Say Goodbye to Overdraft Fees
We’ve eliminated overdraft fees on all consumer deposit accounts.
This enhancement is just one of the ways that BankUnited is supporting you on your financial journey.
Frequently Asked Questions
What is an overdraft?
An overdraft occurs when you do not have enough available funds in your account to cover a debit transaction (such as a check, bill payment, withdrawal, or electronic transaction).
What happens if I overdraw my account?
If your account becomes overdrawn, we will not charge an overdrawn account balance fee for each day that the account remains negative. Additionally, if we choose to pay a debit transaction that creates an overdraft in your account, we will not charge any insufficient or uncollected funds fees. You will, however, need to make a deposit into your account to cover the overdraft.
Do I need to repay the overdraft?
Yes. If we choose to pay a transaction that created an overdraft in your account, you must make a deposit into your account to cover the overdrawn amount. If you fail to pay any overdraft, we may not approve additional transactions that overdraw your account. We may also close your account and report the account closure to a consumer reporting agency. This may impact your ability to open accounts with us or other financial institutions in the future.
Will I be notified when my account goes into a negative balance?
Yes. We will send you an Insufficient Funds Notice. The notice will display the negative balance in the account and tell you if an item presented for payment has been paid or returned. You can also set up custom alerts on the BankUnited app to alert you if your account balance is low.
Do all funds in my account count towards my available balance?
No. Your available balance reflects the funds that are available for withdrawal from your account. Your available balance includes all deposits (such as wire transfers, electronic direct deposits and cash deposited at a BankUnited branch) that are immediately available and withdrawals that have posted to your account. Your available balance may not immediately reflect some withdrawal transactions (such as outstanding checks, bill payments and certain debit card transactions). The best way to know how much money is available in your account for withdrawal is to keep a record and track all transactions made in your account. You can also check your available balance by viewing your account online or on the BankUnited app.
Does this mean I can spend more money than I have in my account?
No. While we may choose to pay overdraft transactions from time to time in our sole discretion, you do not have the right to overdraw your account. If your balance remains negative, we may not approve additional transactions that overdraw your account, and your account may be closed. This may impact your ability to open accounts with us or other financial institutions in the future.
Keep your account and your credit score in good health.
Set up custom alerts in the mobile app to stay on top of your finances.
Download the BankUnited app today.
