Columbia Bank One of the First Community Banks to Rethink Overdraft Protection
August 15 2022 - 7:30AM
Columbia Bank, a long standing leader in community banking,
announced today that they will be modifying their Consumer
Overdraft Program to minimize the impact of fees on clients. This
move will make them one of the first to do so within the community
banking space. The new program will take effect August 15, 2022 and
will include the following changes:
- Elimination of Uncollected Fees on
all consumer checking accounts. Clients will no longer be charged
if funds are in an account to pay a presented item but are not yet
available due to holds.
- Introduction of a $50 fee-free
overdraft threshold. Consumer clients won't incur an overdraft fee
if a presented item would overdraw their account by $50 or
less.
- The insufficient funds daily
maximum, including overdraft fees, will be lowered from 4 fees of
$35 to 1 fee of $35 if a client’s account is overdrawn by more than
$50.
“Our Bank’s tagline is ‘Count on Columbia’ and we truly
incorporate that into everything we do. We are consistently
reviewing our products and services to ensure we’re doing right by
our clients and we recognize overdrafts are a client pain point,”
said Thomas J. Kemly, President and CEO of Columbia Bank. “Our new
Consumer Overdraft Program is designed to minimize the impact of
overdraft fees for clients, while still providing a service that
has you covered when mistakes happen. We’re proud to be one of the
first community banks to rethink how overdrafts should work.”
Additionally, Columbia Bank will continue to provide education
and build upon tools that help consumer clients to manage their
accounts more effectively. Such items include:
- Financial literacy programs
conducted by Columbia Bank. Programs cover topics like account
management, digital tools, fraud prevention and more.
- Through our EVERFI strategic
partnership, Columbia Bank sponsors the Financial Scholars Program
in 15 local school districts. Students participating in the program
learn banking fundamentals so they understand responsible money
management.
- Digital tools such as low balance
alerts, Online and Mobile Banking access and more.
For overdraft resources and more information on the Bank’s
Consumer Overdraft Program, please visit
https://www.columbiabankonline.com/personal-banking/personal-checking/consumer-overdraft.
About Columbia Bank
Founded in 1927 and headquartered in Fair Lawn, NJ, Columbia
Bank has 66 full-service branch networks spanning the state of New
Jersey, an asset base of approximately $9.8 billion. Columbia Bank
offers a full suite of consumer and commercial products, including
online and mobile banking, localized lending centers as well as
title, investment and wealth management services. For more
information about Columbia Bank’s complete line of products and
services, visit www.ColumbiaBankOnline.com. Follow Columbia Bank
on: Facebook, Instagram, Twitter, YouTube & Linked In.
Tony Rose1st Senior Vice President, Marketing
Director201-794-5828trose@columbiabankonline.com
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