Overdraft Fee Reform Chase And Bofa Make Some Changes
Following the calls for reform of banks gorging on overdraft fees, two of the nation’s largest banks have announced some changes to make their overdraft policies more consumer friendly. Bank of America and Chase announced changes that address some, but not all concerns. Whether Congress will follow through with new rules for all banks, and what those rules would be, remains to be seen. We’ve recently discussed possible Congressional action to address the overdraft fees being charged by banks, which have brought banks increasingly enormous revenues from perhaps their most vulnerable account holders....