S&T BANK ANNOUNCES ELIMINATION OF NON-SUFFICIENT FUNDS FEES

Rhea-AI Summary

S&T Bank (NASDAQ: STBA) has announced the elimination of non-sufficient funds (NSF) fees for consumer and business deposit account customers, effective April 3, 2023. Additionally, the bank is introducing the S&T $10 Cushion™, which waives overdraft fees for accounts overdrawn by $10 or less. S&T Bank will also eliminate various fees associated with ACH return items, deposited return items, and transferring funds to cover overdrawn accounts. These changes reflect the bank's commitment to enhancing customer financial wellness and building trust in financial relationships.

Positive

• Elimination of NSF fees enhances customer relationships.
• Introduction of S&T $10 Cushion™ provides additional overdraft assistance.
• Removal of ACH return item fees and other transaction fees further supports customers.

Negative

• None.

INDIANA, Pa., Feb. 28, 2023 /PRNewswire/ -- S&T Bank (NASDAQ: STBA) announced today that it will no longer charge consumer and business deposit account customers non-sufficient funds (NSF) fees beginning April 3, 2023.

An NSF fee, sometimes referred to as a returned item fee, was previously charged when a check, recurring debit card payment or automatic payment was presented against a customer's account with insufficient funds available and was returned by the bank unpaid.

S&T is also pleased to introduce S&T $10 Cushion™, a new overdraft assistance benefit. Overdraft assistance benefits are tools offered by S&T to help customers avoid overdrawing their deposit account. With the launch of S&T $10 Cushion™, if a customer's account is overdrawn by $10 or less after nightly processing, an overdraft fee will not be charged.

"This is an important moment," stated Jason Forman, director of consumer banking. "Eliminating NSF fees on consumer and business deposit accounts is just another way we are helping our customers strengthen their financial wellness. S&T $10 Cushion is evidence of our commitment to help our customers and provides an additional solution for overdraft assistance."

In addition to these changes, S&T announced it will eliminate ACH return item fees, deposited return item fees and transfer fees when money is moved from a savings account or line of credit to cover transactions that overdraw an account.

"As a people-forward bank, we are committed to providing clarity and transparency with our bank products and solutions to further enhance the financial relationship we have with our customers," said Chris McComish, chief executive officer. "Eliminating NSF fees is a step we are proud to take in our ongoing commitment to make our customers' financial health our priority and build customers' confidence with their financial life."

To learn more about these changes, please visit stbank.com/overdraft-solutions.

About S&T Bancorp, Inc. and S&T Bank

S&T Bancorp, Inc. is a $9.1 billion bank holding company that is headquartered in Indiana, Pennsylvania and trades on the NASDAQ Global Select Market under the symbol STBA. Its principal subsidiary, S&T Bank, was established in 1902 and operates in Pennsylvania and Ohio. S&T Bank was recently named by Forbes as a 2022 Best-in-State Bank. S&T Bank also received the highest ranking in customer satisfaction for retail banking in the Pennsylvania region by J.D. Power in 2022. For more information visit stbancorp.com or stbank.com.
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SOURCE S&T Bank

FAQ

When will S&T Bank eliminate NSF fees?

S&T Bank will eliminate NSF fees starting April 3, 2023.

What is the S&T $10 Cushion™?

The S&T $10 Cushion™ is a new overdraft assistance benefit that waives overdraft fees for accounts overdrawn by $10 or less.

What other fees will S&T Bank eliminate?

S&T Bank will also eliminate ACH return item fees, deposited return item fees, and transfer fees for covering overdrafts.

How does S&T Bank support customer financial wellness?

By eliminating NSF fees and introducing helpful products like the $10 Cushion™, S&T Bank aims to enhance customer financial wellness.