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Published on : 8/9/2022
Bangor, ME: Remaining committed to supporting the financial well-being of its customers, Bangor Savings Bank announced today it will make several changes to its overdraft program for personal banking customers. These changes are intended to minimize financial impact during overdraft situations, while improving the overall experience. Whether helping customers who are seeking to manage the unexpected bill, interrupted pay periods, balancing errors, short cash-flow, variable income and more, the Bank and its employees will continue to provide products and services that enhance their financial well-being.Staying consistent with Bangor Savings Bank’s two other recent inclusive banking product rollouts, Maine ABLE Benefit CheckingSM and Benefit PromiseSM Account, it will be one of the first community banks in Northern New England to take such a significant step in its overdraft program.
“Overdraft situations can result in additional financial stress for individuals and their families, and by making these program changes we’re creating more inclusive and accessible banking experiences,” said Bob Montgomery-Rice, Bangor Savings Bank President and CEO. “As a community bank, we serve the needs our customers and communities, which means recognizing hardships and remaining thoughtful as we develop customer-oriented products and programs. These enhancements are a reflection of this unwavering commitment.”
Beginning October 5, 2022, the below overdraft program changes are effective for eligible personal accounts:
- Eliminating Returned Item Fees on returned unpaid items
- Waiving NRB (No Return Benefit) or Paid Item Fees when an account is overdrawn by $25 or less
- Extending the opportunity to bring an account balance positive from three to seven business days before assessing the $5 per day Sustained Overdraft Balance Fee
Bangor Savings Bank, with more than $7 billion in assets, offers retail banking to consumers as well as comprehensive commercial, corporate, payroll administration, merchant services, and small business banking services to businesses. The Bank, founded in 1852, is in its 170th year with more than 65 branches in Maine and New Hampshire and business and/or loan production offices in Maine, New Hampshire, and Massachusetts. Bangor Savings Bank and The Bangor Savings Bank Foundation have invested more than $3.4 million into the community in the form of sponsorships, grants, and partnership initiatives last year. Bangor Savings Bank is an equal opportunity employer and can be found on the web at bangor.com. Neither Bangor Savings Bank nor its affiliates offer tax, accounting, or legal services. Member FDIC | Equal Housing Lender.