Popular Bank announces changes to overdraft practices, eliminating returned non-sufficient funds fees
The changes, effective October 2022, will also include an increased balance threshold to avoid overdraft fees and will apply to retail and commercial customers.
Popular Bank, a subsidiary of Popular, Inc. (NASDAQ: BPOP) announced changes to overdraft services, including eliminating returned non-sufficient fund fees, discontinuing extended overdraft fees, and increasing the balance threshold to trigger overdraft fees. The changes, effective October 2022, will apply to the bank’s retail and commercial customers.
Main overdraft changes at a glance:
- Eliminating non-sufficient funds fees for returned transactions
- Eliminating overdraft fees for paid transactions on accounts overdrawn by less than $50
- Discontinuing extended overdraft fees for consecutive days overdrawn
Committed to empowering our customers’ financial journeys
“As a bank built on strong ties to the clients and the communities we serve, offering a competitive and a financially inclusive suite of products is a strategic priority,” said Manuel Chinea, Chief Operating Officer at Popular Bank. “Updating our overdraft practices and eliminating returned non-sufficient funds fees helps strengthen our customers’ financial wellness and the overall economic viability of our communities.”
In 2021, Popular Bank’s Easy Access Checking received Bank On certification from the Cities for Financial Empowerment Fund, providing consumers with a low-cost, quality banking product.
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