Snappy newsletters. Simple Facebook sharing. Spirited comments. Sweet features are waiting… GET THEM NOW!

BoA Scraps Debit Card Overdraft Fees

Move comes ahead of regulations, could pressure other banks

By Jane Yager, Newser Staff

Posted Mar 10, 2010 8:09 AM CST

(Newser) – Bank of America is scrapping overdraft fees on debit card purchases ahead of new federal regulations. As of this summer, overdrawn customers of the nation's largest debit card issuer will simply have their cards declined at the register—rather than ending up paying $40 for... Read full story »

COMMENTS

Read the comment policy

You need to Log in to Newser to comment. Don't have an account yet? Sign up now!

15 comments

A snapshot of the day's best news stories.

View Larger Grid

All Today Yesterday Pick a Date

What's Popular Now on Facebook

'Serpent Pastor' Dies of Snake Bite

Oosp: Romney's New App Misspells 'America'

New York Times (Source Grid »)
Wall Street Journal (Source Grid »)

Money • US

Bank of America • debit card • banking industry • overdraft fee

More Newser Stories

Banks Blitz Customers to Keep Overdraft Fees Coming

$20B in penalty fees threatened by Fed's new opt-in rule

(NEWSER) - Expect your mailbox to be stuffed in the coming weeks with entreaties from your bank, which desperately wants you to sign up for pricey overdraft fees it used to be able to slip into the small print. Under new Fed rules going into effect July 1, bank customers must opt-in for automatic debit card and ATM overdraft privileges, which rake in an estimated $20 billion in penalties every year, the New York Times reports. Hence the marketing blitz. More»

Man's Debit Card Charged $23 Quadrillion—for Smokes

Bank of America tacks on $15 overdraft fee for good measure

(NEWSER) - Josh Muszynski was just trying to buy cigarettes. But when he swiped his debit card, the New Hampshire man incurred a charge for $23,148,855,308,184,500—plus a $15 overdraft fee added by Bank of America, WMUR-TV reports. “I thought somebody had bought Europe with my credit card,” Muszynski said. “It was very concerning.” Luckily, his bank corrected for the national-debt-sized error. More»

Bank of America Laying Off Elite Bankers

Cost-cutting to hit Merrill's top earners

(NEWSER) - Bank of America plans to lay off 2,000 of its highest paid employees in its investment banking, commercial banking, and non-US wealth management units, sources tell the Wall Street Journal . Those operations just happen to be the ones that expanded with BofA's acquisition of Merrill Lynch, which has been the bank's top profit center since the financial crisis. The move is part of CEO Brian Moynihan's aggressive plan to cut costs. More»

Bank of America Readying New Fees

Will likely drive off free checking customers

(NEWSER) - The public relations disaster that was Bank of America's plan to charge customers monthly debit card fees was apparently so much fun that bank execs can't wait to try it again: In what the Wall Street Journal calls a sign of "stresses" in the banking industry, BofA is again looking at wide-ranging fees unless customers do significantly more business with the bank or agree to bank online. The move is politically risky, but with 2011 revenue down 22% over 2009, the bank is looking to drum up some cash from somewhere. More»

Bank of America May Pull Out of Some Areas

Bank tells Fed it'll shrink its footprint if things get rough

(NEWSER) - Should we start calling it Bank of Some of America? If push comes to shove, the banking giant is prepared to pull its operations out of some parts of the country, sources tell the Wall Street Journal . The unpalatable retreat is one of several contingency plans the bank drew up last year at the Federal Reserve's insistence, an exercise intended to prepare for the possibility that its mortgage and other financial problems could worsen. More»

NEWS FROM OUR PARTNERS

What is Newser?

Face it: there's too much news. At Newser, we choose the most thought-provoking and entertaining stories from hundreds of US and international sources and reduce them to a headline, picture, and two paragraphs. And we do it 24/7—you can come back morning, noon, night (and in between) for something new that matters. Read less, know more.

Learn more »

Partnering with: Slate

View Newser on the mobile website

BoA Scraps Debit Card Overdraft Fees

Move comes ahead of regulations, could pressure other banks

Bank of America • debit card • banking industry • overdraft fee

MOST POPULAR STORIES

[ By Views ]

[ By Comments ]

More Newser Stories

Banks Blitz Customers to Keep Overdraft Fees Coming

$20B in penalty fees threatened by Fed's new opt-in rule

Man's Debit Card Charged $23 Quadrillion—for Smokes

Bank of America tacks on $15 overdraft fee for good measure

Bank of America Laying Off Elite Bankers

Cost-cutting to hit Merrill's top earners

Bank of America Readying New Fees

Will likely drive off free checking customers

Bank of America May Pull Out of Some Areas

Bank tells Fed it'll shrink its footprint if things get rough

About Us

Site

Community

Site Maps

Tools

More News

What is Newser?