Bank Of America Launches New Overdraft Rules

03.11.10 | FL News Team

Bank of America is making some changes for debit card users. The bank will allow only single debit card transactions beginning this summer if the card user has enough money in their account. According to BofA, the new policy will help its customers lessen the likelihood of overdrawing their accounts and accumulating overdraft fees. Chase Bank is instituting a similar policy with its debit card customers, also beginning this summer. The new rules pertaining to debit cards come as banks get set for a new federal guideline to go into effect. It requires them to get permission from account holders before extending overdraft services on debit purchases. BofA says when debit cards are used at ATMs and customers try to exceed their balance, they will be charged a 35-dollar overdraft fee. Overdraft protection will still be available for a ten-dollar fee to customers who have their checking accounts linked to their savings or credit cards.