(Charlotte, NC) -- Bank of America is making some changes for debit card users. Deposit and Card Product Executive Susan Faulkner says the bank will allow only single debit card transactions beginning this summer if the card user has enough money in their account.
According to BofA, the new policy will help its customers lessen the likelihood of overdrawing their accounts and accumulating overdraft fees. Chase Bank is instituting a similar policy with its debit card customers, also beginning this summer. The new rules pertaining to debit cards come as banks get set for a new federal guideline to go into effect.
Additional audio:
Deposit and Card Product Executive Susan Faulkner says Bank of America is announcing changes in overdraft fees.
Faulkner says the new rules will help people using their debit cards on individual purchases.
Faulkner says customers were asked about any changes they wanted in using their debit cards.
