Bank of America announced that it will slash overdraft fees—the fines consumers pay when they make a purchase with their debit card but don't have enough money in their account— from $35 to $10 starting this May.
The major U.S. bank will cut overdraft fees from $35 to $10 after pressure from consumer advocacy groups.Bank of America announced Tuesday that it will slash overdraft fees -- the fines consumers pay when they make a purchase with their debit card but don't have enough money in their account -- from $35 to $10 starting this May.
In addition to reducing overdraft fees, Bank of America also announced Tuesday that it was entirely eliminating"non-sufficient funds fees," or the charges for a rejected transaction or bounced check. Other major financial institutions including JP Morgan Chase and Capital One have cut or eliminated these fees that can seemingly catch customers by surprise at times, when something they think they are purchasing for only a few dollars can end up being closer to $40.
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