Bank of America has announced that, in February, it will cut the fees it charges customers for overdrawing their checking accounts and, starting in May, will eliminate non-sufficient funds fees.
CNN reports that other banks, such as Capitol One and Ally, have also cut fees.
The federal government has been encouraging banks to waive these fees to provide relief to consumers experiencing severe financial strain during the pandemic. Last month, the Consumer Financial Protection Bureau called out JPMorgan Chase, Bank of America, and Wells Fargo for being the top collectors of overdraft fees, reporting that the three banks together brought in 44 percent of the total reported that year by the large banks.
