The
latest community bank to act is 1st Colonial Bancorp in Cherry Hill, N.J. The
$698 million-asset company said in a press release that, effective June 1,
reduced its overdraft and NSF fees from $35 to $15.
The
company said overdraft fees will only apply to transactions that result in an
overdraft balance greater than $50 at the end of the business day, with a
maximum one-day charge of $30.
“Our commitment is to our loyal customers and
providing valuable financial products and services paired with our deep
financial expertise to help them achieve success,” Robert White, 1st
Colonial’s CEO, said in the release.
“This is
an ideal time to provide additional support to our customers, and ensure we are
minimizing the impact associated with incidental and unintentional overdraft
situations,” White added.
The
announcement comes as many large community banks and regional banks have
reduced their fees. The Consumer Financial Protection Bureau has also indicated that it will take a closer look at fee structures.
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