Jump to content

Two of the Major banks in the US reform Overdraft Fees


greengiant912
 Share

Recommended Posts

http://www.reuters.com/article/domesticNew...E58M2TE20090923

 

NEW YORK (Reuters) - JPMorgan Chase & Co said on Wednesday that it was eliminating some overdraft fees altogether and trimming others, after Bank of America Corp announced a similar move on Tuesday.

 

The changes follow U.S. congressional leaders' criticism of bank account fees and come as the banks digest rule changes for credit card fees.

 

New York-based JPMorgan said it made the changes, which include removing overdraft fees if a customer's account is $5 or less overdrawn, in a bid to help its 25 million debit card customers amid the recession and rising U.S. unemployment levels.

 

The second-largest U.S. bank is also ending overdrafts for debit cards unless the account holder opts into an overdraft service, and it will start recognizing debit-card transactions and cash withdrawals as they occur, according to the statement.

 

Bank of America, the largest U.S. bank, said it was reducing overdraft and other account fees over the next year.

 

http://newsroom.bankofamerica.com/index.ph...3&item=8538

 

 

 

 

Contact your bank to see if they follow suit, if not switch banks. This is a huge thing for a lot of people when that $4 cup of coffee costs you $39 with overdraft fees. Granted your in charge of you own money however mistakes happen and I am glad that banks are finally starting to realize that people are not out to screw them!

Share this post


Link to post
Share on other sites

Wait, so these banks responded to one another's actions and lowered overdraft fees, in a move to ultimately benefit the consumer, and it didn't require an act of congress (literally) for a result to be to the avail of the public?

 

Interesting... I think we may be on to something here.

Share this post


Link to post
Share on other sites

The one time I ran into overdraft fees was with paypal taking money out and putting it back in 10 seconds later. Thankfully my bank waived them. Now I just use Mint to track how much money Ive got.

Share this post


Link to post
Share on other sites

Wait, so these banks responded to one another's actions and lowered overdraft fees, in a move to ultimately benefit the consumer, and it didn't require an act of congress (literally) for a result to be to the avail of the public?

 

Interesting... I think we may be on to something here.

 

I know right? lol

 

 

As far as overdrafts, I have had my fair share mostly because of being stupid with my money and buying that $2-4 item and paying a . load in OD fees lol.. However its really a nice incentive that these big guys are setting an example for the rest of the banks and building a little more consumer happiness.

Share this post


Link to post
Share on other sites

Please sign in to comment

You will be able to leave a comment after signing in



Sign In Now
 Share

×
×
  • Create New...