After earning billions of dollars, Bank Of America is lowering its overdraft fees from $35 to $10.
Starting in May, the bank will begin to reduce the overdraft fees, and they will get rid of the bounced checks fee in February. Also, they will stop the transfer fee for their Balance Connect overdraft protection service.
“Over the last decade, we have made significant changes to our overdraft services and solutions, reducing clients’ reliance on overdrafts. We have provided resources to help clients manage their deposit accounts…,” said the president of retail banking for Bank of America.
Overdraft fees have helped many banks earn more money; however, they are controversial. Many have argued that those who are impacted the most by the fees are the poorest in the country and usually pay the most.
