This is a new era for all of us...
https://www.cnn.com/2022/01/11/investing/bank-of-america-ovedraft-fees/index.html
9 replies (most recent on top)
Free mortgages for all!
So I can be irresponsible and write checks I know will bounce without a fee? What's next, not having to pay back a loan I know I signed up for?
It will be interesting to see if we can turn a profit if we’re not raping our customers.
This was a press release. It’s real and we are doing the same. They beat us to the punch. We worked on it for months and were supposed to release the info later this week. They had to scramble and do a press release now. I’m sure they were told and knew when we were going to do it.
Eliminate seems excessive but I think a reduction makes sense or a change in process flow. I think Simon says they make over $1b on those fees. That will have to be made up somewhere for shareholders.
Must be something from the gubmint…
https://finance.yahoo.com/news/wells-fargo-help-millions-consumer-222500675.html
Wells Fargo today announced new efforts to limit overdraft-related fees and give customers more flexible options to meet their personal financial needs. These offerings, which include earlier access to direct deposits, a 24-hour grace period before incurring any overdraft fees, the elimination of several fees, and a new, short-term loan, build on actions the company has taken over the past several years to improve customer experience.
How many jobs will that cost?
Sure sure, BOA is just pandering to Bernie/Warren. This is stupid. What happens when you eliminate this.. that's right you'll see an explosion of bounced checks.
CNN?
Is there a more reliable source, just to make sure it's actually happening?