Bank Gets Tough on Overdraft Fee Refunds

Published on:
12 September 2006 at 10:20 a.m. ET

Written by: Unknown Author –

http://www.insidearm.com/news/00000703-bank-gets-tough-on-overdraft-fee-refunds/

By Sasha Talcott, Boston Globe

Bank of America Corp. customers who overdraw their accounts can forget about getting a reprieve on fees: The bank sent its branch employees nationwide an internal memo last week telling them they are not allowed to grant refunds under most circumstances, especially for people who rack up fees more than once per year.

The memo, labeled a “call to action” and obtained by the Globe, told branch staff that Bank of America will compile a report of the 10 branches per market that grant the largest amounts of overdraft refunds, and that executives will “coach those banking centers with the highest occurrence of refunds” to adhere to the bank’s strict policies. “Do not grant customers a discretionary refund if the fee charged is $34,” executives wrote.

For this complete story, please visit Bank Gets Tough on Overdraft Fee Refunds.

Bank Gets Tough on Overdraft Fee Refunds

Unknown Author

Featured Resources

Webinars

RA Compliance Corner: Internal Controls- When and How to Effectively Use Them

About