BofA ditches fees on non-sufficient funds

Fee waiver: BofA says the latest steps to eliminate charges will further support its clients and empower them to create long-term financial wellness. — Reuters

NEW YORK: Bank of America (BofA) Corp and Wells Fargo & Co are ditching non-sufficient funds fees and easing off on overdraft charges, in measures analysts said may heap pressure on other lenders to follow suit amid heightened scrutiny on the penalties.

Both banks will eliminate charges for non-sufficient funds in customer accounts, they announced on Tuesday.