Bank of America retail president talks decision to slash overdraft fees

Bank of America Corp. (NYSE: BAC) said Jan. 11 it is eliminating non-sufficient funds fees and reducing overdraft fees this year.

Next month, BofA will stop non-sufficient funds fees and the ability for customers to overdraw via ATM. The bank will then lower overdraft fees to $10 from $35 in May. It will also get rid of its $12 overdraft protection transfer fee on Balance Connect accounts that same month. The changes will happen automatically; customers do not need to opt in.

Holly O’Neill,…