Truist launches bank accounts with no overdraft fees
Truist recently announced two new bank account products that offer no overdraft fees.
The bank has launched Truist One Banking, which will have a checking account and a trust account, both designed to give consumers more control and address the challenge of overdraft fees, it said in a press release. Accounts also offer easy ways to waive maintenance fees and, for eligible customers, provide a buffer in case of accidental overspending.
Truist’s checking account offers no overdraft fees, up to $100 negative balance for eligible consumers, and up to 50% additional rewards on select Truist credit cards. Alternatively, the bank trust account, which is another type of checking account, does not allow users to spend more than they have in their account.
“Truist One Banking is a purpose-driven approach to banking, designed to provide more accessible solutions for everyone,” said Truist President and CEO Bill Rogers. “We are committed to inspiring and building better lives and communities by creating financial solutions that empower more customers to build stronger financial futures.”
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CITI BECOMES LARGEST BANK TO ELIMINATE OVERDRAFT FEES
Banks are starting to drop overdraft fees
Truist said earlier this year it waived its fees for returned items, negative account balances and overdraft protection transfers for consumer accounts. These changes, along with the newly announced accounts, will save Truist customers about $300 million a year by 2024, the bank said.
Other financial institutions have also started changing their overdraft fee policies over the past year. Bank of America, Capital One and Citibank are among those that have eliminated or reduced these fees, and have also implemented balance alerts for credit and debit card transactions to notify consumers when their balance is available. falls below a certain amount.
Banks that have taken this step have said that eliminating overdraft fees will help increase financial inclusion in underserved communities.
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‘THE END OF DISCOVERY FEES?’
Regulators look at overdraft fees
The Consumer Financial Protection Bureau (CFPB) is increasingly looking into insufficient funds (NSF) and overdraft fees. The CFPB released a report in December on its investigation into the fees, saying banks have become increasingly dependent on them and the NSF for revenue.
“Unfortunately, switching bank accounts isn’t easy. It involves new account numbers, new debit cards, updating direct deposit, updating direct debits and much more,” said CFPB director Rohit Chopra during a press call in December. “If America can move to an open banking infrastructure, it will be harder for banks to trick customers into an account in order to collect fees.”
Earlier this year, Democratic members of the House Financial Services Committee and stakeholders called on Congress and President Joe Biden to put a universal end to bank overdraft fees.
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