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Exclusive   2007 Courtesy Overdraft Study
  STATISTIC: The average courtesy overdraft fee is $29, Bankrate's  
  survey shows. But some banks increase fees for each offense.  
   
Results of overdraft study

2007 Courtesy Overdraft Study results
 

Bankrate surveyed courtesy overdraft protection plans at the top five banks and top five thrifts in the top 10 markets in the U.S. The results also include information on overdraft protection plans that customers can choose instead, which may be linked to a savings account or to a line of credit. The survey was conducted in December by Karen Harrabin of Bankrate’s Research Department.

Survey results
Select:
New York
Courtesy overdraft
Overdraft protection
Bank name
Fee for courtesy overdraft
(per item)
Limit of coverage Daily fee
Bank of America $20 for 1, $35 up to 5 $1000 $0
Chase Bank, NA $35 Depends on relationship w/bank * NY $0
Citibank, NA $30 Depends on relationship w/bank * $0
HSBC Bank USA, NA $35 Depends on relationship w/bank * $0
North Fork Bank $32 Depends on relationship w/bank * $0
Astoria Federal Savings and Loan Assn $25 for 1, $30 for 2 to 4, $35 for 5 or more Depends on relationship w/bank * $25 plus daily charge of 17.9% interest on amount of LOC used
Emigrant Savings Bank $25 Must apply for overdraft LOC $0
New York Community Bank dba Queens Co Savings Bank $33 Depends on relationship w/bank * $0
Sovereign Bank New England Not offered N/A N/A
Washington Mutual $25 for first 4, then $35 each $100 to approved limit $0
Bank name
Fee if linked to a savings account (per item)
Fee if linked to line of credit (LOC)
Bank of America $10 N/A
Chase Bank, NA $10 N/A
Citibank, NA $5 N/A
HSBC Bank USA, NA $0 N/A
North Fork Bank $0 N/A
Astoria Federal Savings and Loan Assn. $25 N/A
Emigrant Savings Bank $0 N/A
New York Community Bank dba Queens Co. Savings Bank $20 N/A
Sovereign Bank New England $10 N/A
Washington Mutual $10 N/A
Create a news alert for "overdraft" -- Posted: Dec. 19, 2007
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 RESOURCES
Courtesy overdraft bad for customers
Traditional vs. courtesy overdraft
Using credit card for overdraft protection
 TOP CHECKING STORIES
Winners and losers: Certificates of deposit
Winner or loser: Mortgage shopper
Winner or loser: Home equity loans




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