Bank of America, JP Morgan to scale back overdraw fees | Breaking Tweets

Bank of America, JP Morgan to scale back overdraw fees

Posted by Marcus Wekenmann on 9/23/09 • Categorized as Economy, North America

Two major US banks, JP Morgan Chase & Co. and Bank of America Corp., have decided to cut back on fees that have been criticized recently as harmful to customers.
After increasing overdraft charges, Bank of America Corp. announced this week that it will place a cap on the amount it can charge customers for overdrawing their accounts. In addition, the bank will not charge customers that overdraw by only $10 in one day.
JP Morgan Chase & Co. announced similar measures, including an opt-in for overdraft protection, which links a checking account with additional funds in a customer’s savings. The bank will not charge a fee on accounts overdrawn by $5 or less.
In a time where the banking industry is clouded with uncertainty, some Twitterers say the banks have saved themselves a few customers.
Cierra Obioha
CierraObioha (Columbia, MO) Bank of America changes overdraft fees… (singing) Hellll yeeeeaaaa! 23 Sep 2009 from mobile web
jesa♥
simpllygorjess (New York City, NY) overdraft fees are changing for bank of america , so i am DEFF changing banks now. LOL 23 Sep 2009 from web
riethja
riethja (Washington D.C.) I’d like Regions Bank to know exactly why I’m switching of BofA http://is.gd/3BDF7 “BofA Amends Checking Overdraft Fees” 23 Sep 2009 from TweetDeck
Sherrin
RinnyRiot (Los Angeles, CA) I’ve battled it out with Chase a couple of times on those fees and a lot of them were based on the mistakes of the bank. 23 Sep 2009 from web

Still, others balk at the amount of money banks still make on fees alone.
animalmind
animalmind (Tehran, Iran) Re: Debit overdraft fees: Bank of America, you’re still “Bank of Assholes.” Major banks made 35b last yr on debit overdraft charges. Shame.23 Sep 2009 from web

Share
[del.icio.us] [Digg] [Facebook] [Google] [LinkedIn] [Mixx] [MySpace] [Newsvine] [StumbleUpon] [Windows Live] [Yahoo!] [Email] More »

Related tweets in real-time:

[Post to Twitter] Tweet This Post 

Tagged as: ,
blog comments powered by Disqus