Bank of America estimates that these changes will cut its overdraft-fee revenues by 97% from where they were in 2009.
A growing scam targeting Zelle and Bank of America shows how easy it is for hackers to steal your money using those quick payment apps, like Zelle.
The bank is also eliminating two smaller fees as well. It will no longer allow customers to overdraft their accounts at the ATM and will eliminate a $12 fee it charged customers when the bank automatically moved money from one account to another to avoid an overdraft, often moving money from a long-term savings account into the customers' primary checking.
"For many big banks, overdraft fees are still the steady, reliable, predictable, easy revenue that shareholders love," said Rohit Chopra, the CFPB's director, in December.
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