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:
- An overdraft: when an item, like a check, debit card
transaction or electronic funds transfer, is paid on a deposit
account without sufficient funds in the account to pay the
item.
- A non-sufficient funds fee: charged when an item would have
caused an overdraft on a deposit account, but the bank rejects and does not pay the item.
- An overdraft fee: charged when an overdraft occurs on a deposit
account and the bank pays the item
creating the overdraft.
- An extended overdraft fee: may be charged when an overdraft
occurs on a deposit account creating a negative balance and the
account balance remains negative for more than five consecutive
business days.
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.
About Fulton Bank, N.A. Headquartered in Lancaster, Pa.,
Fulton Bank is a premier community bank in the Mid-Atlantic region.
As a subsidiary of Fulton Financial Corporation (the
“Corporation”), a $26 billion financial services holding company,
Fulton Bank offers a broad array of products and services at more
than 200 financial centers across Pennsylvania, New Jersey,
Maryland, Delaware, and Virginia. At Fulton Bank, we seek to change
lives for the better by building strong customer relationships,
providing significant community support and empowering more than
3,200 employees to do the same. Through the Fulton Forward®
initiative, we’re helping build vibrant communities. Learn more at
www.FultonBank.com. Fulton Bank, N.A., Member FDIC.
Safe Harbor Statement This news release may contain
forward-looking statements with respect to the Corporation’s
financial condition, results of operations and business. Do not
unduly rely on forward-looking statements. Forward-looking
statements can be identified by the use of words such as "may,"
"should," "will," "could," "estimates," "predicts," "potential,"
"continue," "anticipates," "believes," "plans," "expects,"
"future," "intends," “projects,” the negative of these terms and
other comparable terminology. These forward-looking statements may
include projections of, or guidance on, the Corporation’s future
financial performance, expected levels of future expenses,
including future credit losses, anticipated growth strategies,
descriptions of new business initiatives and anticipated trends in
the Corporation’s business or financial results.
Forward-looking statements are neither historical facts, nor
assurance of future performance. Instead, the statements are based
on current beliefs, expectations and assumptions regarding the
future of the Corporation’s business, future plans and strategies,
projections, anticipated events and trends, the economy and other
future conditions. Because forward-looking statements relate to the
future, they are subject to inherent uncertainties, risks and
changes in circumstances that are difficult to predict and many of
which are outside of the Corporation’s control, and actual results
and financial condition may differ materially from those indicated
in the forward-looking statements. Therefore, you should not unduly
rely on any of these forward-looking statements. Any
forward-looking statement is based only on information currently
available and speaks only as of the date when made. The Corporation
undertakes no obligation, other than as required by law, to update
or revise any forward-looking statements, whether as a result of
new information, future events or otherwise.
A discussion of certain risks and uncertainties affecting the
Corporation, and some of the factors that could cause the
Corporation's actual results to differ materially from those
described in the forward-looking statements, can be found in the
sections entitled "Risk Factors" and "Management's Discussion and
Analysis of Financial Condition and Results of Operations" in the
Corporation’s Annual Report on Form 10-K for the year ended
December 31, 2021, Quarterly Report on Form 10-Q for the quarter
ended March 31, 2022 and other current and periodic reports, which
have been or will be filed with the Securities and Exchange
Commission (the "SEC"), and are or will be available in the
Investor Relations section of the Corporation's website
(www.fultonbank.com) and on the SEC's website (www.sec.gov).
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version on businesswire.com: https://www.businesswire.com/news/home/20220627005744/en/
Lacey Dean (717) 735-8688
Fulton Financial (NASDAQ:FULT)
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