Bank of America to Reduce Overdraft Fees to $10
11 Januar 2022 - 02:19PM
Dow Jones News
By Will Feuer
Bank of America Corp. said Tuesday that it would reduce
overdraft fees to $10 from $35 beginning in May and would eliminate
non-sufficient funds fees in February.
These and earlier changes rolled out in recent years will lead
to the company's overdraft fee revenues being reduced by 97% from
2009 levels.
"Over the last decade, we have made significant changes to our
overdraft services and solutions, reducing clients' reliance on
overdraft, and providing resources to help clients manage their
deposit accounts and overall finances responsibly," said Bank of
America's President of Retail Banking Holly O'Neill.
Overdraft fees have been targeted by Democratic politicians,
including Sen. Elizabeth Warren (D., Mass.) and Sen. Cory Booker
(D., N.J.), who say such charges exploit low-income workers.
Write to Will Feuer at Will.Feuer@wsj.com
(END) Dow Jones Newswires
January 11, 2022 08:04 ET (13:04 GMT)
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