According to MarketWatch, Chase and Bank of America are relaxing their overdraft rules. More specifically, both banks will now require you to opt in to their overdraft protection plans, and they are also limiting the transaction amounts that will trigger an overdraft fee.
At Chase, you’ll no longer be charged a fee if you overdraw your account by $5 or less. Similarly, Bank of America will forgo the fee if you overdraft by less than $10 on any given day.
According to Chase, these changes are being made:
“to make [their overdraft policy] clearer and simpler and to give customers more control over their debit cards and the fees they pay.”
For their part, Bank of America is hoping the changes:
“will help customers avoid excessive overdraft fees and better manage their finances.”
In reality, it looks like both banks are trying to get out in front of impending legislation that will mandate such changes. By doing it ahead of time, they get to claim the high ground vs. other banks that wait until their forced to make the change. Either way, change is good when it comes to overdraft fees.