Bank of America story updated with additional information in third and fifth paragraphs.NEW YORK ( TheStreet) -- Bank of America ( BAC - Get Report) has been the hardest hit of the large U.S. banks by new rules aimed at reducing fees banks charge consumers, according to research published Monday by Credit Suisse analyst Moshe Orenbuch. Regulation E, which requires banks to get customer consent before charging overdraft fees, costs Bank of America $3.3 billion annually, versus $1.4 billion at Wells Fargo and $1.077 billion at JPMorgan Chase ( JPM - Get Report) according to Orenbuch's estimates. U.S. Bancorp ( USB - Get Report) was a distant fourth, losing $460 million in annual revenues. The rule went into effect in July 2010. The differential comes in part from the fact that, unlike other banks, which allow customers to "opt-in" on overdraft fees so that they can access funds when their accounts are empty, Bank of America chose not to give customers that option.
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