Up until now, Bank of America customers who charged more on their debit cards than they had in their checking accounts were hit with a nasty $39 fee.  That meant that a wayward swipe at 7-11 could end up costing a month’s worth of Big Gulps.

But Bank of America has just announced that it will no longer charge overdraft fees for debit card transaction.  Also, it will no longer allow customers to charge more on their debit cards than what’s available in their account. The change is slated to go into effect sometime in June.

This is good news for most BofA customers and it’s how debit cards were meant to be used. But it’s also a safety measure that responsible consumers shouldn’t need. Managing a checking account is personal finance 101, serious 18-year-old stuff. You put money in, you record how much goes out, you know how much you have left. Easy peasy.

But regardless, small errors in record-keeping shouldn’t result in a $39 windfall profit for your bank. And what a windfall it’s been. Last year banks racked up close to $40 billion in OD charges. That’s a lot of cheddar.

So not to miss out entirely on that gravy train, the bank will of course continue to charge for other overdrafts, like those resulting from bounced checks and ACH transactions.

As the country’s largest bank, Bank of America is taking a leadership role in this matter and as we’ve seen before, other banks will likely follow suit. That’s good news for all bank customers who aren’t as diligent as they could be with their charge cards.