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Article: Big banks soften overdraft wallop; With Congress at their heels, Wells Fargo and others take steps to limit consumer overdraft fees on debit cards.(NEWS)
- Article from:
- Star Tribune (Minneapolis, MN)
- Article date:
- September 24, 2009
- Author:
CopyrightCOPYRIGHT 2009 Star Tribune Co. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: CHRIS SERRES; STAFF WRITER
For millions of consumers, the cost of overdrawing a checking account is about to become a little less painful.
Facing harsh criticism for raising fees during a severe recession, and with congressional legislation looming, several of the nation's largest banks -- including Wells Fargo, JP Morgan Chase and Bank of America -- plan to stop charging consumers fees of $25 or more when they overdraw their accounts with debit cards by small amounts. In addition, the banks said they will reduce the number of times customers can get hit with overdraft fees in a single day.
Though immediately criticized by consumer ...