Bank of America changes overdraft fees for the benefit of customers

According to Bank of America, the bank will lower overdraft fees for its customers, starting October 19, 2009. While the fee itself will remain at $35 per overdraft, there will be no charge if the overdraft is by less than $10. Previously, this limit was set to $5. The bank will also stop charging if a consumer exceeds 4 overdrafts in a given day. Previously, this limit was 10 per day.

Bank of America claims that these changes come as a result of listening to customer feedback. It is clear that tough economic times are making more of their customers vulnerable to overdraft fees, and customers have been complaining about being hit hard by the fees.

Though the fees seem high and in some ways predatory towards those with little money in their accounts, gethuman still applauds the company for listening and responding to customer demand. Customers will still have the option to opt out of overdraft protection when signing up for a new account at the bank.

Read more about this from the Charlotte Observer

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Posted by GetHuman on Wed, 7 Oct 2009 2:06am