Bank of America announced they will stop charging overdraft fees on debit card purchases. If you don’t have enough money to buy the item, the transaction will be declined.
Reached for comment, JP Morgan Chase had none, and Wells Fargo said they’re working on something.
The move comes ahead of new federal regulations, and goes a step beyond. The new law only requires banks to get permission from customers before charging letting them overdraft and levy fines.
“What our customers kept telling me is ‘just don’t let me spend money that I don’t have,” said Susan Faulkner, the bank’s deposit and card product executive, told the New York Times. Gee, what a concept.
Bank of America to End Overdraft Fees on Debit Purchases [NYT] (Thanks to Leigh!)