Bank of America said that once all of these latest changes take effect, the bank will end up lowering its overdraft fee by 97% from 2009 levels.
“Over the past decade, we have made significant changes to our overdraft services and solutions, reducing customers’ reliance on overdrafts, and providing resources to help customers manage deposit accounts and general finances responsibly,” said Holly O’Neill, Head of Retail. Banking for Bank of America, in version.
Finish “Offering Overdraft?”
Senator Elizabeth Warren criticized JPMorgan Chase CEO Jamie Dimon last year for her fee, referring to him as the “star of the overdraft show.”
But JPMorgan Chase told CNN Business in December that it had already taken some action on overdraft fees and insufficient funds fees.
“We have eliminated the insufficient funds fee and significantly increased the amount a customer can withdraw before the overdraft fee is charged,” Elizabeth Seymour, a spokeswoman for the bank, said last month. “These changes reflect our ongoing efforts to provide the best products and the most competitive services that our customers want.”
The bank also said in December that starting this year, it will give customers until the end of the next business day an opportunity to boost balances so they can avoid overdraft fees from the previous day.
JPMorgan Chase customers will also have direct access to deposited payroll checks up to two business days early.