Associated Bank announces changes to overdraft fees

Rhea-AI Summary

Associated Banc-Corp (NYSE: ASB) announced plans to eliminate non-sufficient funds (NSF) fees and overdraft protection transfer fees starting early in Q3 2022. The changes will also include the removal of the continuous overdraft fee and a reduction in the daily limit of overdraft occurrences from 4 to 2, aiming to reduce the financial burden on customers by approximately 30%. CEO Andy Harmening emphasized the bank's commitment to transparency and customer needs in this evolving environment.

Positive

• Elimination of NSF and overdraft protection transfer fees.
• Reduction in continuous overdraft fees and occurrences.
• Estimated 30% reduction in overdraft burden for customers.

Negative

• None.

GREEN BAY, Wis., April 21, 2022 /PRNewswire/ -- Associated Banc-Corp (NYSE: ASB), the largest bank headquartered in Wisconsin, today announced plans to eliminate non-sufficient funds (NSF) fees and overdraft protection transfer fees early in the third quarter of 2022. Additionally, to continue to support customers with their financial needs and reduce the burden of overdrafts, other modifications to the overdraft program are being made.   

Associated Bank will change consumer and small business account fees as follows:

• Elimination of the NSF fee charged when an item is returned
• Elimination of the overdraft protection transfer fee
• Elimination of the continuous overdraft fee
• Reduction of daily limit of overdraft fee occurrences from 4 to 2

"At Associated Bank, we are focused on helping our customers in their day-to-day financial lives and committed to providing the choices, fairness and transparency they deserve," said Andy Harmening, president and CEO, Associated Bank. "These overdraft changes are in response to listening to our customers and their immediate needs in this ever-changing environment."

The planned changes in the third quarter are expected to reduce the total burden of overdrafts to our customers by approximately 30%.

A variety of budgeting and savings tools can be found in Associated's resource center.

ABOUT ASSOCIATED BANC-CORP

Associated Banc-Corp (NYSE: ASB) has total assets of $35 billion and is Wisconsin's largest bank holding company. Headquartered in Green Bay, Wisconsin, Associated is a leading Midwest banking franchise, offering a full range of financial products and services from more than 200 banking locations serving more than 100 communities throughout Wisconsin, Illinois and Minnesota, and loan production offices in Indiana, Michigan, Missouri, New York, Ohio and Texas. Associated Bank, N.A. is an Equal Housing Lender, Equal Opportunity Lender and Member FDIC. More information about Associated Banc-Corp is available at www.associatedbank.com.

Investor Contact: Ben McCarville
Vice President | Director of Investor Relations
 920-491-7059 | Ben.McCarville@AssociatedBank.com

Media Contact: Jennifer Kaminski
Vice President | Public Relations Senior Manager
920-491-7576 | Jennifer.Kaminski@AssociatedBank.com

View original content:https://www.prnewswire.com/news-releases/associated-bank-announces-changes-to-overdraft-fees-301530561.html

SOURCE Associated Banc-Corp

FAQ

What changes is Associated Banc-Corp making to its overdraft fees in 2022?

Associated Banc-Corp will eliminate NSF fees, overdraft protection transfer fees, and continuous overdraft fees, reducing the daily limit of overdraft occurrences.

When will the new overdraft policy take effect for ASB customers?

The changes to the overdraft policy are set to take effect early in the third quarter of 2022.

How much is Associated Banc-Corp expecting to reduce overdraft fees by?

Associated Banc-Corp expects to reduce the total burden of overdrafts to customers by approximately 30%.

Who is the CEO of Associated Banc-Corp?

The CEO of Associated Banc-Corp is Andy Harmening.