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Bank of America announced Tuesday that it would carve overdraft fees for its 66 million consumer and dinky business clients. Beginning next month, the banking giant will no longer funding customers to overdraw funds at ATMs and will detach nonsufficient funds (NSF) fees for bounced checks and latest similar transactions.
Starting in May, overdraft fees will also be reduced from $35 to $10 on transactions covered by the bank when an account's balance is overdrawn, including via recurring or automatic payment transactions. The bank will also detach the $12 Balance Connect™ service charge to transfer accounts from linked accounts to overdrawn accounts.
"Over the last decade, we have made significant changes to our overdraft facilities and solutions, reducing clients' reliance on overdraft and providing resources to help clients organization their deposit accounts and overall finances responsibly," Holly O'Neill, the bank's President of Retail Banking, said in a statement.
The move comes at what time increased scrutiny from consumer advocacy groups and lawmakers proverb out against overdraft fees and how they have unfairly impacted consumers. Overdraft and NSF fees are a significant revenue source for US banks, bringing in an estimated $15.47 billion in 2019, according to a December narrate by the Consumer Financial Protection Bureau. Among banks with more than $1 billion in assets, Bank of America, JP Morgan and Wells Fargo caused in 44% of the fees that year. According to the CFPB, these "fee harvesting practices" have required throughout the COVID-19 pandemic, with just under 9% of consumer moneys paying 10 or more overdrafts per year.
Other financial plan institutions, including Capital One, Discover and Ally Financial announced in 2021 that they would drop overdraft fees, at what time others introduced less-punitive alternatives like grace periods or short-term loans.
Consumers seeking help distributing with overdraft and NSF fees can submit a demonstrations to the CFPB. Advice on managing bank accounts and avoiding fees is available on the CFPB's website.
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