The daily business briefing: January 12, 2022

Bank of America ends bounced-check fees, Fed Chair Jerome Powell vows to hike rates as needed to counter inflation threat, and more

Bank of America ATMs
Bank of America ATMs
(Image credit: Justin Sullivan/Getty Images)

1. Bank of America cuts overdraft fees

Bank of America announced Tuesday that it is ending fees for insufficient funds, and cutting overdraft fees from $35 to $10. The bank said the bounced check fee will disappear next month, and the overdraft fee cut will take effect in May. Once the changes are in place, the institution's fees for overdrafts will be reduced by 97 percent from 2009 levels. Bank of America's president of retail banking, Holly O'Neill, said the changes were part of an effort to "help clients manage their deposit accounts and overall finances responsibly." The news came just over a month after Capital One, the sixth biggest U.S. bank by assets, announced that it would stop penalizing customers who withdraw or write checks for more money than they have in their accounts.

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