Tuesday, June 7, 2022

New York Community, Flagstar to eliminate NSF fees

New Community Bancorp in Westbury and Flagstar Bancorp in Troy, Mich., will eliminate nonsufficient funds fees on Aug. 1. 

The $47 billion-asset New York Community said in a press release Monday that it will also do away with uncollected and unavailable funds fees for its consumer and business checking accounts. The company also plans to introduce Early Pay, an early wage access offering, during the third quarter. 

Flagstar, which New York Community agreed to buy in April 2021 for $2.6 billion, said in a separate release that it will eliminate NSF fees, along with consecutive days overdraft and overdraft protection transfer fees.

The $23 billion-asset Flagstar will also reduce the number of daily overdraft charges to from five to three. The company will also limit overdraft charge to transactions exceeding $10, an increase from $5 previously. 

New York Community “remains committed to its customer-first philosophy,” Thomas Cangemi, the company’s CEO, said in a release. “The elimination of these fees and the introduction of Early Pay is another step in helping our customers better manage their finances.” 

New York Community earlier this year said it would commit $28 billion of loans, investments and other financial support to underserved communities as part of acquisition. 

New York Community and Flagstar, Mich., agreed in April to extend their merger agreement to Oct. 31 as they away regulatory approval. The companies also amended their merger agreement to seek a national bank charter through the Office of the Comptroller of the Currency.

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