For Immediate Release
Chicago, IL – March 11, 2010 – Zacks.com announces the list of stocks featured in the Analyst Blog. Every day the Zacks Equity Research analysts discuss the latest news and events impacting stocks and the financial markets. Stocks recently featured in the blog include: Bank of America Corporation (BAC), Citigroup Inc. (C), Washington Federal (WFSL), Texas Capital Bancshares (TCBI) and Signature Bank (SBNY).
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Here are highlights from Wednesday’s Analyst Blog:
BofA Ends Debit Card Overdrafts
To play by the rules set by the Federal Reserve that will prohibit banks from charging overdraft fees effective July 1, 2010, Bank of America Corporation (BAC) said on Tuesday that it will eliminate such fees on debit card purchases starting June 19, 2010.
This move will restrict the debit card holders of BofA to spend more than what they have in their checking accounts. Customers with inadequate funds in their accounts will be declined if they try to purchase using debit cards. Citigroup Inc. (C) has already implemented a similar policy.
While this move will save consumers from surprise hits to their accounts, this will cost BofA millions in fee income as more than 60% of all overdraft fees charged by the bank are for debit card transactions.
The new overdraft rule will apply to new customers from June 19, 2010 and for existing customers effective August.
However, BofA customers still could withdraw more than their balance from ATMs, but they will have to pay a $35 overdraft fee.
Last week, the Treasury received net proceeds of $1.5 billion from the sale of warrants entitling it to purchase BofA common stock. BofA is the first among four banks whose warrants are scheduled to be sold via auctions this month. The three other banks are Washington Federal (WFSL), Texas Capital Bancshares (TCBI) and Signature Bank (SBNY).
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