CHARLOTTE, N.C.–Bank of America has announced additional changes to its overdraft fees policy.
In announcing the fees, the bank said, “We're committed to helping with your long-term financial wellness — that's why we want to make sure you've heard about these significant changes to reduce or eliminate certain fees on personal and small business checking accounts.”
As CUToday.info previously reported, earlier this year the bank stopped charging its NSF/Returned Item fee, as well as its Returned Item Chargeback fee.
In a statement to its customers, effective May 24, the bank said changes will also take place on its:
- Overdraft Protection Transfer Fee. “We'll no longer charge for transfers to checking accounts from your linked backup account(s) through Balance Connect for overdraft protection,” BofA said. “Keep in mind, overdraft protection transfers from credit accounts and home equity lines of credit will continue to accrue interest, and transfers from personal savings accounts may still lead to a Withdrawal Limit Fee, as they do today.”
- Overdraft Item Fee. “This fee will be lowered from $35 to $10 for each item we PAY when there aren't enough funds to cover it, resulting in an overdraft on your account,” Bank of America said. “We'll also charge no more than two of these fees each day on any checking account (previously up to four fees were charged each day).”
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