“The coming rules have the potential to fundamentally alter the product that banks can offer and could significantly limit a large source of fee revenue for banks,” said Edward Mills, a financial policy analyst at brokerage FBR & Co.įBR calculates that about 19 percent of Minnesota-based TCF Financial Corp’s pretax income would be at risk if the proposed rules eliminated 50 percent of its overdraft fee.įor Regions and SunTrust, the figure would be 7.7 percent and 5.1 percent respectively.īanks such as TCF, Kentucky-based HopFed Bancorp Inc and Tennessee-based First Security Group Inc depend on overdrafts for a third or more of their earnings per share, according to data compiled by SNL Financial, Raymond James Research and the Federal Financial Institutions Examination Council. SunTrust will waive the overdraft/returned item fees on transactions that are less. ATLANTA (Legal Newsline) - The Georgia Supreme Court has revived a class action lawsuit filed against SunTrust over the Atlanta bank’s overdraft fees. Overdrawing an account by as little as $1 or as much as $50 could attract the same standard fee at some banks. Overdraft Fees: You may be charged up to 36 for each overdrawn item.
Such fees can be as high as $78 per account, analysts said, regardless of the amount of the overdraft. The Peoples Bank Lynden Financial Center offers full-service banking services in Lynden, WA. However, there are a handful of options to waive the fee: make at least 500 in qualifying direct deposits, be a student under 25 years old, maintain a combined monthly balance of at least 500 or have a related personal Truist credit card, mortgage, consumer loan or a linked Small Business Checking account.
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