Sandy Spring Bank Eliminates Non-Sufficient Funds Fees, Revises Overdraft Policies for All Personal Deposit Products
Sandy Spring Bank, a subsidiary of Sandy Spring Bancorp (NASDAQ: SASR), has eliminated non-sufficient funds (NSF) fees and revised overdraft policies to enhance consumer banking experiences. Key changes include lower overdraft fees, abolishment of extended overdraft fees, and no transfer fees for overdraft protection. This initiative reflects the bank's dedication to affordability and customer-centric services as part of a broader strategy to improve its fee structure and banking accessibility for clients.
- Elimination of non-sufficient funds (NSF) fees on personal accounts.
- Lower overdraft fees implemented across all accounts.
- Abolition of extended overdraft fees after seven consecutive days.
- No transfer fees for clients with overdraft protection.
- None.
Decision part of comprehensive strategy to make banking easier and more affordable
OLNEY, Md., Dec. 19, 2022 (GLOBE NEWSWIRE) -- Sandy Spring Bank, the primary subsidiary of Sandy Spring Bancorp, Inc. (Nasdaq: SASR), today announced it has eliminated non-sufficient funds (NSF) fees on all personal accounts, and has made changes to its overdraft policy and fees, as part of a comprehensive strategy to regularly review fee structures and make banking easier and more affordable for consumers.
"We are always listening to our clients and refining and enhancing products based on their feedback,” said Jay O’Brien, Executive Vice President and Chief Banking Officer of Sandy Spring Bank. “Individuals and families want to be in control of their banking in ways that best meet their financial goals, regardless of when, how and where they bank with us. Our bankers bring a personalized approach and consult with each client to help them choose the products and services that best meet their individual needs.”
The Bank’s personal clients also will benefit from changes in fees for overdrafts, imposed when banks accept checks and other debits that overdraw a client’s account.
Those changes include:
- Lower overdraft fees for all accounts;
- Elimination of extended overdraft fees, previously imposed when an account was overdrawn for seven consecutive calendar days;
- No transfer fees for clients who have elected overdraft protection, which is a service that links the checking account to the client’s savings account to cover an overdraft.
About Sandy Spring Bank
Sandy Spring Bank is wholly owned subsidiary of Sandy Spring Bancorp, Inc. (NASDAQ: SASR), a financial services company headquartered in Olney, Maryland. Sandy Spring Bank is a premier community bank in the Greater Washington, D.C. region. With over 50 locations, the bank offers a broad range of commercial and retail banking, mortgage, private banking, and trust services throughout Maryland, Virginia, and Washington, D.C. Through its subsidiaries, Rembert Pendleton Jackson, and West Financial Services, Inc., Sandy Spring Bank also offers a comprehensive menu of wealth management services.
Contact: Diane Deskins Hicks
SVP, Director of Brand and PR
240-608-3020
dhicks@sandyspringbank.com
