Wells Fargo and Bank of America get Rid of Account Fees
Wells Fargo and Bank of America will no longer charge customers for bouncing checks. They are also limiting overdraft-related fees. Capital One also removed some of these fees last year.
Bank of America will eliminate non-sufficient funds (NSF) fees beginning in February, and reduce overdraft fees from $35 to $10 beginning in May. The company will also eliminate the transfer fee associated with its Balance Connect for overdraft protection service in May. These and earlier changes over the last decade, will lead to overdraft fee revenues being reduced by 97% from 2009 levels the bank said in a statement.
“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.
Wells Fargo also announced on Tuesday that it will stop charging customers fees for bouncing checks. it will also waive fees for customers using its overdraft protection services. These changes will go into effect on March 30.
Wells Fargo will give customers who overdraw their accounts 24 hours to bring the balance above $0 before charging them a $35 fee. Reuters reports that the bank will also begin giving customers who receive direct deposits access to those funds up to two days in advance.
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Simply the free market at work. Dozens of other banks and non banks like Capital One, Chime and Gobank have already eliminated overdraft fees and give customers direct deposit money 2 days early.
B of A and Wells had to do this to stop the bleeding of customers. Otherwise, how could they continue to justify the wildly excessive number of branches they maintain?
They aren’t doing this to be nice. The Consumer Financial Protection Bureau is cracking down on banks and new legislation is in the works on this. I don’t see the point in 2022 as not many people write checks and even when they do most stores will do an electronic check transfer at the register if they have money in the bank.