Overdraft Fees
Bank of America to Eliminate Overdraft Fees
A recent proposal by the Federal Reserve Board would prevent lenders from automatically issuing overdraft fees when consumers surpass their debit limits.
One commercial bank is echoing this effort by eliminating overdraft fees on debit accounts this summer. According to a recent announcement, Bank of America customers will only be able to make transactions if they have enough money in their account. The company currently charges $35 for those who overextend their debit cards.
The bank’s Overdraft Protection plan will allow consumers to use another form of payment or funds from their savings or other accounts to cover purchases. Consumers will also be warned at ATMs if withdrawing a certain amount of cash would overdraft their account.
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