Tags: B of A | no | Overdraft | Fees

B of A Moves to Do Away with Overdraft Fees

Wednesday, 10 Mar 2010 09:13 AM

 

Share:
  Comment  |
   Contact Us  |
  Print  
|  A   A  
  Copy Shortlink
Bank of America officials said on Tuesday that it was doing away with overdraft fees on purchases made with debit cards -- a new policy call that could cost the bank tens of millions a year in revenue and put pressure on other banks to do the same.

The move comes as a new federal rule will soon require banks to get permission to provide certain overdraft services.

Starting this summer, Bank of America customers who try to make purchases with their debit cards without enough money in their checking accounts will simply be declined.

Debit purchases account for roughly 60 percent of overdrafts at Bank of America, the nation’s largest issuer of debit cards, according to a nytimes.com report.


© All Rights Reserved.

Share:
  Comment  |
   Contact Us  |
  Print  
  Copy Shortlink
Around the Web
Join the Newsmax Community
Please review Community Guidelines before posting a comment.
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
 
Email:
Country
Zip Code:
Privacy: We never share your email.
 
Hot Topics
Follow Newsmax
Like us
on Facebook
Follow us
on Twitter
Add us
on Google Plus
Around the Web
Top Stories
You May Also Like

Report: White House Expects 'Surge' of Immigrants

Sunday, 19 Oct 2014 23:36 PM

The U.S. Citizenship and Immigration Services has published a draft solicitation for immigrant identification cards that . . .

Journalists' Group: CNN Cut Support After Diversity Complaint

Monday, 20 Oct 2014 13:37 PM

CNN has withdrawn its support from the National Association of Black Journalists' 2015 Convention and Career Fair after  . . .

Special Military Team to Give Medical Support for Ebola in US

Monday, 20 Oct 2014 13:30 PM

The Pentagon has ordered a 30-person military medical team to be on standby to support civilian health professionals in  . . .

Most Commented

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

 
NEWSMAX.COM
America's News Page
©  Newsmax Media, Inc.
All Rights Reserved