Bank of America, New Policy On Overdraft Fees

Bank of America has announced that it will no longer charge overdraft fees to customer’s who overdraw their account by less than $10 and will give them five days to correct the balance in their account before finally being charged an overdraft fee. There is also a limit on the number of overdraft fees that will be charged per day, which will be four, to any customer who mistakenly overdraws their account multiple times within a day.Bank of America’s overdraft policy still charges $35 dollars per overdraft but they have changed their overdraft policy in a major way, aside from the ways mentioned above. Bank of America’s overdraft program came standard with any account and customers could pay for purchases without sufficient funds, be charged the fee and then correct the imbalance without any problem. However, Bank of America is now giving customers an option of opting out of the overdraft program, which means that if they overdraw their account they will be unable to make the purchase at the register, therefore avoiding the overdraft fee entirely.

Bank of America has implemented this new program in light of the economic hardships that many Bank of America customers are now facing. There are similar programs in the works for credit cards as most of the new changes in overdraft fees apply to debt cards.

The new policies are extremely customer-friendly on the part of Bank of America seeing as overdraft fees bring in a large amount of revenue for the banking institution.  As we continue to push into a much better economy some are willing to spend money so they are looking for California Sears Presidents Day Laptop Sales 2012.  Remember that upgrading a laptop can be expensive so it would be smart to look at some of the holiday events coming up.

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