From the New York Times:

In a move that could bring an end to the $40 cup of coffee, Bank of America said on Tuesday that it was doing away with overdraft fees on purchases made with debit cards, a decision that could cost the bank tens of millions a year in revenue and put pressure on other banks to do the same.

[...]

Banks are bracing for a new federal rule that will require them to get permission from account holders before providing overdraft services for debit purchases and A.T.M. withdrawals. That change was already expected to wipe out billions of dollars in overdraft revenue for the banks.

Overdraft charges were a large part of the reason why the big banks were making huge profits while the economy was in freefall and ordinary people were suffering. They constitute a massive transfer of wealth from people whose personal finances are teetering on the edge--as you approach that edge, the bank grabs what little you have left through overdraft fees, and pushes you right off into the financial abyss. And maybe you claw your way back, or maybe you don't--it is not their concern. Although once upon a time it was the role of a bank to help build up the local economy, nowadays the big banks are happy to hasten the downward spiral of troubled communities.