JPMorgan Chase & Co (JPM.N) and Wells Fargo & Co (WFC.N) said on Wednesday they are eliminating some overdraft fees altogether and trimming others, after Bank of America Corp (BAC.N) announced a similar move on Tuesday.
The changes follow U.S. congressional leaders' criticism of bank account fees and come as the banks digest rule changes for credit card fees.
New York-based JPMorgan said it made the changes, which include removing overdraft fees if a customer's account is $5 or less overdrawn, in a bid to help its 25 million debit card customers amid the recession and rising U.S. unemployment.
The second-largest U.S. bank is also ending overdrafts for debit cards unless the account holder opts into an overdraft service and it will start recognizing debit-card transactions and cash withdrawals as they occur, according to the statement.
San Francisco-based Wells Fargo said it will charge no more than four overdraft fees in a day and it will allow customers to opt out of having an overdraft facility.
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Bank of America, the largest U.S. bank, said it was reducing overdraft and other account fees over the next year.
(Reporting by Elinor Comlay; editing by Lisa Von Ahn and Andre Grenon)