Saturday, April 19, 2008

Bank of America increased overdraft/return item fees by 25% from 4.18.08

I was going through my BofA account statement and I saw a notice at the bottom:
Changes to overdraft and returned item fees effective 4.18.08: For the 1day your account has an occurance (occurrence is a day with at least one overdraft or return item), the fee for each overdraft item and each returned item changes from $20 to $25. For each subsequent day your account has an occurance during the current month and prior 12 months, the fee for each item remains $35. The fee applies to a maximum of 7 items per day. These changes amend your Personal
Schedule of Fees.
This must be an offshoot of liquidity and credit crisis in financial institutions.
Are other banks also increasing overdraft/return item fees?

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