‘This is a brilliant move’: Bank of America and Wells Fargo make big changes to overdraft fees — experts explain why

It’s often called a “penalty for being poor” — and it’s being phased out.

Bank of America
BAC,
+0.57%

said Tuesday morning it plans to end its $35 “non-sufficient funds” fees next month, and will drop overdraft fees to $10 from $35, starting in May. Non-sufficient fund fees occur when a payment bounces. Overdraft fees occur when consumers withdraw more than the agreed amount.

“Over the last decade, we have made…

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