Good news, we’re making changes to our overdrafts
At Popular Bank, we want you to focus on the things that matter to you. That’s why we’re making changes as it relates to overdrafts. These changes will go into effect starting on Tuesday, October 11, 2022.
What is an overdraft?
An overdraft occurs when you do not have enough money in your account to cover a transaction.
Popular Bank will continue our standard overdraft practice of either returning the item unpaid or paying it and overdrawing your account. We are changing some fees and practices associated with overdrafts, including eliminating the fee for returned items due to non-sufficient funds (NSF).
Upcoming Popular Bank overdraft changes.
Effective October 11, 2022, Popular Bank will be making changes to overdrafts for Personal, Commercial, and Business accounts.
What you need to know.
For Personal accounts:4
| Description | Affected accounts | Current amount | As of 10/11/2022 | |
|---|---|---|---|---|
| Return Item NSF Fee1 | The fee charged by Popular Bank if we return or decline an item when there aren’t enough funds in your account to cover a transaction. | Personal Checking | $34 fee per item |
$0 |
| Personal Savings and Money Market | $10 fee per item |
$0 | ||
| Overdraft NSF Fee1 (Staying the same) |
The fee charged by Popular Bank if we pay a transaction and your account is overdrawn.4 | Personal Checking | $34 fee per item |
$34 fee per item |
| Personal Savings and Money Market | $10 fee per item |
$10 fee per item |
||
| Extended Overdraft Fee1,3 | The fee charged by Popular Bank and assessed for each business day your account is consecutively overdrawn. | Personal Checking, Savings and Money Market | $5 fee per business day, $75 max3 | $0 |
| Balance threshold to avoid Overdraft NSF Fee1 | There is no fee if your account is overdrawn by this amount or less. | Personal Checking, Savings and Money Market | $5 | $50 |
| Maximum number of Overdraft NSF Fees per business day1,2 | The daily limit of overdraft fees you will be charged. | Personal Checking, Saving, and Money Market | 5 items | 3 items |
For Commercial and Business accounts:
| Description | Affected accounts | Current amount | As of 10/11/2022 | |
|---|---|---|---|---|
| Return Item NSF Fee2 | The fee charged by Popular Bank if we return or decline an item when there aren’t enough funds in your account to cover a transaction. | Commercial and Business Checking | $34 fee per item |
$0 |
| Commercial and Business Savings and Money Market | $10 fee per item |
$0 | ||
| Overdraft NSF Fee2 (Staying the same) |
The fee charged by Popular Bank if we pay a transaction and your account is overdrawn. | Commercial and Business Checking | $34 fee per item |
$34 fee per item |
| Commercial and Business Savings and Money Market | $10 fee per item |
$10 fee per item |
||
| Extended Overdraft Fee2,3 | The fee charged by Popular Bank and assessed for each business day your account is consecutively overdrawn. | Commercial and Business Checking, Savings and Money Market | $5 fee per business day, $75 max3 | $0 |
| Balance threshold to avoid Overdraft NSF Fee2 | There is no fee if your account is overdrawn by this amount or less. | Commercial and Business Checking, Savings and Money Market | $5 | $50 |
Please note: The maximum number of Overdraft NSF Fees per business day is not changing for Commercial and Business accounts and will continue to apply after October 11, 2022. Please review our Schedule of Fees for more details.
Our team is here to help.
Find answers to frequently asked questions about our overdraft changes from the Popular Bank Help Center.
- When is a transaction paid or declined?
- How can I avoid an overdraft fee?
- What is an extended overdraft fee?
- What is a return item non-sufficient funds (NSF) fee?
Still need help?
Please visit a branch, or call our Customer Care Center at 1-800-377-0800. Representatives are available to assist you Monday through Friday from 7:30am to 12:00am ET and Saturday and Sunday from 9:00am to 6:00pm ET.
1 Overdraft NSF Fees are not applicable to Easy Access checking accounts. Please refer to the Personal Banking Disclosure and Agreement and your account product disclosure for details about how we pay overdrafts.
2 The maximum number of Overdraft NSF Fees per business day is not changing for Commerical/Business accounts and will continue to apply after October 11, 2022. Please refer to the Business Banking Disclosure and Agreement and your account product disclosure for details about how we pay overdrafts.
3 Currently, after a 7-business-day grace period, a daily fee of $5.00 will be assessed for each business day your account is consecutively overdrawn, up to a maximum of 15 business days, not to exceed $75.00. Effective October 11, 2022, this fee will no longer apply to the accounts listed.
4 For ATM and Debit transactions, we will not pay overdrafts and will not charge a fee if you opt-out of overdraft coverage. Please refer to the Personal Banking Disclosure and Agreement, Schedule of Fees, and Debit Card/ATM Overdraft coverage for more information.