CRL Applauds Bank of America’s Decision to Stop Abusive Debit Card Overdraft Charges
Statement of Mike Calhoun, President, Center for Responsible Lending The Center for Responsible Lending commends Bank of America for its decision to stop charging overdraft fees on debit card purchases. With this change, Bank of America—which issues more debit cards than any other bank— joins another banking giant, Citibank, in practicing responsible debit card overdraft policies. Most other large banks typically charge a $35 fee on an average debit card overdraft of only $17—an exorbitant cost for credit that the bank automatically repays itself only days later from the customer's next