Truist reduces overdraft fees

The bank plans to roll out a new checking account that will have a USD 100 buffer for customers who spend more than they have in their accounts. It will also create a line of credit for those who need to go further into negative territory.

The bank also plans to create a second bank-account product aimed primarily at unbanked or low-income individuals that will not allow customers to overdraw their accounts. The bank is also getting rid of non-sufficient fund fees as well as savings transfer fees, which are charged when a bank moves funds from a long-term savings account to a customer’s checking account to cover a potentially negative balance.

Truist expects the changes will result in customers paying USD 300 million less in fees annually by 2024.