Bank of America said Tuesday that it has made significant changes to its overdraft services, including plans to eliminate non-sufficient funds fees beginning in February, and to reduce overdraft fees from $35 to $10 beginning in May.
The company will also eliminate the transfer fee associated with its Balance Connect for overdraft protection service in May.
The changes will help consumer clients avoid overdraft fees - such as the no overdraft fee SafeBalance account and Balance Assist.
With the new changes, the company will have reduced overdraft fee revenues by 97% from 2009 levels.
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May 15, 2026 15:25 ET Apart from the confirmation of Kevin Warsh as the next Fed chair, the main news on the economics front this week included key price data from the U.S. and the first quarter economic growth figures from major economies. Both consumer prices and producer costs have started to reflect the effect of supply shocks due to the Middle East conflict. In Europe, GDP data was in focus, while inflation data from China dominated the news flow in Asia.