Chase and Bank of America lower overdraft fees

A pair of the nation's largest banks have eased controversial overdraft rules for customers as the financial-services industry faces criticism over charging lucrative fees to boost sagging profits in the recession.

Chase, the retail banking unit of J.P. Morgan Chase & Co. /quotes/comstock/13*!jpm/quotes/nls/jpm (JPM 45.96, -0.51, -1.10%) , on Wednesday said it was overhauling its overdraft policies "to make them clearer and simpler and to give customers more control over their debit cards and the fees they pay."

The changes include eliminating overdrafts for debit cards unless the customer opts in to overdraft services, and getting rid of overdraft fees if a customer's account is $5 or less overdrawn, Chase said.

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- Posted: 2009-09-23 11:23:59

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