CHARLOTTE, N.C., Jan. 11, 2022 /PRNewswire/ — Bank of America today announced significant changes to its overdraft services, including plans to eliminate non-sufficient funds (NSF) fees beginning in February, and to reduce overdraft fees from $35 to $10 beginning in May. The company will also eliminate the transfer fee associated with its Balance ConnectTM for overdraft protection service in May. These and earlier changes over the last decade, together with industry-leading solutions that can help consumer clients avoid overdraft fees – such as the no overdraft fee SafeBalance® account and Balance AssistTM – will lead to overdraft fee revenues being reduced by 97% from 2009 levels.
“Over the last decade, we have made significant changes to our overdraft services and solutions, reducing clients’ reliance on overdraft, and providing resources to help clients manage their deposit accounts and overall finances responsibly,” said Holly O’Neill, President of Retail Banking, Bank of America. “Throughout the process we have engaged our National Community Advisory Council (NCAC) for their guidance and feedback on our changes. These latest steps will further support our clients and empower them to create long-term financial wellness.”
Progress toward reducing overdraft fees
Since 2010, Bank of America has taken many steps to empower its consumer and small business clients to bank with greater confidence and reduce overdraft usage. The company leads the industry in helping clients avoid overdrafts and, in doing so, has significantly reduced the vast majority of fees related to overdraft. Key milestones along this journey have included:
- 2010 – Eliminated overdraft fees for consumer clients when using debit cards at the point of sale
- 2011 – Introduced courtesy low balance alerts
- 2014 – Launched the Safe Balance “no overdraft fee” account
- 2017 – Eliminated the extended overdrawn balance charge
- 2020 – Created Balance Assist, a low-cost solution to manage short-term liquidity needs
- 2021 – Launched Balance Connect for overdraft protection, letting clients link to up to five accounts to avoid overdrafts
- Feb 2022 – Will eliminate non-sufficient funds fees
- Feb 2022 – Will remove ability for clients to overdraw their accounts at the ATM
- May 2022 – Will reduce overdraft fees from $35 to $10
- May 2022 – Will eliminate Balance Connect for overdraft protection transfer fee (formerly $12)
“We remain committed to taking actions that will further bring down overdraft fees in the future and continue to empower clients to drive positive changes to behavior pertaining to overdraft,” added O’Neill.
Bank of America Announces Sweeping Changes to Overdraft Services in 2022 was originally published on praiserichmond.com
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