Bank of America Corp. will stop charging fees when customers overdraw their accounts in a debit-card transaction. In a change that starts this summer, customers will be able to make debit-card purchases only if they have enough money in their account.
Customers still will be able to gain overdraft protection by linking their debit card to a BofA checking or account.
"Our customers have been clear that they want to know if a purchase is going to overdraw their account," says Susan Faulkner, deposits and card-product executive at BofA (NYSE:BAC). "Our solution is simple, clear and helps customers control their finances by reducing the possibility of over-extending themselves at the point of sale with a debit card."
The bank is adopting the policy ahead of new federal regulations that will limit lenders' assessment of various fees and require banks to spell out such charges more clearly for consumers.
Says Faulkner: "We understand that the environment has changed, and we are changing with it. We will continue to make changes to our products, services and solutions that deliver more value to our customers by providing the clarity, control and choice they need to better manage their everyday finances."
Bank of America is the largest bank in Los Angeles, as well as the state of California.
Source: BizJournals.com
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