Multiple Fee Reductions and New Products and
Services Add to Continued Investment in FNB's Customer-Friendly
Banking Experience
PITTSBURGH, Nov. 8, 2022
/PRNewswire/ -- F.N.B. Corporation (NYSE: FNB) announced that it is
making important changes to its overdraft practices to further
benefit customers of its banking subsidiary, First National Bank.
In conjunction with FNB's digital tools, customer-friendly products
and focus on financial education, the updates are designed to
promote positive banking behaviors, prevent overdrafts and better
enable customers to reasonably avoid fees.
Expected to be effective in the first quarter of 2023, FNB plans
to implement multiple updates, including eliminating continuous
overdraft fees; reducing overdraft and non-sufficient funds (NSF),
or returned item, fees; and decreasing the maximum number of times
customers can be charged these fees in a single day. Along with
other favorable depository transaction processing changes, the
Company also will ensure customers do not incur overdraft fees for
transactions that are $5 or less.
Overall, FNB's anticipated changes are expected to reduce
overdraft-related fees assessed to customers by approximately
$10 million (pre-tax) on a full-year
basis.
Complementing these changes, FNB will launch two new products in
2023 that give customers additional cash flow flexibility and
expanded tools to strengthen their financial management skills:
- A short-term, small-dollar loan solution that enables
eligible accountholders to use FNB's digital tools to apply for and
quickly receive funds. With online and mobile access to credit to
fill urgent financial gaps, FNB's new small-dollar loan product
will aim to help customers reduce fees and provide an alternative
to expensive, nontraditional loan options.
- The FNB Smart Secured consumer credit card for customers
looking to establish or improve credit. A cash deposit into an FNB
savings account is used to secure the card, with the amount of the
deposit set as the card's credit limit. The savings account is held
as collateral, so FNB can enable customers, including those with no
credit or low credit scores, the opportunity to demonstrate
responsible financial management habits and build or repair their
credit over time.
"FNB continually monitors current practices and changes in
technology and our clients' preferences, and we have made
adaptations to our digital offerings and consumer fee schedule to
ensure we are addressing a wide range of needs," said Vincent J. Delie, Jr., Chairman, President and
Chief Executive Officer of F.N.B. Corporation and First National
Bank. "FNB's digital technology, enhanced product suite and
commitment to transparency in our banking practices are all part of
a comprehensive approach that makes it easy for consumers and
businesses to access, understand and use banking tools to take
control of their finances and achieve their goals."
FNB's overdraft fee reductions and new products join a suite of
solutions and resources the Company has introduced over time to
empower its customers to make responsible, confident banking
choices. Select highlights include:
- eStyle, a checking account that enables customers to
avoid overdrafts entirely. One of FNB's fastest-growing accounts,
eStyle received national Bank On certification from the Cities for
Financial Empowerment Fund for its affordability, high
functionality and focus on consumer protection. The American
Bankers Association acknowledged the BankOn program as an important
component of banks' significant efforts to expand access to banking
services and education, which has contributed to a 17 percent
decrease in the number of unbanked consumers in the U.S. between
2019 and 2021 — the lowest level since the FDIC began tracking the
data.
- eStore®, a proprietary digital banking platform where
customers can find information about accounts, easily apply for
products, schedule an appointment with an FNB expert, and access
financial education content using their online or mobile device or
in a branch. FNB's eStore visits grew more than 120 percent year
over year in September, demonstrating increased adoption and
customer utilization.
- Digital, online and mobile
banking services that provide clear, instant insight
into ledger and available balances, as well as the customer's
credit score. FNB also offers customizable balance and transaction
alerts, debit card controls, budgeting tools and online and mobile
deposit and transfer options. Coupled with eStore and an expansive
ATM network, including a growing fleet of Interactive Teller
Machines that support after-hours engagement with bankers using
video chat, these solutions ensure customers have safe, convenient
access to banking services and information and can deposit money in
their accounts at any time and location that suits their needs. In
fact, FNB has increased its total ATM network by nearly 200 percent
since 2015, with plans for further expansion in the near-term.
- A unique, retail-oriented website that prioritizes
transparency and consumer-friendly features, including account
selection tools and informational articles in the Knowledge
Center.
- Xpress Deposit™, which delivers immediate access to
approved deposits, offering many customers the option to quickly
add needed available funds to their account to cover upcoming
expenses.
- Financial Insights, an educational program that is
available using online and mobile devices, through eStore, in FNB
branches or through programs presented at various community
organizations. Including interactive modules on a range of topics
such as "Preventing overdraft fees," "Managing your checking
account," "Buying your first home," and "Building and maintaining
good credit," Financial Insights is part of an organization-wide
commitment to promoting financial literacy.
For more information about the broad range of products and
services available at FNB, please explore eStore at
fnb-online.com.
About F.N.B. Corporation
F.N.B.
Corporation (NYSE: FNB), headquartered in Pittsburgh, Pennsylvania, is a diversified
financial services company operating in seven states and the
District of Columbia. FNB's
market coverage spans several major metropolitan areas,
including: Pittsburgh,
Pennsylvania; Baltimore,
Maryland; Cleveland, Ohio;
Washington, D.C.;
Charlotte, Raleigh, Durham and the Piedmont Triad (Winston-Salem, Greensboro and High
Point) in North Carolina;
and Charleston, South Carolina.
The Company has total assets of nearly $43
billion and approximately 340 banking offices throughout
Pennsylvania, Ohio, Maryland, West
Virginia, North Carolina,
South Carolina, Washington, D.C. and Virginia.
FNB provides a full range of commercial banking, consumer
banking and wealth management solutions through its subsidiary
network, which is led by its largest affiliate, First National Bank
of Pennsylvania, founded in 1864.
Commercial banking solutions include corporate banking, small
business banking, investment real estate financing, government
banking, business credit, capital markets and lease financing. The
consumer banking segment provides a full line of consumer banking
products and services, including deposit products, mortgage
lending, consumer lending and a complete suite of mobile and online
banking services. FNB's wealth management services include asset
management, private banking and insurance.
The common stock of F.N.B. Corporation trades on the New York
Stock Exchange under the symbol "FNB" and is included in Standard
& Poor's MidCap 400 Index with the Global
Industry Classification Standard (GICS) Regional Banks
Sub-Industry Index. Customers, shareholders and investors can learn
more about this regional financial institution by visiting the
F.N.B. Corporation website at www.fnbcorporation.com.
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SOURCE F.N.B. Corporation