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Bank of America to End Overdraft Fees on Debit Purchases

HeadlineMar 10, 2010

The banking giant Bank of America has announced it will end overdraft charges on debit card purchases. Customers with insufficient funds will now have their purchases declined instead of being hit with large fees. The decision comes amidst a federal push to regulate overdraft fees. The Federal Reserve has proposed to bar banks from charging overdraft fees without consumer consent. Banks collected at least $32 billion dollars in overdraft fees last year.

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