This Bank Is Eliminating NSF Fees & Reducing Overdraft Charges
One of the worst things to deal with in a banking relationship is overdraft or bounced check fees. Maybe you juggle several accounts and need peace of mind that comes with knowing if you didn’t make a transfer , you won’t be hit with that $35 overdraft which is often more than the charge that was denied in the first place adding insult to injury.
According to a press release by Bank of America they have heard those pleas and announced they are changing the way they deal with over drafts and have plans to eliminate NFS fees starting next month. They also have committed to reduce overdraft fees from $35 to $10 starting this spring in May.
Holly O’Neill, President of Retail Banking at Bank of America said:
“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, and these latest steps will further support our clients and empower them to create long-term financial wellness.”
Bank of America indicates in the press release that they pride themselves on offering a powerful combination of low and no cost, offerings, for account types that help clients budget, save, and spend carefully and confidently without fear of racking up charges.
Another bank that recently announced changes in the overdraft arena is Wells Fargo who now will give customers who overdraw their accounts 24 hours to bring the balance above $0 before charging them a $35 fee.
Only time will tell if this trickles down to most banks including the smaller local banks, but it sure would be welcomed by many.