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Aug. 18, 2022, 8:56 a.m. EDT

Bank of America overdraft fee revenue falls 90% on 35 mln consumer checking accounts

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By Steve Gelsi

Bank of America Corp. /zigman2/quotes/200894270/composite BAC +2.95% said late Wednesday it's expecting its consumer overdraft fees to drop 97% from 2009 levels. In June and July, Bank of America said fees related to overdraft services fell 90% over the year-ago period. The decrease comes after the bank earlier this year said it would eliminate non-sufficient funds fees and the reduce overdraft fees to $10 from $35. About 45% of its new checking accounts are under its SafeBalance program, which helps customers avoid overdraft fees entirely. Shares of Bank of America are down 18.2% in 2022, compared with a drop of 10.3% by the S&P 500 /zigman2/quotes/210599714/realtime SPX +2.59% .

/zigman2/quotes/200894270/composite
US : U.S.: NYSE
$ 31.09
+0.89 +2.95%
Volume: 34.25M
Oct. 3, 2022 4:00p
P/E Ratio
9.71
Dividend Yield
2.83%
Market Cap
$242.66 billion
Rev. per Employee
$481,207
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/zigman2/quotes/210599714/realtime
US : S&P US
3,678.43
+92.81 +2.59%
Volume: 2.22B
Oct. 3, 2022 4:20p
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