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Bank of America ending OVERDRAFT FEES - Summer 2010

submitted on March 10, 2010 by orangearrows in "Member's Lounge"

NEW YORK — Bank of America customers will soon be unable to spend more than they have in the accounts linked to their debit cards. It's a step that may become a common move ahead of new regulations limiting overdraft fees.

Rules set by the Federal Reserve that will ban banks from charging such fees, without first getting permission from the customer, are set to take effect July 1.

But Bank of America is going a step further than the regulations require. It will simply no longer allow debit card purchases to go through if there isn't enough money in the account.

For ATM transactions, customers who try to withdraw more than their balance will have to agree to pay a $35 overdraft fee before they can get the money.


  • 55299
    Posted by WhattaDealBlog on March 10, 2010
    [reply] 3 0
    I worked for BOA and this will save customers millions and of course cost the company that much.
    • orangearrows
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      Posted by orangearrows on March 10, 2010
      [reply] 5 0
      They are sure to find another way to get the money.

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