Bank of America announces new information on overdraft policies

Bank of America
Bank of America

As you may have read just recently, here on WalletPop and elsewhere, Bank of America is ending the way it issues overdrafts. It is abolishing most of them, ending completely the practice of going into a store and inadvertently spending $20 when you only have $6 in your account and then unleashing a torrent of overdraft fees.

Today, Bank of America held a teleconference, which I sat in on, in order to explain to the media their new overdraft policy, which will go into effect this summer. Susan Faulkner, Deposits and Card Product Executive for Bank of America, ably led the discussion.