Wells Fargo Eliminates Overdraw Fees of $5 or Less; Changes Overdraft Rules
Posted on | September 23, 2009 | No Comments
Wells Fargo has eliminated its overdraft fees. The bank has eliminated fees for customers when they overdraw from their accounts by an amount of $5 or less. They will also no longer charge more than four overdraft fees per day. Also, customers will be able to specify that they do not want their transactions authorized to overdraft if they do not have sufficient funds in their account to cover that particular transaction.
“We want to deliver the best banking experience we can and believe these changes, in addition to the tools we already provide, will help our customers minimize overdraft fees,” stated Carrie Tolstedt who is the senior executive vice president and head of community banking. “Most of our customers don’t need overdraft coverage in any given month, but for those that do we hope these changes, along with the tools we already provide, will help them minimize overdraft fees.”
This is great news for all customers who have ever been charged for a small overdraft fee. Bank of America is following in the footsteps of Wells Fargo’s but they are using the $10 amount or less for not changing overdrawn fees. I am sure this is going to happen at many more banks throughout the country as the two biggest banks have set the standard.
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Author: Jeremy North
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