track your recurring bills which gives you a sense of what you can actually spend.
Next, building up a safety net in a savings account, even if it’s a few dollars a week is probably the best thing you can do. Next time you need to avoid your overdraft just transfer a few dollars over.
Some banks even offer “overdraft protection” which involves them automatically using your savings to cover any negative balances in your checking account.
need a quick spot?
As you can guess, we’re really not fans of overdraft fees. They punish people for honest mistakes.
And frankly, there’s no reason they should be $35. So. If you’re in a jam and need a little help Cleo can spot you $20 to $100 depending on your eligibility.
This plus other perks are offered as part of your Cleo Plus subscription ($5.99 a month).
- ✅ No credit checks
- ✅ No interest
- ✅ Cancel anytime
why do banks charge overdraft fees?
Overdraft fees are a huge part of how banks make money. When you don't have enough money in your account, and your bank pays for transactions anyway, they charge you for covering the transaction.
Banks in the US make up to $30 billion per year from overdraft fees.
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Used Mint, Albert, Digit, and this tops them all. Tons of great options- like being able to “fine” myself a certain $$ amount when I eat fast food? Then that goes into savings
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It is really helpful to see my expenses and have her give me a breakdown on how much I can spend each day and have her give me a budget