Truist reduces overdraft fees

Friday 21 January 2022 12:03 CET | News

Truist Bank has reduced its overdraft fees, becoming the latest big bank to announce an overhaul of overdraft policies that often impact the most vulnerable customers. 

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.  

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Keywords: banks, bank transfer
Categories: Banking & Fintech
Countries: United States
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Banking & Fintech

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