BUSINESS BRIEFING / BANKING
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Bank of America Corp., the largest U.S. bank, is rescinding an increase in overdraft fees announced earlier this month. The bank will also waive monthly account fees for people who have lost their jobs, a spokesman said.
Overdraft fees will remain at $35 an item, rather than $39 as planned, said James Pierpoint, a spokesman for the Charlotte, N.C., bank.
Monthly account maintenance costs will be waived for three months for some customers who are unemployed, he said. The bank will work on an individual basis with customers who are unemployed and incur overdraft charges by overspending their checking accounts, he said.
Bank of America last week told some customers that interest rates on some credit cards and monthly fees on the company’s most popular checking account would increase in June.
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