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Bank Of America Announces Changes To Overdraft Services

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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