Hell Hath Frozen Over: Bank of America Slashes Overdraft Fees -- Why I Am Still Skeptical (Emergency Podcast)

The Notorious Banker

What the hell?

Bank of America off the top rope mentions that it will lower the overdraft fee from $35 to $10 effective May, according to their press release.

They are also doing away with NSF fees, ODP fees as well.

But here's the thing. I will discuss why this isn't all that it is cracked up to be, and how recent products that have debuted are kind of set up to make people get charged with other fees.

I also discuss how the Safebalance Checking account was referred to in my bank as the "poor person's" account, and how despite the reduction in fees, that 0.4% of a minimum wage earners yearly pay is in maintenance fees because of the "no overdraft account"

So much to break down, and it's all here, and I do it so well :)

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