Truist Joins Banking’s Movement Away from Overdraft Fees
Customers Will See Change Beginning Summer 2022
Truist Bank will gradually move away from accounts that charge fees for overdrafts or non-sufficient funds, reports American Banker.
The launch of Truist One Banking — which is expected to take place this summer — is a major part of the Charlotte, North Carolina, company’s plan to overhaul its checking account program and expand access to mainstream financial services. The plan also includes the elimination of fees for non-sufficient funds, negative account balances and overdraft protection transfers. Older accounts that charge overdraft fees will gradually become a smaller part of the company’s deposit base.
Other major banks have announced similar plans, including Wells Fargo and Bank of America.
Wells Fargo Joins Banks Eliminating NSF Fees | by Andy Spears | Jan, 2022 | Medium
Bank of America to Reduce Overdraft Fees, Eliminate NSF Fees | by Andy Spears | Jan, 2022 | Medium
According to American Banker, the move will result in a decrease in overdraft fee-related revenue of $300 million per year.
Banks are moving away from the unpopular fees as regulators such as the Consumer Financial Protection Bureau (CFPB) are…
