This is not Bank of America's week--and it's only Wednesday!

It started with a YouTube video from a Bank of America customer who was staging a “debtors revolution.” Despite the fact that she was a good customer and paid on time, Bank of America jacked up the interest rate on her credit card to 30%. 

After 250,000 people watched the video, and the bad publicity starting racking up, the bank relented and lowered her credit card interest rate.

Then earlier this week, Congress made it clear they are considering new bank regulations to tackle what some called "criminal" bank overdraft fees.  More bad news for Bank of America.  They hiked their overdraft fee from $25 to $35 earlier this year and make a small fortune off those fees. 

Well, this morning Bank of America announced that it was changing its overdraft fee policies. 

Starting October 19, it will no longer charge an overdraft fee if a customer’s account is overdrawn by less than $10 in one day.  A customer has five days to get their account balance straightened out.  If it isn’t, then a $35 fee will be imposed.

Bank of America will also limit the number of overdraft fees charged in one day to four.  Earlier this year, the bank raised that cap to 10 times a day—ludicrous!

Perhaps the biggest change is that customers will be able to opt out of the bank’s overdraft program.  Right now, that’s hard to do and this program is behind lots of these overdraft problems because it makes it possible for people to overdraw their account rather than have their charge denied.  That leads many people to unknowingly overdraw their account and rack up fees.

If you aren’t in the overdraft program, any charge that would overdraft your account will simply be denied.  Wow…what a novel concept!

So the score this week stands at Bank of America: 0.  Consumers: 2!

Let's run up the score!  Learn how you can fight back against bank fees no matter where you bank.

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