Business
Hancock Whitney to Eliminate NSF and Certain Overdraft Fees
GULFPORT, Miss.--(BUSINESS WIRE)-- Hancock Whitney Bank, the banking subsidiary of Hancock Whitney Corporation (Nasdaq: HWC), today announced its plans to
About this update from Hancock Whitney Corporation
[{"type":"text","content":" GULFPORT, Miss.--(BUSINESS WIRE)--\nHancock Whitney Bank, the banking subsidiary of Hancock Whitney Corporation (Nasdaq: HWC), today announced its plans to eliminate consumer (retail) non-sufficient funds (NSF) fees as well as certain overdraft (OD) fees by the end of 2022. Additionally, in an effort to further meet customer needs, other consumer checking account features and products are being modified.\n\nThe following consumer account fee changes will be implemented by the end of 2022:\n\n\nElimination of all NSF fees\n\n\nElimination of certain overdraft protection transfer fees\n\n\nElimination of a sustained overdraft fee\n\n\nAn increase to our existing overdraft balance threshold in order to provide clients an even greater cushion before fees are assessed\n\n\n“Helping people achieve their financial goals and dreams has been a hallmark of our company since 1883,” said John M. Hairston, President & CEO. “Today the financial industry has entered a new era in banking designed to provide customers with the tools needed to help them manage their overall finances, and we believe these changes are another step towards achieving that goal.”\n\nAs part of an overall update to the bank’s consumer offerings, and to assist customers with their liquidity needs, Hancock Whitney launched Early Pay in March, 2022. This benefit comes with any Hancock Whitney consumer checking or savings account and can give customers access to their direct-deposited payroll up to two days sooner, in turn helping them to manage their spending and avoid overdrafts.\n\nAdditionally, later this year Hancock Whitney will begin offering a new checking product for consumers who want simplicity and control, while avoiding overdrafts and overdraft-related fees. This product, Assure Checking, is a new no-overdraft fee account and is part of a larger suite of deposit products launching later this year designed to help consumers avoid payday lenders.\n\nThe elimination of the NSF and certain OD fees noted above will be phased in by the end of 2022, and is expected to reduce the company’s service charges on deposit accounts by approximately $10-$11 million annually.\n\nAbout Hancock Whitney\n\nSince the late 1800s, Hancock Whitney has embodied core values of Honor & Integrity, Strength & Stability, Commitment to Service, Teamwork, and Personal Responsibility. Hancoc...