Wells Fargo Latest Bank to Eliminate NSF Fees

 From NewsBreak:

Wells Fargo announced this week that it is eliminating non-sufficient funds fees and taking steps to reduce overdraft charges. The move comes as other major banks — including Bank of America and Capital One — take steps to reduce or eliminate overdraft charges.

Wells Fargo outlined the following moves that will result in a less fee-heavy banking experience for customers:

By the end of the first quarter, customers will no longer pay a returned item fee if Wells Fargo returns a check or electronic transaction unpaid because the customer does not have enough available funds in the deposit account to cover the payment
Customers who overdraw their deposit account will have 24 hours to cover the overdraft before incurring an overdraft fee. The 24-hour grace period is expected to be offered in the third quarter.

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Bank of America to End NSF Fees, Reduce Overdraft Charges

 From NewsBreak:

Bank of America announced today it is significantly reducing overdraft fees and eliminating non-sufficient funds fees, with the reforms starting in February.

“Over the last decade, we have made significant changes to our overdraft services and solutions, reducing clients’ reliance on overdraft, and providing resources to help clients manage their deposit accounts and overall finances responsibly,” said Holly O’Neill, President of Retail Banking, Bank of America. “Throughout the process we have engaged our National Community Advisory Council (NCAC) for their guidance and feedback on our changes. These latest steps will further support our clients and empower them to create long-term financial wellness.”

The policy changes mean all NSF fees will be eliminated in February and the fee for overdrafts will be reduced from $35 to $10 starting in May.

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Regulatory Board May Take Action on Overdraft Fees

 From NewsBreak:

At a speech to the Consumer Federation of America this week, acting Comptroller of the Treasury Michael Hsu outlined some key reforms his agency sees as necessary when it comes to banking — particularly around overdraft fees.

The speech comes as Capital One announced an end to the practice of collecting overdraft fees. Additionally, as American Banker reports, JPMorgan Chase is making some key changes to its overdraft fee policies.

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A Call for Banking Reform

 As one major bank — Capital One — announced an end to the practice of charging overdraft fees, a leading consumer group is issuing a call for federal action to end the practice at all banks.

Americans for Financial Reform (AFR)is calling on the Consumer Financial Protection Bureau (CFPB) to use data from a study it conducted to draft rules that would essentially prohibit overdraft fees.

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Should Banks End Overdraft Fees?

 Advocates at Consumer Federation of America (CFA) are calling on banks across the nation — especially the biggest banks with the greatest reach — to end the practice of charging fees for overdrafts. The push from CFA comes a day after Capital One announced it will stop charging the fees.

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