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(June 30, 2021) LANCASTER, PA – Fulton Bank, N.A. (“Fulton Bank”) a subsidiary of Fulton Financial Corporation (NASDAQ: FULT), today announced changes coming to its overdraft program and fee schedule in support of its customers. In the fourth quarter of 2022, Fulton Bank will eliminate non-sufficient funds and extended overdraft fees for its consumer customers.
“We’ve received consumer customer feedback and this is another way we’re responding and helping,” said Andy Fiol, Head of Consumer Banking, Fulton Bank. “This is just one of several changes we’ve made or are making to meet customers’ needs and expectations regarding overdraft fees.”
Fulton Bank has a history of adapting its products and services in response to customer feedback and needs. In 2021, Fulton Bank launched “Xpress Account,” a checkless account offering consumer customers many of the benefits of a checking account without overdraft or non-sufficient funds fees with a low monthly maintenance charge. The “Xpress Account” is certified under the BankOn National Account Standards, which are designed to encourage financial institutions to provide consumers with access to safe and affordable checking accounts.
“We will continue to evaluate our consumer products, services and fee schedule to ensure we are providing industry-leading services to our consumer customers while, at the same time, continuing to change lives for the better,” said Fiol.
Fulton Bank’s Consumer Overdraft Terminology:
Consumer Overdraft Program Disclosures
Overdrafts may be created by check, ATM, or everyday debit card, in-person withdrawal, ACH, transfer, fees or other electronic means. Once an account becomes overdrawn, Fulton Bank expects that customers will bring the account to a positive balance immediately. Fulton Bank does not guarantee payment of overdrafts and reserves the right not to pay an overdraft item and may instead return or decline to authorize an overdraft item. Fulton Bank will generally pay overdrafts up to the limit disclosed to customers that are in good standing, which means that a customer’s account is not continuously overdrawn for more than 20 days, does not have any garnishments, levies, liens or bankruptcy, has had at least one deposit in the last 30 days, and overdraft/NSF (non-sufficient funds) fees did not exceed 10% of the most recent rolling 12 months of total deposits in the account. Currently, customers have five consecutive business days to bring an overdrawn account positive before being charged an Extended Overdraft Fee of $6 per day. Fulton Bank is eliminating the extended overdraft fee in the fourth quarter of 2022. The fee for the payment of each overdraft item, up to a maximum of four per day, is currently $39. To learn more, please see Fulton Bank’s consumer disclosure. Customers can also call 800-385-8664 for more information.
Contact: Lacey Dean