The company announced Tuesday that it will cap overdraft fees on accounts.
Press Release Service – Wired PR News – Bank of America Corp. announced changes to their overdraft policy Tuesday. As reported by the Associated Press (AP), the company stated customers whose accounts are overdrawn by less than $10 will not be charged overdraft fees as long as their accounts are brought current within five days. There will also reportedly be a cap on the number of times accounts may be assessed an overdraft fee per day. The changes are expected to go into effect October 19.
As noted by the AP, JPMorgan Chase & Co. is also expected to make significant changes to their overdraft fee policies, which will include access for all customers to an overdraft protection program and a reduction in the number of fees charged per day on overdrawn accounts.
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