Santander Launches Safety Net to Eliminate or Reduce Overdraft Fees for Every Client
Raises overdraft threshold to
Applied automatically to all clients for maximum ease and flexibility
“We’re here for our clients, and we want them to know that we have their back. They told us they need more leeway to manage the unexpected, especially during these challenging times, and so we’re launching Santander Safety Net for every client and applying it to any transaction type including debit, bank-to-bank transfers and checks,” said
In addition to Santander Safety Net, the Bank has made other automatic changes to its overdraft fee structure including:
-
Eliminating the overdraft protection transfer fee: The
fee to automatically move money from one account to a checking account to avoid overdrawing has been eliminated.$12 -
Reducing the daily overdraft fee cap by half: The maximum daily number of overdraft paid and overdraft returned fee charges (
) dropped from six to three for each.$35
Santander is committed to providing an equitable and responsible banking experience to its current and prospective clients. For more information on the Bank’s new overdraft policy, please visit www.santanderbank.com/overdraft.
1 Traditional bank defined as brick-and-mortar bank with physical branches, as compared to online-only banks with no physical presence. https://www.fdic.gov/consumers/consumer/news/april2020.html
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617-757-5765
nancy.orlando@santander.us
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