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Bank of America’s Overdraft Fees Plunge 90% After Charges Eased

  • Firm sees decrease after making changes to overdraft services
  • The fees have come under fire from lawmakers, activists
Buildings are reflected on a Bank of America Corp. branch in New York.

Buildings are reflected on a Bank of America Corp. branch in New York.

Photographer: Daniel Tepper/Bloomberg

Bank of America Corp. said overdraft-service fees plummeted 90% after it took steps to ease off on the charges, which have been under fire from lawmakers.

The decline from a year earlier came in June and July, the first two months after the second-largest US bank implemented sweeping changes related to overdraft services for its more than 35 million consumer checking accounts, according to a statement Wednesday. The Charlotte, North Carolina-based lender eliminated non-sufficient funds fees and reduced overdraft charges to $10 from $35.