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B of A scraps debit overdraft fees
March 14, 2010
Bank of America has scrapped the $35 overdraft fees it charges on debit purchases, according to The Wall Street Journal, reported by The Euromoney Institutional Investor Online Portal. Under the new policy, any customer who tries to buy with insufficient funds will be denied at the point of sale. The new rule will begin for new customers on June 19 and for existing debit cardholders in August, The Journal reports.
The move could cost BofA millions of dollars in revenue. BofA cardholders may still get cash from ATMs if they are rejected at the POS, but the $35 fee will be levied on any overdrafts at the ATM.
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