Wells Fargo and Bank of America get Rid of Account Fees

This post may contain affiliate links; please read our advertiser disclosure for more information.

Wells Fargo Bank of America Fees

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.

DDGhttp://dannydealguru.com
Based in NYC. Points/miles enthusiast for years and actively writing about it for the last 6+ years at Danny the Deal Guru. I'm always looking out for deals. Making a few bucks is always nice, but the traveling is by far the best part of this business.

More Like This

2 COMMENTS

Responses are not provided or commissioned by the bank advertiser. Responses have not been reviewed, approved or otherwise endorsed by the bank advertiser. It is not the bank advertiser's responsibility to ensure all posts and/or questions are answered.

2 COMMENTS

  1. 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?

  2. 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.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

7,703FansLike
15,951FollowersFollow
28,000SubscribersSubscribe

  • MtM recommended tool to track & organize credit cards
  • Best card offers personalized for you
  • Track bonus deadlines, fee dates & 5/24 status
  • Full Travel Freely overview

Free Sign-Up


  • MtM recommended tool to track & organize credit cards
  • Best card offers personalized for you
  • Track bonus deadlines, fee dates & 5/24 status
  • Full Travel Freely overview

Free Sign-Up

Subscribe To Our Newsletter

Join thousands of MtM readers who are subscribed to receive a once daily email with all of our posts. Never miss out!

You have Successfully Subscribed!