Axos Bank brags that online banks have fewer overhead costs and thus are “able to” charge fewer fees than traditional banks. Yet Axos Bank continues to saddle its customers overdraft fees, despite record unemployment levels during the COVID pandemic.
Our consumer protection attorneys are pursuing an overdraft fees lawsuit investigation against Axos Bank (formerly known as Bank of Internet, or “BofI”). Contact us if you’ve experienced any of these fees:
- Overdraft Fees
- Insufficient funds (NSF) fees
- Intrabank transaction fees
- Foreign transaction fees
- ATM fees
Axos Bank Overdraft and NSF Fees
Axos Bank, headquartered in San Diego, CA, is primarily an online bank with no brick and mortar branches for personal banking. According to their posted schedule, they charge the following overdraft fees:
- Non-sufficient/uncollected funds fee of $25 (maximum of $75 per day) for check, ACH and bill payment transactions that overdraw your available account balance
- Axos may also charge fees for ATM and debit transactions that overdraw your available account balance
If you opt into Axos’s overdraft protection by way of a linked savings account, Axos will automatically make transfers from your linked account to cover items overdrawing your checking account. However, these transfers are counted towards Axos’s cap of 6 transfers per month; for any additional transfers (including transfers for overdraft protection), Axos charges a $10 fee.
Some of these fees may be illegal, depending on how they are assessed. Our consumer protection attorneys can review your fees for free and determine whether any can be recovered.