Renasant to Eliminate NSF and Certain Overdraft Fees
Renasant Corporation (NASDAQ: RNST) announced plans to eliminate consumer non-sufficient funds (NSF) fees, certain overdraft fees, and transfer fees to linked checking accounts by year-end 2022. The changes aim to enhance customer financial well-being and will impact fees totaling $4.7 million in 2021 and $1.3 million in Q1 2022. Additional services will remain, including overdraft coverage options and mobile banking tools. Renasant, with approximately $16.9 billion in assets, operates numerous banking offices across several states.
- Elimination of $4.7 million in NSF and overdraft fees from 2021 will enhance customer relations.
- Improved financial well-being for consumers through fee elimination.
- Reduction in fee income may impact overall revenue.
TUPELO, Miss., April 26, 2022 (GLOBE NEWSWIRE) -- Renasant Corporation (NASDAQ: RNST) (the “Company”), the parent company of Renasant Bank, today announced its plans to eliminate both consumer (retail) non-sufficient funds (NSF) fees and certain consumer overdraft fees as well as transfer fees to linked consumer checking accounts by the end of 2022.
Specifically, the Company will implement the following changes to its consumer accounts:
- Elimination of NSF fees for checks or payments that cannot be processed due to lack of funds;
- Elimination of continuous overdraft fees (that is, fees charged when an account maintains a negative balance over an extended period); and
- Elimination of the fee charged when funds are transferred between linked accounts for overdraft protection.
“Our mission at Renasant is to provide quality financial services and advice by understanding, then meeting the needs of our customers,” said Mitch Waycaster, Renasant President and CEO. “We are implementing these changes to meet the needs of our customers to help them improve their day-to-day financial well-being and better manage their money.”
In addition to eliminating these fees, the Company will continue to offer the following features to help customers manage their finances:
- Consumer choice to opt-out or opt-in for overdraft coverage
- Debit card spending insights and tracking controls in the mobile app, including spending patterns and trends by category, location, and date
- Options to receive updates via email or text message to monitor consumer account balances
- Digital banking solutions to assist with managing finances, including checking balances, transferring funds, and making deposits
- Overdraft Line of Credit for qualifying customers to assist with short-term needs
- Consumer-based financial education programs
- Dedicated Customer Experience Center specialists
These NSF and certain overdraft fees to be eliminated totaled
ABOUT RENASANT CORPORATION:
Renasant Corporation is the parent of Renasant Bank, a 118-year-old financial services institution. Renasant has assets of approximately
| Contacts: | For Media: | For Financials: |
| John S. Oxford | James C. Mabry IV | |
| Senior Vice President | Executive Vice President | |
| Director of Marketing | Chief Financial Officer | |
| (662) 680-1219 | (662) 680-1281 |
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