Regions Bank has announced plans to reduce overdraft fees and eliminate non-sufficient fund fees, joining a growing trend in the banking industry.
The bank announced a number of measures:
- Overdraft protection transfer fees will be eliminated by the end of the first quarter of this year.
- Non-sufficient fund fees will be eliminated by the end of the second quarter.
- Overdraft fees will be limited to three per day by the end of the second quarter.
- Early direct deposit of paychecks will be available to some customers by the end of third quarter.
- Small-dollar loans of up to $500 will be available to some customers by the end of the third quarter.
“The changes we are announcing today complement many additional services and enhancements we have delivered in recent years,” said Scott Peters, head of the Consumer Banking group for Regions Bank. “We succeed when our customers and communities succeed. That is our focus, and our commitment, every day.”
Truist Financial Group this week also announced some fee restructuring, following similar announcements from Bank of America Corp., Wells Fargo and U.S. Bancorp.
Max Credit Union has also cut NSF fees and also will provide customers up to $10 in overdraft protection.