Santander to enhance overdraft fee protection features

PROVIDENCE – Santander Bank N.A. is beefing up its overdraft fee protection policies.

The bank recently announced it will eliminate its nonsufficient funds fees and is also cutting the charge for customers who overdraft their accounts from $35 to $15.

The changes expand upon a flexible overreact policy introduced in 2021, and mirror changes being made by financial institutions nationwide that have similarly reduced or gotten rid of overdraft fees in the wake of the pandemic.

With its recent changes, Santander in a statement said it will now have one of the “most flexible overdraft fees structures among traditional U.S. banks.”

- Advertisement -

Since launching its “safety net” program in 2021, which automatically waives overdraft fees for customers who overdraft their accounts by up to $100, the bank saw fewer fees incurred by 75% of accounts, with nearly half of the accounts no longer facing overdraft fees at all, according to a news release.

The reduced overdraft fee charge and elimination of nonsufficient fund fees will take effect in November.

Nancy Lavin is a PBN staff writer. You may reach her at Lavin@PBN.com.