LANCASTER, Pa. — Fulton Bank announced Tuesday it will eliminate non-sufficient funds and extended overdraft fees for its consumer customers in the fourth financial quarter of this year.
“We’ve received consumer customer feedback and this is another way we’re responding and helping,” said Andy Fiol, Head of Consumer Banking at Fulton Bank, in a press release. “This is just one of several changes we’ve made or are making to meet customers’ needs and expectations regarding overdraft fees.”
Fulton Bank has a history of adapting its products and services in response to customer feedback and needs.
Last year, Fulton Bank launched “Xpress Account,” a checkless account offering consumer customers many of the benefits of a checking account without overdraft or non-sufficient funds fees with a low monthly maintenance charge.
The “Xpress Account” is certified under the BankOn National Account Standards, which are designed to encourage financial institutions to provide consumers with access to safe and affordable checking accounts.
“We will continue to evaluate our consumer products, services and fee schedule to ensure we are providing industry-leading services to our consumer customers while, at the same time, continuing to change lives for the better,” said Fiol.
Fulton Bank’s Consumer Overdraft Terminology:
- An overdraft: when an item, like a check, debit card transaction or electronic funds transfer, is paid on a deposit account without sufficient funds in the account to pay the item.
- A non-sufficient funds fee: charged when an item would have caused an overdraft on a deposit account, but the bank rejects and does not pay the item.
- An overdraft fee: charged when an overdraft occurs on a deposit account and the bank pays the item creating the overdraft.
- An extended overdraft fee: may be charged when an overdraft occurs on a deposit account creating a negative balance and the account balance remains negative for more than five consecutive business days.
