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Best Banks for Overdraft Protection: Ally, Chase, Chime, and More
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Best Banks for Overdraft Protection: Ally, Chase, Chime, and More

Choosing the right bank involves evaluating various factors, including monthly maintenance fees, annual percentage yields (APYs), minimum balance requirements, and welcome offers. A crucial aspect to consider is the bank's overdraft policy. While some banks impose fees for overdrafts, others offer protective services to avoid such charges. For instance, Ally Bank provides two options: an Overdraft Transfer Service that moves funds from a linked account and CoverDraft, which covers up to $100 and can increase to $250 under certain conditions. Axos Bank, known for its high APY of up to 3.30%, also offers overdraft protection by transferring funds from a linked account. Chase Bank provides overdraft assistance up to $50 on several accounts, and Chime’s SpotMe service allows overdrafts up to $200 without fees. Quontic Bank stands out with its innovative Quontic Pay Ring and no overdraft fees, though it lacks overdraft protection. Lastly, SoFi offers overdraft protection up to $50 and a welcome bonus up to $300. Each bank has its unique offerings and limitations, so understanding their overdraft policies can help you make an informed decision.

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