On Monday Bank of America and JPMorgan Chase said they will reduce overdraft fees and overhaul checking account options. Overdraft fees mean billions of dollars for banks annually, but with financial system reform in the national spotlight, consumers and lawmakers want banks to ease up on the penalties.
On Oct. 19, Bank of America says it will allow customers to opt out of the ability to outspend their accounts, and it will no longer charge fees for more than four items per day or on overdrawn balances of less than $10. Then in June, the bank will limit the number of times per year that consumers can overdraw their accounts using debit cards in stores. New customers will be able to opt out of overdrafts when they open accounts.
JPMorgan Chase will eliminate overdraft fees for debit cards unless customers opt in, and it will cut the maximum amount of overdrafts per day to three from six. It will no longer charge for overdrawn balances of less than $5.
Tags bank bank of america chase Fees money overdraftRelated Posts
- Credit Card Reform Leaves Small Business Out
- Stocks for the Long Run
- Save Time And Money: Best Back-To-School Laptops
- PayPal is an Expensive Way to Transfer Money
- More Airline Fees