Wintrust Ends Overdraft and Item Return Fees for Consumer Clients

Rhea-AI Summary

Wintrust Financial Corporation has announced the elimination of all overdraft and item return fees for consumer deposit accounts, effective March 1, 2023. This decision aims to enhance customer relationships through increased financial education and technology engagement. The new structure includes no overdraft fees and no item return fees for consumer accounts, while business accounts will retain their existing fee structures. Additionally, Wintrust plans to offer qualifying direct deposits up to two days early at no cost later in 2023. Wintrust operates approximately 170 locations and has assets of about $53 billion.

Positive

• Elimination of overdraft and item return fees for consumer accounts.
• Increased customer engagement through financial education resources.
• Plans for direct deposits up to two days early for qualifying customers.

Negative

• None.

ROSEMONT, Ill., March 01, 2023 (GLOBE NEWSWIRE) -- Wintrust Financial Corporation (“Wintrust”) today announced that all overdraft and item return fees will end effective March 1, 2023 for consumer deposit accounts at each of its community banks. Business accounts will remain under the existing overdraft and item return fee structure.

Timothy S. Crane, President of Wintrust, said: “Given the number of ways to engage customers through technology, the industry continues to move toward the use of financial education and notifications and away from account fees. In this light – rather than reduce or modify our fees as other peers have done – we made the decision to completely eliminate all overdraft and item return fees on consumer banking accounts. With real-time notifications and other tools accessible 24/7, we have seen a decrease in overdrafts and item returns as our customers can remedy those situations before they occur. And we believe that eliminating these charges altogether and working with our consumer banking clients when low balances occur will strengthen our relationships with them.”

Wintrust’s new overdraft and item return structure for consumer accounts:

Effective March 1, 2023

• Eliminate the overdraft per item paid fee for consumer accounts
• Eliminate the per item return fee for consumer accounts
• No longer authorize ATM and POS transactions that would result in a negative account balance at the time of authorization
  

Changes to be implemented later in 2023

• At no cost, Wintrust consumer customers who have direct deposit to a Wintrust checking, savings, or money market account may receive qualifying payroll and government direct deposits up to two days early
  

In addition, consumers can manage their accounts with the following existing features to avoid overdrafts and item returns:

• Internal transfers for no charge
• Access to other banks’ ATMs for no charge on many consumer accounts
• Notifications if balance is running low via online/mobile banking
• Financial education resources and tools designed to help mitigate overdraft and item returns:
  • Notifications to customers when an overdraft occurs that provide tips for managing their accounts to help avoid future overdrafts
  • Offers of financial education services
  • Reminders to customers to set up alerts via online banking/mobile
  • Offers on alternative overdraft protection including transfers among multiple accounts and an overdraft protection line of credit
  • Offers everyday loan for those who qualify to manage short term liquidity needs
    

Please visit your local Wintrust branch to learn more about these changes.

About Wintrust
Wintrust is a financial holding company with assets of approximately $53 billion whose common stock is traded on the NASDAQ Global Select Market. Built on the "HAVE IT ALL" model, Wintrust offers sophisticated technology and resources of a large bank while focusing on providing service-based community banking to each and every customer. Wintrust operates fifteen community bank subsidiaries, with over 170 banking locations located in the greater Chicago and southern Wisconsin market areas. Additionally, Wintrust operates various non-bank business units including business units which provide commercial and life insurance premium financing in the United States, a premium finance company operating in Canada, a company providing short-term accounts receivable financing and value-added out-sourced administrative services to the temporary staffing services industry, a business unit engaging primarily in the origination and purchase of residential mortgages for sale into the secondary market throughout the United States, and companies providing wealth management services and qualified intermediary services for tax-deferred exchanges.

Forward-Looking Information
This press release contains forward-looking statements within the meaning of the federal securities laws. Investors are cautioned that such statements are predictions and that actual events or results may differ materially. Wintrust's expected financial results or other plans are subject to a number of risks and uncertainties. For a discussion of such risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see "Risk Factors" and the forward-looking statement disclosure contained in Wintrust's most recently filed Annual Report on Form 10-K. Forward-looking statements speak only as of the date made and Wintrust undertakes no duty to update the information.

FOR MORE INFORMATION CONTACT:
Edward J. Wehmer, Founder & Chief Executive Officer
Timothy S. Crane, President
David A. Dykstra, Vice Chair & Chief Operating Officer
(847) 939-9000
Web site address: www.wintrust.com

FAQ

What changes were announced by Wintrust Financial Corporation regarding overdraft fees on March 1, 2023?

Wintrust eliminated all overdraft and item return fees for consumer deposit accounts, effective March 1, 2023.

How will Wintrust Financial Corporation support consumers to avoid overdrafts?

Wintrust will provide financial education resources, real-time notifications of low balances, and internal transfers at no charge.

What is the current asset value of Wintrust Financial Corporation?

Wintrust Financial Corporation has assets of approximately $53 billion.

When will Wintrust start offering early direct deposits?

Wintrust plans to offer qualifying payroll and government direct deposits up to two days early later in 2023.

Will business accounts at Wintrust be affected by the fee changes?

No, business accounts will remain under the existing overdraft and item return fee structure.