Washington Trust Launches Simply Free Account for Banking Without Overdraft Fees

The Washington Trust Company has launched a new account, Simply Free, aimed at offering customers a banking option that avoids overdraft fees, monthly charges, and minimum balance requirements.

Rhea-AI Summary

The Washington Trust Company has launched a new account, Simply Free, aimed at offering customers a banking option that avoids overdraft fees, monthly charges, and minimum balance requirements. This account includes standard features such as debit card access, mobile banking, and bill payments, while promoting financial wellness. It is certified by the Cities for Financial Empowerment Fund under the Bank On National Account Standards, ensuring it meets necessary safety and affordability criteria. Washington Trust is committed to empowering customers financially amid ongoing economic challenges.

Positive

• Launch of Simply Free account designed to eliminate overdraft fees and monthly charges.
• Certification by Cities for Financial Empowerment Fund, enhancing trust and credibility.
• Features include debit card access, mobile banking, and no minimum balance requirement.

Negative

• None.

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Nationally Certified by Cities for Financial Empowerment Fund and Meets "Bank On" Standards

WESTERLY, R.I., March 1, 2023 /PRNewswire/ -- The Washington Trust Company, the nation's oldest community bank and one of the Northeast's premier financial services companies, today announced the launch of Simply Free, an account designed to safeguard retail banking customers against unnecessary overdraft fees and help them achieve economic empowerment. Simply Free offers the same safety and convenience features, including debit card transactions, mobile banking, and bill payment, as other Washington Trust checking accounts but without overdraft fees and no monthly fee or minimum balance requirement. Simply Free has officially been certified by the national nonprofit Cities for Financial Empowerment Fund (CFE Fund) for meeting the Bank On National Account Standards for safe and affordable consumer transaction accounts. Bank On-certified accounts promote financial inclusion by identifying 25 critical product features to ensure that everyone has access to accounts that meet their needs.

"Washington Trust has always worked closely with our customers to ensure they have the appropriate checking account for their individual needs, and to help them avoid overdraft fees whenever possible," said Edward O. "Ned" Handy III, Washington Trust Chairman & CEO.  "In these challenging economic times, it's more important than ever to help customers manage their finances and achieve financial wellness—the Simply Free account is our proactive solution."

Key features of Washington Trust's Simply Free account include:

• Checkless account
• No overdraft fees *payees or merchants may still charge a fee.
• No monthly fee
• No minimum balance requirement
• Debit card
• Online, mobile, and text banking

"As a community bank, Washington Trust cares deeply about our customers and believes financial literacy is key to economic empowerment," said Debra A. Gormley, Executive Vice President, Chief Retail Banking Officer. "We offer a full line of financial products, personal service, and money management tools through our Financial Wellness Center to help them achieve their goals."

For anyone who may be curious about money management, Washington Trust's Financial Wellness Center is a great place to find everything including best practice articles, calculators, security tips, as well interactive coaching sessions, and even full courses. The Financial Wellness Assessment will help consumers analyze their spending, budgeting, and saving habits so they can set goals that chart a path forward. Whether someone is just starting off, there is debt to tackle, or homeownership is the goal, our digital resource library is a free toolkit to help anyone master their personal finances.

Washington Trust is committed to providing equitable access to capital, housing, banking services, and more for the communities we serve. To learn more about Personal Banking options and to compare accounts, visit https://www.washtrust.com/personal/checking-accounts.

About Washington Trust^®
Founded in 1800, Washington Trust is the oldest community bank in the nation and one of the Northeast's premier financial services companies. Washington Trust offers a full range of financial services, including commercial banking, mortgage banking, personal banking and wealth management and trust services through its offices located in Rhode Island, Connecticut and Massachusetts. The Washington Trust Company is a subsidiary of Washington Trust Bancorp, Inc., (NASDAQ: WASH). Additional information on Washington Trust and its subsidiaries can be found at https://www.washtrust.com/.

 

View original content to download multimedia:https://www.prnewswire.com/news-releases/washington-trust-launches-simply-free-account-for-banking-without-overdraft-fees-301759876.html

SOURCE The Washington Trust Company

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What is the Simply Free account launched by WASH?

The Simply Free account by Washington Trust offers banking without overdraft fees, monthly charges, or minimum balance requirements.

When was the Simply Free account launched by Washington Trust?

The Simply Free account was launched on March 1, 2023.

How does the Simply Free account support financial empowerment?

The Simply Free account promotes financial empowerment by providing a fee-free banking option that includes essential features such as mobile banking and debit card access.

What certification does the Simply Free account have?

The Simply Free account is certified by the Cities for Financial Empowerment Fund, meeting Bank On National Account Standards.

What features does the Simply Free account include?

Key features of the Simply Free account include no overdraft fees, no monthly fee, no minimum balance requirement, debit card access, and online banking.