F.N.B. Corporation Announces Changes to Overdraft Practices
PITTSBURGH – Starting next year, customers of First National Bank will see important changes to overdraft benefits geared to help them better avoid fees.
F.N.B. Corp., parent company of First National Bank, says updates to its digital tools will focus on promoting positive banking behaviors and preventing overdrafts. They will eliminate continuous overdraft fees, reduce overdraft and nonsufficient funds or returned item fees; and decrease the maximum number of times customers can be charged fees in a single day. Changes also will ensure customers do not incur overdraft fees for transactions of $5 or less.
Overall, the changes are expected to reduce overdraft-related fees assessed to customers by about $10 million per year.
Additionally, FNB is announcing two new products in 2023 that will give customers additional cash flow flexibility and strengthen their financial management skills. One is a short-term, small-dollar loan allowing eligible account holders to get quick access to funds using FNB’s digital tools. The other is the FNB Smart Secured consumer credit card, which assists in credit building or repair. Customers deposit cash into a FNB savings account to secure the card with the amount of the deposit set as the card’s credit limit and the deposit used as collateral.
“FNB continually monitors current practices and changes in technology and our clients’ preferences, and we have made adaptations to our digital offerings and consumer fee schedule to ensure we are addressing a wide range of needs,” said Vincent J. Delie, Jr., chairman, president and CEO of F.N.B. Corp. and First National Bank.
“FNB’s digital technology, enhanced product suite and commitment to transparency in our banking practices are all part of a comprehensive approach that makes it easy for consumers and businesses to access, understand and use banking tools to take control of their finances and achieve their goals,” Delie said.
Copyright 2023 The Business Journal, Youngstown, Ohio.