Bank of America to change policies on overdraft fees

I have written about Bank of America (BofA) a few times. This bank was outrageous in its overdraft fees and I had to have it out with them to reverse the charges on what happened to me.

The atmosphere is toxic to banks from the public right now and rightly so. These companies have been complicit with Wall Street in the housing crisis and have had to have OUR MONEY to save their asses.

I was not a fan of Obama bailing these banks out because they chose to get in the predicament that these institutions were in, but to repeatedly shaft the public is just too much. Now change is in the air.

Bank of America Corp. said Tuesday it's capping the fees it charges customers for overdrawing their accounts, backpedaling on the hikes the company imposed just this year.

Starting Oct. 19, Bank of America said it will no longer charge overdraft fees when a customer's account is overdrawn by less than $10 in one day. A $35 fee will still be levied if the account isn't brought into balance within five days.

The Charlotte, N.C.-based bank also will limit to four the number of times an overdraft fee can be charged on an account per day. Just this year, the bank had raised that cap from five to 10. It also raised the fee this year for the first overdraft in a 12-month period to $35 from $25 — a hike that still stands. read the rest here...

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