Bank of America reduces overdraft fees in 2022 | Personal finances

Bank of America reduces overdraft fees in 2022 |  Personal finances

More banks eliminate overdraft fees

Story Highlights:

  • Normally, that transfer fee is $12, but it’s being eliminated in May. However, the bank may still charge an overdraft fee if there aren’t enough funds in your linked accounts to cover the transaction.

  • Bank of America is joining other large banks like Capital One, Ally Bank and Discover in taking moves to reduce or eliminate overdraft fees and other fees charged when customers don’t have available balances large enough to cover transactions.

The average overdraft fee is still about $35 across most large banks. So, if you’re covered by overdraft protection and you purchase a $5 coffee with a $0 available balance, you’ll have your coffee. But when the overdraft fee is added on, it means that $5 coffee actually sets you back by $40.

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