Santander Bank Enhances Safety Net, Further Reduces Overdraft Fees for Every Client

Rhea-AI Summary

Santander Bank has announced updates to its Santander® Safety Net, enhancing its overdraft policy. The bank will eliminate the non-sufficient funds fee and reduce the overdraft fee from $35 to $15. These changes are set to take effect in November 2022 and aim to provide clients, especially the underserved, with more flexibility in managing finances. Since the launch of Safety Net in 2021, 75% of accounts faced fewer fees, and nearly half of overdrawn accounts avoided any fees.

Positive

• Elimination of the non-sufficient funds fee enhances customer satisfaction.
• Reduction of the overdraft fee from $35 to $15 provides significant financial relief.
• 75% of accounts experienced fewer fees since the launch of Safety Net in 2021.

Negative

• None.

Improvements include Eliminating Non-sufficient Funds Fee and Reduction of Overdraft Fee to $15

BOSTON--(BUSINESS WIRE)-- Santander Bank, N.A. ("Santander Bank,” “Santander” or “the Bank”) today announced further enhancements to Santander^® Safety Net, the company’s flexible overdraft policy that was initially introduced in 2021. With these updates, Santander is eliminating its non-sufficient funds (NSF) fee, charged when a payment transaction is returned, and is reducing the overdraft fee to $15 from $35, charged when items are paid. These changes position Santander as having one of the most flexible overdraft fee structures among traditional U.S. Banks.

“Our clients are looking for a bank that provides them peace of mind, by helping them manage their daily finances in today’s uncertain times,” said Patrick Smith, Head of Consumer and Business Banking at Santander Bank. “These Santander Safety Net updates, reducing fees and simplifying our policies, represent our continued commitment to being a trusted partner to our clients.”

Santander is deeply committed to helping its customers prosper. The Bank created Safety Net to automatically waive overdraft fees for accounts overdrawn by as much as $100. Since Safety Net’s launch in late 2021, 75 percent of accounts have had fewer fees and nearly half of all overdrawn accounts are not subject to an overdraft fee.

These updates will automatically take effect for all of the Bank’s clients in November 2022. This move to augment Santander Safety Net gives clients maximum ease and flexibility, especially to the Bank’s most underserved customers, and underscores Santander’s continued efforts to address clients’ evolving banking needs.

Santander Bank, N.A. is one of the country’s largest retail and commercial banks with $102 billion in assets. With its corporate offices in Boston, the Bank’s nearly 8,600 employees and nearly 2 million customers are principally located in Massachusetts, New Hampshire, Connecticut, Rhode Island, New York, New Jersey, Pennsylvania and Delaware. The Bank is a wholly-owned subsidiary of Madrid-based Banco Santander, S.A. (NYSE: SAN) - one of the most respected banking groups in the world with 157 million customers in the U.S., Europe, and Latin America. It is overseen by Santander Holdings USA, Inc., Banco Santander’s intermediate holding company in the U.S. For more information on Santander Bank, please visit www.santanderbank.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20221018005310/en/

Media:

Richard Tornambe Canecchia

richard.tornambe@santander.us

Nancy Orlando

nancy.orlando@santander.us

Source: Santander Bank, N.A.

FAQ

What changes has Santander Bank made to its overdraft policy in November 2022?

Santander Bank eliminated the non-sufficient funds fee and reduced the overdraft fee to $15.

How does Santander Bank's Safety Net benefit customers?

Santander's Safety Net allows for automatic waiving of overdraft fees for accounts overdrawn by up to $100.

What percentage of accounts have had fewer fees since the launch of Safety Net?

75% of accounts have reported fewer fees since the launch of Safety Net.

When were the updates to Santander's Safety Net announced?

The updates were announced on October 18, 2022, and will take effect in November 2022.

What is the new overdraft fee at Santander Bank?

The new overdraft fee will be $15, reduced from the previous $35.