Bank of America Cuts Overdraft Fees
Bank of America will reduce overdraft fees from $35 to $10. The move by DCA member BOA was made to provide relief to customers least able to afford overdraft fees. BOA, the second-largest bank in the US, also announced it would eliminate nonsufficient-funds fees next month and transfer fees for overdraft protection in May.
BOA should be commended for the move to drop bank fees that disproportionately impact low-income customers, including Black and Latino Americans. This move will provide cash-strapped families with much-needed relief and help set a new tone in the industry for fairness and inclusion.