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.
“The financial industry has entered a new era in banking designed to provide customers with the tools needed to help them manage their overall finances, and we believe these changes are another step towards achieving that goal,” John Hairston, Hancock Whitney’s president and CEO, said in the release.
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.
Ameris Bancorp in Atlanta recently said it would reduce and eliminate certain overdraft fees, and Trustmark in Jackson, Miss., made a similar announcement.