First Bank of Alabama Lowers Overdraft and Non-Sufficient Fund Fees to Help Customers During Challenging Economic Times

TALLADEGA, Ala., Jan. 20, 2022 /PRNewswire/ -- First Bank of Alabama announced today it is reducing the fees it charges customers for its overdraft services. Effective February 1, 2022, overdraft and non-sufficient fund (NSF) fees will be $22 per item, with overdraft fees subject to a limit of five per business day.

Overdraft and non-sufficient fund fees are the fees banks charge their customers when they spend more money than they have in their account. This reduction represents approximately a 30% savings to Overdraft Privilege customers.

"Even though many people in our community and country are rebounding from the economic fallout of the COVID-19 pandemic, many are not," said President and CEO J. Chad Jones. "We've lowered these fees to help our customers who are still facing economic hardship right now."

The move is in line with a trend in the banking industry to reduce overdraft and NSF fees for customers. In the past several months, many national and regional banks have announced changes to their overdraft charges. The changes have been widely met with approval from consumer groups and customers alike.

"As we continue to improve our products and services, we recognized the opportunity to improve our relationship with our customers who Opt-In to our Overdraft Privilege," said Jones.

Checking account customers who Opt-In to the bank's Overdraft Privilege program would not have transactions declined or checks returned when they do not have sufficient funds to cover a transaction; up to five such transactions in one day. The bank pays the transaction with a fee and provides notice to the customer of non-sufficient funds.

 "The Overdraft Privilege program has helped many avoid being taken advantage of by payday lenders, higher-priced loans, title pawns and other predatory lenders. This is a service… a service not all of our customers will use but for those who have used it, most will tell you it saved them from a different hardship or fee."

Jones continued, "The lower-fee service is the safety net for that 'just in case' to help avoid an emergency or embarrassing moment when using your First Bank of Alabama bank account. I encourage our customers to speak with our Financial Specialists for any questions they may have regarding opting in to the service."

For more information, please contact: Chad Jones, President/CEO

First Bank of Alabama
Chad Jones
President/CEO
[email protected]

SOURCE First Bank of Alabama

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