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

Bank of America Corp. /zigman2/quotes/200894270/composite BAC -0.35% 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 -0.94% .

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Bank of America Corp.

US : U.S.: NYSE

$ 28.55

-0.10 -0.35%

Volume: 26.64M

Sept. 20, 2023 4:00p

P/E Ratio

8.22

Dividend Yield

3.36%

Market Cap

$227.66 billion

Rev. per Employee

$698,502

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S&P 500 Index

US : S&P US

4,402.20

-41.75 -0.94%

Volume: 0.00

Sept. 20, 2023 5:27p