It's amazing what a bit of Congressional pressure will do. They need to do this a lot more often. The overdraft fees have long been an easy source of revenue for the banks and for years, Republicans and even some Democrats chose not to do a thing about it. Here's one very NSFW example of their handy work.
As lawmakers prepare to implement sweeping credit card reforms, Bank of America Corp. and JPMorgan Chase & Co. are moving to overhaul overdraft fees and practices that have been criticized industrywide as excessive and harmful to consumers.It's about time.
Bank of America Corp. said Tuesday it will cap the fees it charges customers for overdrawing their accounts, backpedaling on the hikes the company imposed just this year. Starting Oct. 19, Bank of America no longer will charge overdraft fees when a customer's account is overdrawn by less than $10 in one day.
A $35 fee will still be levied if the account isn't brought into balance within five days.
