The Bank Slate


S&T in Penn. latest bank to eliminate NSF fees

S&T Bancorp in Indiana, Pa., will eliminate all nonsufficient funds (NSF) fees for consumer and business deposit accounts.

The $9.1 billion-asset company said in a press release that its returned-item fees will go away on April 3. S&T will introduce a new program where it will not charge an overdraft fee if account is overdrawn by $10 or less.

Eliminating NSF fees “is just another way we are helping our customers strengthen their financial wellness,” Jason Forman, S&T’s director of consumer banking, said in the release.

S&T also plans to eliminate ACH return item fees, deposited return item fees and transfer fees when money is moved from a savings account or credit line to cover transactions that overdraw an account.

The move comes as several bigger banks reduce or eliminate overdraft and NSF fees. The Consumer Financial Protection Bureau has also promised to keep an eye on those consumer charges.

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