BOK Financial® to eliminate non-sufficient funds fees, overdraft fee changes

Rhea-AI Summary

BOK Financial has announced plans to eliminate non-sufficient funds fees and reduce overdraft fees by the end of 2022. The changes include:

• Elimination of fees for checks or payments that cannot be processed due to insufficient funds.
• Reduction of the maximum overdraft fees charged per day from five to three.
• Increase of the overdraft cushion from $5 to $50, allowing clients to avoid overdraft fees for amounts overdrawn by $50 or less.

These measures aim to enhance financial flexibility for clients and reflect BOK Financial's commitment to supporting personal financial management.

Positive

• Elimination of non-sufficient funds fees supports customer financial health.
• Reduction of overdraft fees decreases financial burden on clients.
• Increase in overdraft cushion from $5 to $50 enhances customer flexibility.

Negative

• None.

TULSA, Okla., Sept. 02, 2022 (GLOBE NEWSWIRE) -- BOK Financial^® will eliminate all non-sufficient funds fees and reduce overdraft fees by the end of 2022. These fees are incurred when there isn’t enough money in an individual’s checking or savings account to cover a transaction whether the transaction was processed (overdraft fees) or rejected (non-sufficient funds fees).

By the end of the year, the bank—operating as BOK Financial^®, Bank of Oklahoma, Bank of Texas and Bank of Albuquerque—will make the following changes:

• Eliminate fees charged when checks or payments cannot be processed due to lack of funds, commonly known as non-sufficient funds fees.
• Reduce the maximum number of overdraft fees charged per day from five to three.
• Increase the overdraft cushion to $50 from $5, ensuring that customers do not pay overdraft fees when their account is overdrawn by $50 or less at the end of the day.
  

“We understand that managing your personal financial situation can be complex and that everyone needs a break from time to time,” said Derek Martin, BOK Financial consumer banking services executive. “These changes will give our clients more control and increased flexibility.”

The company has taken a number of steps to help clients better manage their personal financial situation. Previously, they have removed fees for transfers between linked accounts, excessive withdrawal fees on savings accounts and fees charged for accounts with a negative balance beyond five business days. In May, the company’s Opportunity Banking account received Bank On certification, reflecting features that ensure low cost, high functionality and consumer safety.

“We are committed to the financial health of our clients and communities, and believe that these changes will make it easier for them to stay on solid financial footings,” said Martin.

BOK Financial Corporation is a $45 billion regional financial services company headquartered in Tulsa, Oklahoma with $96 billion in assets under management and administration. The company's stock is publicly traded on NASDAQ under the Global Select market listings (BOKF). BOK Financial Corporation's holdings include BOKF, NA; BOK Financial Securities, Inc., BOK Financial Private Wealth, Inc. and BOK Financial Insurance, Inc. BOKF, NA's holdings include TransFund, Cavanal Hill Investment Management, Inc. and BOK Financial Asset Management, Inc. BOKF, NA operates banking divisions across eight states as: Bank of Albuquerque; Bank of Oklahoma; Bank of Texas; and BOK Financial^® in Arizona, Arkansas, Colorado, Kansas and Missouri; as well as having limited purpose offices in Nebraska, Wisconsin and Connecticut. Through its subsidiaries, BOK Financial Corporation provides commercial and consumer banking, brokerage trading, investment, trust and insurance services, mortgage origination and servicing, and an electronic funds transfer network. For more information, visit www.bokf.com.

FAQ

What changes is BOK Financial making regarding fees?

BOK Financial is eliminating non-sufficient funds fees, reducing overdraft fees, and increasing the overdraft cushion by the end of 2022.

What is the new overdraft cushion amount for BOK Financial customers?

The overdraft cushion for BOK Financial customers will increase from $5 to $50.

How many overdraft fees can BOK Financial charge per day after the changes?

After the changes, BOK Financial will reduce the maximum number of overdraft fees charged per day from five to three.

What is the purpose behind BOK Financial's fee changes?

The fee changes aim to provide clients with better control and flexibility over their personal finances.