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Thursday, April 16, 2009
Biz / News Watch out: BofA is tinkering with its fees
Posted By Rhiannon Fionn-Bowman on Thu, Apr 16, 2009 at 11:38 AM
Talking out of both sides of their corporate mouth, BofA says they're suspending a $4 overdraft fee hike due to their concern about the economy and unemployment, but they're keeping the fee policy that can cost account holders $350 per day if they're not careful.
Bottom line: Pay attention to your balance so you won't get burned.
The bank had been telling customers that it was raising its overdraft fee to $39 from $35, but that increase was suspended Monday, bank spokesman Jim Pierpoint said. He said the increase was dropped in consideration of the current economic climate, particularly rising unemployment.The bank charges the $35 fee when customers make debit card purchases, withdraw cash or write checks but don't have enough money in their accounts to cover the cost. The limit had been five overdraft fees per day, but earlier this year the bank increased the cap to 10 per day, meaning consumers take a bigger hit if they don't stay on top of their spending.
The bank is also adding a new one-time $35 fee if customers' accounts are negative for more than five days. It previously didn't have such a charge, although some competitors already have one.
One change customers will welcome: If an overdraft causes an account to become negative by $5 or less, the overdraft charge will be $10 instead of $35.
Read the rest of this Charlotte Observer article here.
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