Bank of America cutting some fees on its overdraft services, joining recent enhancements by JPMorgan and Capital One.
The bank on Tuesday announced that it will begin to eliminate fees for nonsufficient funds in February and reduce overdraft charges from $35 to $10 beginning in May.
“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 at Bank of America, said in a press release.
“Throughout the process we have engaged our National Community Advisory Council (NCAC) for their guidance and feedback on our changes,” she explained. “These latest steps will further support our clients and empower them to create long-term financial wellness.”
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