Bank of America just charged me $10 for an 'overdraft protection transfer' from my own savings account! Is that legal?

Yes, it’s legal. Using funds from one account to cover an overdraft on another account is called “right of setoff. €?

Your bank must explain this right in the deposit contract that you receive upon opening any account. Check under such terms as “overdraft� And “setoff.

€? To paraphrase the businessdictionary. Com definition of setoff, a bank has the legal right to seize a borrower’s account balance to apply to any loan that is in arrears, with the exception of consumer and credit-card loans.

Technically, when you overdraw a checking account, you have accepted the terms of what is informally known as an “overdraft loan�. Instead of charging you interest, the bank charges you overdraft (OD) fees if it pays the items, or non-sufficient funds (NSF) fees if it returns them. Some banks equate these fees in an NSF fee.As a courtesy, the bank may allow you to choose which account you would like to use for the right of setoff, and has you authorize this account with a signature.

The bank also charges a fee for performing the transfer that you elected not to do yourself in anticipation of the overdraft. Two ways to prevent an overdraft-protection transfer: 1) make the transfer yourself before overdraft occurs, and 2) authorize only those items covered by your checkbook balance (not your bank balance). Respectfully, Shin.

Yes, it’s legal. Using funds from one account to cover an overdraft on another account is called “right of setoff. € Your bank must explain this right in the deposit contract that you receive upon opening any account.

Check under such terms as “overdraft” and “setoff. € To paraphrase the businessdictionary. Com definition of setoff, a bank has the legal right to seize a borrower’s account balance to apply to any loan that is in arrears, with the exception of consumer and credit-card loans.

Technically, when you overdraw a checking account, you have accepted the terms of what is informally known as an “overdraft loan”. Instead of charging you interest, the bank charges you overdraft (OD) fees if it pays the items, or non-sufficient funds (NSF) fees if it returns them. Some banks equate these fees in an NSF fee.As a courtesy, the bank may allow you to choose which account you would like to use for the right of setoff, and has you authorize this account with a signature.

The bank also charges a fee for performing the transfer that you elected not to do yourself in anticipation of the overdraft. Two ways to prevent an overdraft-protection transfer: 1) make the transfer yourself before overdraft occurs, and 2) authorize only those items covered by your checkbook balance (not your bank balance). Respectfully, Shin.

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