AMERANT BANK ANNOUNCES AMERANT COVERME, A FIRST STEP TOWARD ELIMINATING OVERDRAFT FEES

Rhea-AI Summary

Amerant Bank, the second largest community bank in Florida, has introduced the Amerant CoverMe program, which eliminates overdraft fees for amounts up to $100. The bank will also reduce overdraft fees from $35 to $10 by the end of Q2 2022 for consumer accounts. This initiative aims to help customers avoid declined transactions and overdrafts. Additionally, Amerant offers an Overdraft Protection program at no setup cost, helping customers manage their finances more effectively.

Positive

• Introduction of the Amerant CoverMe program to eliminate overdraft fees up to $100.
• Reduction of overdraft fees from $35 to $10 by the end of Q2 2022.
• Provides an Overdraft Protection program at no cost to customers.

Negative

• None.

CORAL GABLES, Fla., Feb. 2, 2022 /PRNewswire/ --  Today, Amerant Bank, the second largest community bank headquartered in Florida, launched Amerant CoverMe, a program that eliminates overdraft fees for up to $100 and helps its customers avoid declined transactions, returned checks and overdrafts. Additionally, Amerant will be lowering overdraft fees from $35 to $10 for domestic consumer accounts by the end of Q2 2022.

"Part of our mission at Amerant is to use the power of banking to create social and environmental value for our people, communities, and customers," said Vice Chairman, President & CEO of Amerant Bank Jerry Plush. "We believe these positive changes in overdraft practices are an example of our commitment toward upholding this."

The Amerant CoverMe program allows for an overdraft of up to $100 without charging any fees on Value Checking, Interest Checking, Savings, Money Market, Relationship Money Market, and Relationship Interest Checking Accounts. With the customer's next deposit, a negative balance can replenish the customer's account as the deposit is applied to make positive adjustments.

Amerant also currently provides its customers with an Overdraft Protection program, which allows customers to link eligible checking accounts to automatically transfer available funds from backup account(s) to cover transactions that exceed their available balance. This offers customers added assurance by helping them avoid declined transactions, returned checks and overdrafts. There is no cost to set up to Amerant's Overdraft Protection. Customers can easily sign up by visiting their nearest Amerant Branch location.

Amerant also offers ways to reduce or avoid overdraft fees, including:

• Account alerts via email or text message when balance is low and/or when payments are due.
• Amerant Mobile Banking, in which customers can check their current balance.
• Amerant's Overdraft Protection

For more information about Amerant Bank, visit amerantbank.com and Facebook, Twitter, Instagram and LinkedIn at @AmerantBank.

About Amerant Bancorp Inc. (NASDAQ: AMTB)
Amerant Bancorp Inc. is a bank holding company headquartered in Coral Gables, Florida since 1979. The Company operates through its main subsidiary, Amerant Bank, N.A. (the "Bank"), as well as its other subsidiaries: Amerant Investments, Inc., Elant Bank and Trust Ltd., and Amerant Mortgage, LLC. The Company provides individuals and businesses in the U.S., as well as select international clients, with deposit, credit and wealth management services. The Bank, which has operated for over 40 years, is the second largest community bank headquartered in Florida. The Bank operates 24 banking centers – 17 in South Florida and 7 in Houston, Texas. For more information, visit investor.amerantbank.com.

Media Contacts:
Victoria Verdeja
Amerant Bank
mediarelations@amerantbank.com

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SOURCE Amerant Bank

FAQ

What is the Amerant CoverMe program by AMTB?

The Amerant CoverMe program eliminates overdraft fees for amounts up to $100 and aims to prevent declined transactions.

When will Amerant Bank reduce overdraft fees from $35 to $10?

Amerant Bank plans to reduce overdraft fees by the end of Q2 2022.

How does Overdraft Protection work at Amerant Bank?

Amerant's Overdraft Protection links checking accounts to automatically transfer available funds from backup accounts to cover transactions.

What types of accounts are eligible for the Amerant CoverMe program?

Eligible accounts include Value Checking, Interest Checking, Savings, Money Market, Relationship Money Market, and Relationship Interest Checking Accounts.

Where can I find more information about Amerant Bank's services?

For more information, visit amerantbank.com.