“The remaining (people that get charged overdraft fees) are business owners who are moving money around,” Moynihan said. He did not share specifics on the number of instances. Moynihan said in the policy’s first two months, overdraft fee revenue declined 90% and the bank was seeing fewer instances of the fees being collected. Bank of America CEO Brian Moynihan told The Associated Press that he expects whatever residual income the bank earns from overdraft fees will come from small businesses using overdraft fees as a convenience.īofA’s new overdraft fee policy was implemented starting in June.
The nation’s largest banks are moving away from the practice of charging exorbitant fees on what are mostly small-dollar purchases after years of public pressure.
Starting the middle of 2021, regional banks such as PNC and Capital One, as well as the online bank Ally, announced plans to eliminate overdraft fees or find ways to curtail them dramatically.The nation’s largest banks are moving away from the practice of charging exorbitant fees on what are mostly small-dollar purchases after years of public pressure.Bank of America says the revenue it gets from overdrafts has dropped 90% from a year ago, after the bank reduced overdraft fees to $10 from $35.
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