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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| Bank of America Corporation | NYSE:BAC | NYSE | Common Stock |
| Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|
| -0.08 | -0.21% | 37.83 | 38.31 | 37.78 | 37.92 | 28,668,682 | 01:00:00 |
From Apr 2021 to Apr 2024
By Will Feuer
Bank of America Corp. said Tuesday that it would reduce overdraft fees to $10 from $35 beginning in May and would eliminate non-sufficient funds fees in February.
These and earlier changes rolled out in recent years will lead to the company's overdraft fee revenues being reduced by 97% from 2009 levels.
"Over the last decade, we have made significant changes to our overdraft services and solutions, reducing clients' reliance on overdraft, and providing resources to help clients manage their deposit accounts and overall finances responsibly," said Bank of America's President of Retail Banking Holly O'Neill.
Overdraft fees have been targeted by Democratic politicians, including Sen. Elizabeth Warren (D., Mass.) and Sen. Cory Booker (D., N.J.), who say such charges exploit low-income workers.
Write to Will Feuer at Will.Feuer@wsj.com
(END) Dow Jones Newswires
January 11, 2022 08:04 ET (13:04 GMT)
Copyright (c) 2022 Dow Jones & Company, Inc.
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