Bank of America overdraft fee revenue falls 90% on 35 mln consumer checking accounts


Bank of America Corp. BAC, -0.47% said late Wednesday it’s expecting its consumer overdraft fees to drop 97% from 2009 levels. In June and July, Bank of America said fees related to overdraft services fell 90% over the year-ago period. The decrease comes after the bank earlier this year said it would eliminate non-sufficient funds fees and the reduce overdraft fees to $10 from $35. About 45% of its new checking accounts are under its SafeBalance program, which helps customers avoid overdraft fees entirely. Shares of Bank of America are down 18.2% in 2022, compared with a drop of 10.3% by the S&P 500 SPX, -0.13%.

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