NEW YORK (AP) — Bank of America says its overdraft revenue is down 90% from last year after the bank cut overdraft fees to $10 from $35 and eliminated chargebacks checks.
The country’s biggest banks are moving away from the practice of charging exorbitant fees for what are mostly small purchases after years of public pressure. Bank of America CEO Brian Moynihan said the Associated Press that he expects any residual income the bank receives from the overdraft fee will come from small businesses that use the overdraft fee as a convenience.
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