Bank of America recently added a new nuisance fee to pilfer more money from its customers - especially its lower-income customers. If an overdraft (including associated overdraft fees) is not repaid to the bank within 5 days the bank charges an additional $35 as a late payment fee.
This demand of repayment within five days adds anguish on top of insult to each customer affected by the fee, especially if they must wait more than 5 days for their next paycheck. And it steals money from the pockets of the people who need the money the most.
Demand number 2 also requires that if the bank would like to charge a late repayment fee for a customer’s failure to pay back the overdrawn amount, the bank will allow the average amount of time between a worker’s pay periods (15 days) before assigning this fee.