Bank / Credit Union
Bank of America to cut non-sufficient funds fees, reduce overdraft fees
January 11, 2022
Bank of America has announced it will eliminate non-sufficient funds fees in February and will reduce overdraft fees from $35 to $10 in May. It will also get rid of the transfer fee with its Balance Connect for overdraft protection in May, according to a press release.
The bank has made continual changes to help customers avoid overdraft fees, such as its SafeBalance overdraft fee account and Balance Assist. With these changes, overdraft revenues will fall by 97% from 2009 levels, according to the release.
"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," Holly O'Neill, president of retail banking, Bank of America, said in the release. "Throughout the process we have engaged our National Community Advisory Council (NCAC) for their guidance and feedback on our changes. These latest steps will further support our clients and empower them to create long-term financial wellness."
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