Marci McGregor, senior investment strategist at Merrill and Bank of America Private Bank, joined Yahoo Finance Live to discuss market sentiment, inflation, earnings, and the outlook for the bear market.
Bank of America said on Wednesday overdraft fee revenue for June and July was down 90% from last year, as a result of lowering the fees charged to customers whose account balances go negative. The second-largest U.S. bank was one of several to have reduced or eliminated overdraft fees over the past year after the U.S. Consumer Financial Protection Bureau (CFPB) put a spotlight on the charges, saying banks made more than $19 billion from them in 2019. Since December, Capital One Financial Corp has said it would stop charging overdraft fees entirely, while the largest U.S. bank, JPMorgan Chase & Co, said it would give customers more time to bring their accounts back above $0 before charging them fees.
Bank of America (BAC) reported earnings 30 days ago. What's next for the stock? We take a look at earnings estimates for some clues.