Bank of America’s Overdraft Fees Plunge 90% After Charges Eased

Bank of America Corp. said overdraft-service fees plummeted 90% after it took steps to ease off on the charges, which have been under fire from lawmakers.

The decline from a year earlier came in June and July, the first two months after the second-largest US bank implemented sweeping changes related to overdraft services for its more than 35 million consumer checking accounts, according to a statement Wednesday. The Charlotte, North Carolina-based lender eliminated non-sufficient funds fees and reduced overdraft charges to $10 from $35.

“It’s a pretty dramatic shift for our clients, which is what we intended to do,” Holly ...