Bank of America <br />Will Cut Overdraft Fees , to $10 From $35.<br />Bank of America announces the change to overdraft fees on Jan. 11.<br />The reduction is set to take effect in May.<br />Overdraft fees have come under increasing scrutiny in recent years.<br />At issue is whether or not the fees disproportionately penalize low income families and individuals.<br />Since President Joe Biden took office.<br />the Consumer Financial Protection Bureau (CFPB) has prioritized this particular bank practice.<br />Other major U.S. banks, including Chase and Wells Fargo, have also made changes to their overdraft policies.<br />Other major U.S. banks, including Chase and Wells Fargo, have also made changes to their overdraft policies.<br />Analysts say that Bank of America's new policy is an attempt to stay ahead of what could end up being new federal regulations.<br />It’s an astute political risk-management strategy. , Karen Petrou, Federal Financial Analytics, <br />via 'Wall Street Journal'.<br />It does pay to get out ahead of the reaper, and it does seem certain that the CFPB will turn to regulating overdraft fees, Karen Petrou, Federal Financial Analytics, <br />via 'Wall Street Journal'.<br />Consumer advocates say the overdraft policy will make an impact for low income customers.<br />Bank of America’s decision will provide much-needed relief for customers who least can afford the burden of overdraft fees ... , Mike Calhoun, president of the Center for Responsible Lending, via 'Wall Street Journal'.<br />... and should lead other financial institutions to drop these fees that disproportionately impact low-income, Black and <br />Latino Americans, Mike Calhoun, president of the Center for Responsible Lending, via 'Wall Street Journal'.<br />In tandem with other changes to overdraft policies.<br />Bank of America's overdraft revenue will decrease by 97 percent from revenue collected in 2009
