We're all for people managing their money responsibly. But when a bank charges a customer a $35 overdraft fee for going $5 into the red on her checking account, that's a 700 percent interest rate. Predatory lenders got banned from the state for a lot less than that.

Bank of America CEO Brian Moynihan announced Wednesday that his bank would no longer sock customers with overdraft fees on debit card purchases. "The $35 cup of coffee at Bank of America is gone," he said at a financial services conference in New York. Wells Fargo and other banks should follow the lead of the nation's largest consumer bank.

For years, banks preyed on their customers by allowing them to spend money they didn't have and charging them exorbitant fees for doing so. The industry took in about $32 billion in overdraft fees last year.

Read the full article on the Charlotte Observer website.