Bank Of America (BAC) To Do Away With Debit Overdraft Charges

On Wednesday, Bank of America (NYSE: BAC) announced that from this summer, it will not charge overdraft fees on debit card transactions by only authorizing transactions if a customer has enough cash in the account to cover the purchase.

The bank said in a press release, "This change will help customers by reducing the likelihood they may inadvertently overdraw their account and thus eliminate unexpected overdraft fees on these transactions.”

Reports surfaced ahead of Bank of America’s announcement that the company would end the $35 overdraft fee in an effort to stay ahead of new regulations.