U.S. Bancorp has become one of the first of the national banks to cut overdraft fees in the wake of a crackdown on such fees. The bank said it will reduce some overdraft fees by as much as 70%, starting in mid-August. In response to regulatory changes, Bank of America said it would forgo overdraft protection and not allow customers to overdraw their accounts. Other banks were expected to follow the lead of Bank of America, but U.S. Bancorp has decided to take a different approach.
Published in Brief: