Bank of America Shrinks Overdraft Fees to $10 and Eliminates other Fees

The Bank of America, in May, will greatly reduce the stress levels of many customers whose checking balances regularly hover close to zero, when the bank will shrink overdrafts fees from $35 to $10.

To further protect customers who tend to overdraw their accounts, the Bank of America also will eliminate the $12 the bank charges customers for the service of automatically moving money from one account to another to avoid overdrafts, the Associated Press reported.

Further customer-pleasing changes are also in the works, such as the elimination of fees for bounced checks.

“We have good financial solutions for clients without them having to rely on overdraft, but we will still have overdraft if it is needed,” said Holly O’Neill, who is the Bank of America’s president of retail banking. “This is the final step in the journey we’ve been on.”