Hancock Whitney in Gulfport, Miss., will do away with consumer nonsufficient funds fees, along with certain overdraft, fees by the end of this year.
The $36.5 billion-asset company said in a press release that it will also increase its existing overdraft balance threshold to provide clients a bigger cushion before fees are assessed.
The moves are expected to reduce the company’s service charges on deposit accounts by about $10 million to $11 million annually.
Hancock Whitney introduced Early Pay in March, which gives customers access to their direct-deposited payroll up to two days sooner. The company is also planning to offer a new checking product, Assure Checking, that will have no overdraft fees.
The company is one of several midsize banks to curb NSF and overdraft fees.