New Bank of America Policy on Overdraft Fees

Bank of America has taken a step in the right direction concerning its overdraft fee policy. Starting this summer, B of A will start rejecting debit card purchases for charges that exceed a customer's balance.

This step goes even further than the new Federal Reserve guidelines announced in November of 2009, which require banks to make overdraft protection programs "opt in" rather than "opt out." (The new Federal Reserve Board guidelines go into effect on July 1, 2010).

Bank of America also took an important step to restore customer trust and confidence in the fall of 2009 when they set a minimum of $10 overdrawn for overdraft fees to start kicking in (previously, the threshold was set at $0). This new rule allows customers who only overdraw their account by a few dollars to avoid paying overdraft fees.

Of course, B of A will still charge overdraft fees to customers who bounce a check or otherwise make charges in excess of the current checking account balance.

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