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Bank of America slashes fees for overdrawn accounts

Bank of America has become the latest financial institution to limit its reliance on overdraft fees at a time when banks face stiff competition from free online services and regulators are hinting at a possible crackdown.

A Bank of America ATM is seen, Wednesday, Feb. 3, 2021, in Winchester, Mass. Bank of America is slashing the amount it charges customers when they spend more than they have in their accounts and plans to eliminate entirely its fees for bounced checks. The Charlotte-based bank will cut the fee it charges customers to overdraft to $10 from $35 starting in May 2022.
A Bank of America ATM is seen, Wednesday, Feb. 3, 2021, in Winchester, Mass. Bank of America is slashing the amount it charges customers when they spend more than they have in their accounts and plans to eliminate entirely its fees for bounced checks. The Charlotte-based bank will cut the fee it charges customers to overdraft to $10 from $35 starting in May 2022.Read moreElise Amendola / AP
    by Aaron Gregg, Washington Post
    Published