Wintrust Ends Overdraft and Item Return Fees for Consumer Clients
March 01 2023 - 4:01PM
Wintrust Financial Corporation (“Wintrust”) today announced that
all overdraft and item return fees will end effective March 1, 2023
for consumer deposit accounts at each of its community banks.
Business accounts will remain under the existing overdraft and item
return fee structure.
Timothy S. Crane, President of Wintrust, said:
“Given the number of ways to engage customers through technology,
the industry continues to move toward the use of financial
education and notifications and away from account fees. In this
light – rather than reduce or modify our fees as other peers have
done – we made the decision to completely eliminate all overdraft
and item return fees on consumer banking accounts. With real-time
notifications and other tools accessible 24/7, we have seen a
decrease in overdrafts and item returns as our customers can remedy
those situations before they occur. And we believe that eliminating
these charges altogether and working with our consumer banking
clients when low balances occur will strengthen our relationships
with them.”
Wintrust’s new overdraft and item return
structure for consumer accounts:
Effective March 1, 2023
- Eliminate the overdraft per item
paid fee for consumer accounts
- Eliminate the per item return fee
for consumer accounts
- No longer authorize ATM and POS
transactions that would result in a negative account balance at the
time of authorization
Changes to be implemented later in
2023
- At no cost, Wintrust consumer
customers who have direct deposit to a Wintrust checking, savings,
or money market account may receive qualifying payroll and
government direct deposits up to two days early
In addition, consumers can manage their accounts
with the following existing features to avoid overdrafts and item
returns:
- Internal transfers for no
charge
- Access to other banks’ ATMs for no
charge on many consumer accounts
- Notifications if balance is running
low via online/mobile banking
- Financial education resources and
tools designed to help mitigate overdraft and item returns:
- Notifications to customers when an
overdraft occurs that provide tips for managing their accounts to
help avoid future overdrafts
- Offers of financial education
services
- Reminders to customers to set up
alerts via online banking/mobile
- Offers on alternative overdraft
protection including transfers among multiple accounts and an
overdraft protection line of credit
- Offers everyday loan for those who
qualify to manage short term liquidity needs
Please visit your local Wintrust branch to learn
more about these changes.
About WintrustWintrust is a
financial holding company with assets of approximately $53 billion
whose common stock is traded on the NASDAQ Global Select Market.
Built on the "HAVE IT ALL" model, Wintrust offers sophisticated
technology and resources of a large bank while focusing on
providing service-based community banking to each and every
customer. Wintrust operates fifteen community bank subsidiaries,
with over 170 banking locations located in the greater Chicago and
southern Wisconsin market areas. Additionally, Wintrust operates
various non-bank business units including business units which
provide commercial and life insurance premium financing in the
United States, a premium finance company operating in Canada, a
company providing short-term accounts receivable financing and
value-added out-sourced administrative services to the temporary
staffing services industry, a business unit engaging primarily in
the origination and purchase of residential mortgages for sale into
the secondary market throughout the United States, and companies
providing wealth management services and qualified intermediary
services for tax-deferred exchanges.
Forward-Looking InformationThis
press release contains forward-looking statements within the
meaning of the federal securities laws. Investors are cautioned
that such statements are predictions and that actual events or
results may differ materially. Wintrust's expected financial
results or other plans are subject to a number of risks and
uncertainties. For a discussion of such risks and uncertainties,
which could cause actual results to differ from those contained in
the forward-looking statements, see "Risk Factors" and the
forward-looking statement disclosure contained in Wintrust's most
recently filed Annual Report on Form 10-K. Forward-looking
statements speak only as of the date made and Wintrust undertakes
no duty to update the information.
FOR MORE INFORMATION CONTACT: Edward J. Wehmer,
Founder & Chief Executive OfficerTimothy S. Crane,
PresidentDavid A. Dykstra, Vice Chair & Chief Operating Officer
(847) 939-9000 Web site address: www.wintrust.com
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