Bank of America And Wells Fargo Are Killing Fees For Bounced Checks
Overdraft and non-sufficient funds fees and policies have been overhauled by two banking behemoths.
Bank of America and Wells Fargo were the latest banks to overhaul their overdraft services and lower costs this week. Starting in May, Bank of America will lower its overdraft penalty from $35 to $10, as well as eliminate its transfer cost for overdraft protection.
In a press statement dated Jan. 11, the bank also stated that beginning in February, it will no longer charge a fee for bounced checks, also known as a "non-sufficient funds" penalty.
Wells Fargo has also announced that, beginning in March, it would abolish its non-sufficient funds cost as well as the charge for overdraft protection. Customers will now have a 24-hour grace period before being charged an overdraft fee, and they will be able to access direct-deposit funds two days earlier than previously.
The improvements, according to Mary Mack, chief executive officer of Wells Fargo Consumer and Small Business Banking, offer clients greater choice and flexibility in fulfilling their needs.