B of A overdraft fee structure changes Monday - | WBTV Charlotte

B of A overdraft fee structure changes Monday

CHARLOTTE, NC (WBTV) - Monday Bank of America customers can expect significant changes to your accounts. They're designed to save you money if you spend more than what's in your account.

Overdraft fees have been a big talking point since the economy went south. Banks are losing money on faulty loans, but regular people are losing money with hefty overdraft charges.

Starting Monday, Bank of America won't charge those fees if you're account is less than $10 overdrawn.

So if you slip into red by just a few cents or dollars, you won't get slapped with a $35 fee.

Also Monday, you can only get charged with a maximum 4 overdraft fees per day. It used to stop at 10 times per day.

All this hinges on if your account is set up with overdraft protection. You can call the bank or go online to make sure.

If the money's not there to cover a purchase, the bank will still pay that transaction for you.

B of A won't say how much money they're going lose by capping the charges. That money has been a sorely needed source of revenue for the bank.

Some economists say the changes stem from mounting pressure from federal lawmakers.

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