Help avoid the inconvenience associated with returned checks with Bank of America's Overdraft Protection service.
How it works
When you sign up for Overdraft Protection, available funds are automatically transferred to your Small Business checking account from another Bank of America business account whenever an overdraft occurs. There is no cost to sign up for Overdraft Protection and we only charge you a fee when we transfer funds for you.Footnote 1
The following business accounts can be linked to your Small Business checking account and used for Overdraft Protection:
- Business Interest Maximizer™
- Business Investment Account
- Another business checking account
- Business credit card accounts
What it costs
Overdraft Protection linked to business savings:
The Overdraft Protection transfer fee is $10 on the day an Overdraft Protection transfer occurs, no matter how many overdrafts are covered that day. Some accounts waive the transfer fee, so be sure to read your business savings account details to verify whether the transfer fee would apply to your account.
Overdraft Protection linked to another checking account:
You can link your business checking account to another business checking account for Overdraft Protection. Then, we can move available funds from your other business checking account to cover overdrafts. The Overdraft Protection transfer fee is $10 on the day an Overdraft Protection transfer occurs, no matter how many overdrafts are covered that day. If you choose to use another checking account for Overdraft Protection, please make sure the other account has enough funds for potential overdraft situations.
Overdraft Protection linked to a business credit card:Footnote 2
The transfer to cover an overdraft linked to your business card is considered a cash advance. There's a cash advance fee of 3% for transfers of $10 or more when we transfer funds to you. There is no fee when the overdraft amount is less than $10 for the day.