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.