Sandy Spring Bancorp in Olney, Md., is the latest bank to eliminate nonsufficient funds (NSF) fees for personal accounts.
The $13.9 billion-asset company said in a press release that it also made changes to its overdraft policy and fees as part of a comprehensive review process.
“Individuals and families want to be in control of their banking in ways that best meet their financial goals, regardless of when, how and where they bank with us,” Jay O’Brien, Sandy Spring’s chief banking officer, said in the release.
“Our bankers bring a personalized approach and consult with each client to help them choose the products and services that best meet their individual needs,” O’Brien added.
Sandy Spring said it would lower overdraft fees for all accounts, eliminate extended overdraft fees imposed when an account was overdrawn for seven consecutive calendar days, and do away with transfer fees for clients who have elected overdraft protection.
A growing number of banks have eliminated or curtailed NSF and overdraft fees.
Service charges on deposit accounts fell by 6.1% in the third quarter from the second quarter and by 7.7% from a year earlier, to $8.2 billion, according to call report data.