There must be some great psych trick to this that you feel rich when you’re holding cash, and they don’t force you to feed $3 back into the machine so you don’t feel the pain of the loss immediately.
Customers aren’t supposed to even be able to overdraft on their account unless they actively “opt in” to the service. But a 2014 Pew study found more than half of the people who overdrew their checking accounts in the past year didn’t remember consenting to the overdraft service.
I specifically remember how confusing the opt-in language was when I received it.
USAA has no $35 fee, but they do offer a service that will make a transfer from a savings account to cover a low checking balance.
Bank of America is still evil:
If you do overdraw your account, we’ll charge no more than a total of 4 Overdraft Item fees and NSF: Returned Item fees per day. If your account remains overdrawn by any amount for 5 or more consecutive business days, you’ll incur an Extended Overdrawn Balance Charge,which applies to overdrawn accounts in either Overdraft Setting. View our checking accounts for details. See above FAQ for information about SafeBalance Banking accounts.