Banks charge a fee when your balance drops below zero dollars. There are two types of fees: overdraft fees and nonsufficient funds fees. The fee amounts are usually the same, but the process is different.if a purchase would overdraw your account, and the bank covers your overdraft so the transaction goes through. This is typically the process when you swipe your debit card but don't have enough money in your checking account to cover the purchase.
Banks only charge a fee if you overdraw your account by a given amount, usually around $5. So if you withdraw your account by only $4.50, for example, you wouldn't have to pay a fee. Most banks only charge overdraft fees up to a certain number of times per day, but some don't place a limit on the number of times they can charge you.
Some institutions charge an additional overdraft fee once your account has stayed overdrawn for a certain number of days. For example, Radius charges a $5 daily overdraft fee if your account has been overdrawn for five consecutive days.Several institutions don't charge overdraft fees — if swiping your debit card would overdraw your account, the bank simply denies the purchase.
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