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erienewsnow.com 11 Jan, 2022 21:15 am

No more fees for bounced checks at this bank - Erie News Now

No more fees for bounced checks at this bank - Erie News Now
By Paul R. La Monica, CNN Business

It also plans to cut overdraft fees from $35 to $10.Smaller banks such as Ally and digital-only financial firm Alliant have also recently eliminated overdraft fees.Overdraft fees have been a lucrative, but controversial, source of revenue for banks.5 billion in overdraft fees in 2019 — and that 40% of the fees generated by big banks were brought in by JPMorgan Chase, BofA and Wells Fargo.

"We eliminated the non-sufficient funds fee and significantly increased the amount a customer can overdraw before overdraft fees are charged," said Elizabeth Seymour, a spokesperson for the bank, last month." The bank also said in December that starting this year, it will give customers until the end of the next business day the chance to boost balances so they can avoid overdraft fees from the previous day.

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