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Posts Tagged ‘bank of america’

Bank of America, Banking on Overdrafts?
Anastasia Crosson
March 12, 2010
File under Tags: Bank of America, overdraft fee, overdraft rules, the Federal Reserve
Bank of America is going ahead with a new overdraft policy, announced Wednesday, intended to protect customers by avoiding account overdrafts. This action comes in advance of the Federal Reserve’s July 1 deadline for banks to comply with new opt-in overdraft regulation. Overdraft fees are a more than $100 million dollar business for banks, so a large decline in profits is imminent. This begs the question, what are these institutions banking on to keep their revenues a float? For Bank of America, overdraft protection plans may be the new revenue earner. For consumers, they may not yet be as protected as hoped for.

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