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Bank of America scraps overdraft idea
Most major banks have since pushed customers to give them blanket permission to allow overdraft fees, which generate billions of dollars in annual revenues. But Bank of America and HSBC decided to end overdraft charges entirely on debit card transactions to make sure customers wouldn’t be hit by unexpected charges - a move that won praise from consumer advocates. Citibank already had a similar policy.
Bank of America acknowledged that its move cut off a key source of revenue. But bank executives have repeatedly said the move was the right one for customers and reduced the number switching to other banks.
“Overdrafts on debit cards were in fact driving strong fee growth,’’ Bank of America chief executive Brian Moynihan told analysts last year, but the fee “was hurting our franchise.’’
Originally posted by mileslong54
reply to post by Destinyone
"Band of America" What type of music do they play?
FYI - Quick I think there's still time to edit.
Bank of America acknowledged that its move cut off a key source of revenue. But bank executives have repeatedly said the move was the right one for customers and reduced the number switching to other banks.
Originally posted by Garkiniss
I agree with FugitiveSoul. This is not a victory. This is a dog biscuit to keep us happy, while they continue to screw us and wage further wars. They're trying to keep their remaining customers from running off to credit unions. Don't drink the kool-aid. I repeat. Stay away from the kool-aid.