Bank of America said on Wednesday overdraft fee revenue for June and July was down 90% from last year, as a result of lowering the fees charged to customers whose account balances go negative, Reuters reported. The second-largest U.S. bank was one of several to have reduced or eliminated overdraft fees over the past year after the U.S. Consumer Financial Protection Bureau (CFPB) put a spotlight on the charges, saying banks made more than $19 billion from them in 2019. Since December, Capital One Financial Corp. has said that it would stop charging overdraft fees entirely, while the largest U.S. bank, JPMorgan Chase & Co, said it would give customers more time to bring their accounts back above $0 before charging them fees. Bank of America took a different route, cutting overdraft fees to $10 from $35 starting in May. It also eliminated the $35 non-sufficient funds (NSF) fee customers pay if a check or automatic payment causes their account balances to go negative, and it eliminated the $12 fee charged when customers use overdraft protection services.
