JPMorgan Chase and Wells Fargo remove overdraft fees after BofA’s move

 After Bank of America announced its plans to change its fee structure JPMorgan Chase & Co and Wells Fargo & Co announced on Wednesday they are eliminating some overdraft fees altogether and trimming others.

The banks have changed their policies as US Congress members criticized bank account fees and come as the banks digest rule changes for credit card fees.

JPMorgan reported that its changes include removing overdraft fees if a customer's account is $5 or less overdrawn. The company says it wants to help its 25 million debit card customers amid the recession and rising U.S. unemployment. The official statement reports the 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.

As for Wells Fargo it stated that it is going to charge no more than four overdraft fees in a day and it will allow customers to opt out of having an overdraft facility.