Bank of America is one of the leading banks in the United States with millions of customers nationwide. However, one of the most controversial aspects of its banking policies is the NSF fee. Recently, the bank found itself facing a fine for failing to meet the requirements in relation to federal laws.
With the passage of time and regulations in the laws, overdraft fees have become less of an issue because steps have been taken to reduce or eliminate them. As of 2022, Bank of America stopped charging NSF fees, and its overdraft fees were reduced.
What is the NSF fee?
The NSF fee is a fee charged to customers when they attempt to conduct a transaction with a bank account that does not have sufficient funds to cover the required amount. It is a measure implemented by banks to cover the administrative costs associated with handling these failed transactions.
Since February 2022, Bank of America issued a statement explaining that there would be changes to its overdraft services. You now find some plans that allow you to eliminate non-sufficient funds (NFS) fees and overdraft fees have been reduced from $35 to $10 since May of the same year.
Bank of America reducing overdraft fees from $35 to $10, eliminating insufficient funds fees
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Bank of America’s Progress on NSF Fees
For many years it has been a controversial issue among the bank’s customers. Although some claimed that the fees were adequate to cover administrative expenses, others felt differently and used to make quite a fuss about the bank’s fees. Considering the situation, the bank began to take different measures over the years.
[wpdatatable id=504]Recommendations to avoid NSF fees
Although it is no longer a fee charged by Bank of America, it is still advisable to take into consideration some measures to keep your finances in good shape. For starters, be sure to budget your monthly payments properly, as this will prevent you from overdrawing your account in trying to pay off all outstanding debts.
Furthermore, You must avoid writing checks or making transactions for more than you have available in your account. In addition, keep a close eye on your account balances, debit card transactions, and active automatic payments.
Linking several accounts is also an excellent alternative. Having a checking account and a savings account may be the best solution. That way, you can automatically move money from one to the other to cover all the necessary payments. At Bank of America, you can find great alternatives to keep your finances in order.
Do I no longer have to pay NSF fees?
Although Bank of America is no longer a fee charged to customers, you still need to be careful about your movements and the way you take care of your finances. Even if you don’t have to pay NSF fees, there are still fees for overdrafts and other reasons.
You must learn to take care of your income to avoid inconveniences both with the bank and with the monthly payments you have to cover. At Bank of America, they take care to train you and give you all the necessary knowledge related to finances and how to manage your money.
References
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“Bank of America Announces Sweeping Changes to Overdraft Services in 2022, Including Eliminating Non-Sufficient Funds Fees and Reducing Overdraft Fees.” Bank of America, https://newsroom.bankofamerica.com/content/newsroom/press-releases/2022/01/bank-of-america-announces-sweeping-changes-to-overdraft-services.html
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“Bank of America Consumer Overdraft Fees Drop 90% in June and July Following Industry Leading Changes.” Bank of America, https://newsroom.bankofamerica.com/content/newsroom/press-releases/2022/08/bank-of-america-consumer-overdraft-fees-drop-90–in-june-and-jul.html
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“Understanding Bank of America Interest CheckingTM.” Bankofamerica, https://www.bankofamerica.com/content/documents/deposits/service/pdf/docrepo/00-53-5420NSB%20Interest%20Checking.pdf