Renasant to Eliminate NSF and Certain Overdraft Fees
April 26 2022 - 4:16PM
Renasant Corporation (NASDAQ: RNST) (the “Company”), the parent
company of Renasant Bank, today announced its plans to eliminate
both consumer (retail) non-sufficient funds (NSF) fees and certain
consumer overdraft fees as well as transfer fees to linked consumer
checking accounts by the end of 2022.
Specifically, the Company will implement the
following changes to its consumer accounts:
- Elimination of NSF fees for checks
or payments that cannot be processed due to lack of funds;
- Elimination of continuous overdraft
fees (that is, fees charged when an account maintains a negative
balance over an extended period); and
- Elimination of the fee charged when
funds are transferred between linked accounts for overdraft
protection.
“Our mission at Renasant is to provide quality
financial services and advice by understanding, then meeting
the needs of our customers,” said Mitch Waycaster, Renasant
President and CEO. “We are implementing these changes to meet the
needs of our customers to help them improve their day-to-day
financial well-being and better manage their money.”
In addition to eliminating these fees, the
Company will continue to offer the following features to help
customers manage their finances:
- Consumer choice to opt-out or
opt-in for overdraft coverage
- Debit card spending insights and
tracking controls in the mobile app, including spending patterns
and trends by category, location, and date
- Options to receive updates via
email or text message to monitor consumer account balances
- Digital banking solutions to assist
with managing finances, including checking balances, transferring
funds, and making deposits
- Overdraft Line of Credit for
qualifying customers to assist with short-term needs
- Consumer-based financial education
programs
- Dedicated Customer Experience
Center specialists
These NSF and certain overdraft fees to be
eliminated totaled $4.7 million in 2021 and $1.3 million in the
first quarter of 2022. For more information on financial education
and best banking practices with Renasant, please visit
https://renasantnation.com/category/how-to.
ABOUT RENASANT
CORPORATION:Renasant Corporation is the parent of Renasant
Bank, a 118-year-old financial services institution. Renasant has
assets of approximately $16.9 billion and operates 196 banking,
lending, mortgage, wealth management and insurance offices in
Mississippi, Tennessee, Alabama, Florida, Georgia, North Carolina
and South Carolina.
Contacts: |
For Media: |
For Financials: |
|
John S. Oxford |
James C. Mabry IV |
|
Senior Vice President |
Executive Vice President |
|
Director of Marketing |
Chief Financial Officer |
|
(662) 680-1219 |
(662) 680-1281 |
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