Bank Of America Cuts Overdraft Fees, Bounced Check Penalties

CHARLOTTE, NC — Bank of America announced Tuesday that it will cut the charges customers typically face when they overdraft their bank accounts, according to the Associated Press.

They also plan to eliminate fees for bounced checks altogether.

Fees for over-drafting a bank account will fall to $10 instead of the current $35.

Bank of America estimates it will be a steep revenue cut for them to reduce the charges, as much as 97 percent from where they stood in 2009, per AP.