The Bank Slate

INSIGHTS INTO THE BANKING INDUSTRY

South State in Florida eliminate NSF fees

South State in Winter Haven, Fla., is the latest regional bank to do away with nonsufficient funds fees. 


The $46 billion-asset company said in a press release Thursday that it will modify its consumer overdraft program to eliminate NSF fees, as well as transfer fees to cover overdrafts.

South State said it will introduce a deposit product with no overdraft fees. 

The changes will be start to take place in the third quarter and should reduce diluted annual earnings by about 8 to 10 cents a share. 

Several other midsize banks, including Ameris Bancorp in Atlanta; Trustmark in Jackson, Miss.; and Hancock Whitney in Gulfport, Miss., are reducing or eliminating overdraft fees.

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