NEW YORK COMMUNITY BANK TO ELIMINATE NON-SUFFICIENT FUND FEES; TO ROLL OUT EARLY PAY PRODUCT DURING THIRD QUARTER
New York Community Bancorp (NYSE: NYCB) announced the removal of non-sufficient funds and related fees on consumer and business checking accounts, effective August 1, 2022. To enhance customer cash flow, the bank will introduce an Early Pay product in Q3, allowing access to direct deposit paychecks up to two days earlier. The company also launched the My Community SimplyOne Checking Account, offering no NSF or overdraft fees. As of March 31, 2022, NYCB reported $61 billion in assets and $6.9 billion in stockholders' equity.
- Elimination of non-sufficient funds fees enhances customer satisfaction.
- Introduction of Early Pay product supports better cash flow management.
- Launch of My Community SimplyOne Checking Account targets fee-sensitive customers.
- None.
HICKSVILLE, N.Y., June 6, 2022 /PRNewswire/ -- New York Community Bancorp, Inc. (NYSE: NYCB) (the "Company") the parent holding company of New York Community Bank (the "Bank") today announced the elimination of non-sufficient ("NSF"), uncollected, and unavailable funds fees on all of its consumer and business checking products, and the elimination of transfer fees on its overdraft shield product, effective August 1, 2022.
As part of its review of the Bank's product offerings and to help customers with their cash flow needs, it also plans to launch Early Pay during the third quarter. This product provides customers access to their direct deposit paycheck up to two days sooner, helping them avoid overdrafts and better manage their spending.
Recently the Company introduced the My Community SimplyOne Checking Account, a Bank On certified product with no NSF or overdraft fees, low minimum opening deposit requirements, and access to both on-line banking and mobile banking with remote deposit.
"The Bank remains committed to its customer first philosophy" said Thomas R. Cangemi, Chairman, President, and Chief Executive Officer, he continued, "the elimination of these fees and the introduction of Early Pay is another step in helping our customers better manage their finances."
Based in Hicksville, N.Y., New York Community Bancorp, Inc. is a leading producer of multi-family loans on non-luxury, rent-regulated apartment buildings in New York City, and the parent of New York Community Bank. At March 31, 2022, the Company reported assets of
Reflecting our growth through a series of acquisitions, the Company operates 237 branches through eight local divisions, each with a history of service and strength: Queens County Savings Bank, Roslyn Savings Bank, Richmond County Savings Bank, Roosevelt Savings Bank, and Atlantic Bank in New York; Garden State Community Bank in New Jersey; Ohio Savings Bank in Ohio; and AmTrust Bank in Florida and Arizona.
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SOURCE New York Community Bancorp, Inc.
FAQ
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