Bank Of America - New Account For Overdrafters


Published 03/07 2014 11:57AM

Updated 03/07 2014 11:59AM

Bank of America is offering a new checking account to prevent customers from overdrawing funds and getting hit with fees.

The "safe balance" account will stop customers from taking out more than they have in their account at ATM's, while paying bills online or making purchases at places like retailers or restaurants.

The service will come at a cost.

Customers will be charged a flat fee of $4.95 a month, or almost $60 a year.

And they will not be able to write paper checks.

But for chronic overdrafters, it may be worth it.

A study from the Consumer Financial Protection Bureau found that overdrawing an account costs customers an average of $225 in fees per year.

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