BY STAFF REPORTERS
***
Stock Markets: Stocks ticked higher as investors zeroed in on Senate testimony from Fed Chair Jerome Powell, who is up for a second term. Powell said the Fed would do what’s necessary to get inflation back to normal levels.
Banks: Bank of America decided to make life a little less difficult for account holders without piles of cash. The bank—America’s second largest—announced on Tuesday that it would reduce overdraft fees by around 70%, from $35 to $10. BofA is also scrapping a $12 non-sufficient funds fee (for bouncing a check or making an automated overdraft) and will eliminate transfer fees for its overdraft protection service.The decision comes on the recently shined heels of similar moves by other large banks.
- Capital One announced last month that it was eliminating overdraft fees altogether.
- In August, JPMorgan increased its charge-incurring overdraft amount to $50 (it was previously $5).
- PNC Bank introduced a 24-hour grace period on overdraft penalties.
***
COMMENTS APPRECIATED
Subscribe to the Medical Executive-Post
Thank You
***
***
Filed under: Breaking News, Health Economics, Investing | Tagged: Bank America, banks, BoA, Federal Reserve, Jerome Powell, JP Morgan, PNC bank, retail banks |
Omicron Economics
https://www.msn.com/en-us/news/us/the-economy-cannot-stay-open-omicrons-effects-ricochet-across-us/ar-AASHJpK?li=BBnb7Kz
Rich
LikeLike