Now that the regulatory heat is off on overdrafts, Bank of America is jumping back in with overdraft-related fees. They are also increasing the monthly fee and changing their requirements for avoiding it.
The monthly fee is going up from $8.95 to $12, and to get rid of it, you’ll need to direct deposit at least $250 a month.
But my favorite is this part. “Previously, when your account was overdraft by less than $10 at the end of the day, we didn’t charge [overdraft fees].” But, “Now, if you overdraft your account by any amount, we charge a $35 overdraft item fee for each item (maximum 4 item fees per day).”
It’s just like old times. If you end up overdrafting because of four candy bars you bought, that will cost you $140. Hope they were at least 100 Grands.
(Thanks to Jamie!)