It's the latest move away from the practice amid years of pressure from critics who say the fees unfairly target vulnerable communities
Bank of America said Tuesday it would eliminate insufficient funds fees and cut overdraft fees from $35 to $10—the latest move from a large bank away from the practice amid years of pressure from critics who say the fees unfairlyA Bank of America ATM is seen, Wednesday, Feb. 3, 2021, in Winchester, Mass. Bank of America toppedKey Facts
Bank of America plans to end non-sufficient funds fees in February, and reduce overdraft charges by $25 in May, the bankThe changes will lead to a 97% reduction in overdraft revenues from where they were in 2009, according to Bank of America. The bank said it has slowly reduced its overdraft fee practices, including cutting overdraft fees tied to debit card purchases in 2010, and creating a checking account that did not allow customers to overdraft in 2014.
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Bank of America reducing overdraft fees, eliminating insufficient funds feesBank of America estimates that these changes will cut its overdraft-fee revenues by 97% from where they were in 2009.
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Bank of America slashes fees for account overdraftsBank of America is slashing the amount it charges customers when they spend more than they have in their accounts and plans to eliminate entirely its fees for bounced checks.
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Bank of America slashes fees for account overdrafts | AP NewsNEW YORK (AP) — Bank of America is slashing the amount it charges customers when they spend more than they have in their accounts and plans to eliminate entirely its fees for bounced checks. It's the latest move by the nation's biggest banks to roll back the overdraft fees they long charged customers, fees that often amount to hundreds of dollars a year for frequent overdraft users.
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Bank of America slashes fees for account overdraftsBank of America slashed the amount it charges customers when they spend more than they have in their accounts and plans to eliminate entirely its fees for bounced checks.
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Bank of America Reducing Overdraft Fees to $10, Eliminating Other ChargesStarting in May, BofA will cut the fee it charges customers to overdraft and eliminate fees for bounced checks. The bank is also eliminating two smaller fees as well.
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No more fees for bounced checks at this bankBank of America eliminates bounced check fee and cuts overdraft charges. It's the latest -- and biggest -- major financial institution to announce that it is ending fees for insufficient funds.
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