Overdraft limits announced
September 23, 2009 | Washington Post, alternatives, industry | Comments (0)Bank of America and J.P. Morgan are feeling the heat. From the Washington Post:
Two of the nation’s largest retail banks said they will announce new limits on overdraft fees Wednesday as the industry seeks to contain rising anger over the practice.
Bank of America, the largest retail bank, said that beginning Oct. 19 it will let customers decline overdraft protection, and it will no longer charge fees on overdrafts if the account is in the red by less than $10. The bank also will limit the number of times customers can be charged overdraft fees to four times a day — reversing changes earlier this year that increased the limit to 10 times a day.
The Payday Pundit is surprised that transparency is not front and center.
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