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Changes in overdraft policies

BANK OF AMERICA

Starting in October:

- No fee when an account is overdrawn by less than $10 a day (1)

- The maximum number of overdraft fees per day will be four, down from 10.

- The initial overdraft fee remains $35.

Starting in June:

- New customers will need to opt into the overdraft program.

- An annual limit for the number of times customers can overdraw accounts with debit cards

- Customers who reach the annual limit will have overdraft ability restricted.

JP MORGAN CHASE

Starting early next year:

- No fee when accounts are overdrawn by $5 or less (1)

- The maximum number of overdraft fees per day will be three, down from six.

- New and existing customers will need to opt into the overdraft program if they want it.

- The initial overdraft fee remains $25.

PNC FINANCIAL

Starting in October:

- The fee for the first overdraft in a 12-month period will be $25, down from $31.

- The $15 setup fee for the overdraft program is being eliminated.

WELLS FARGO & CO.

Start date to be determined:

- No fee when an account is overdrawn by $5 or less (1)

- The maximum number of overdraft fees per day will be four, down from 10.

- Customers will also be able to opt out of overdraft coverage.

- The bank could not immediately supply the initial overdraft fee.

(1) Accounts must be brought into balance within a set number of days to avoid fees.

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