Frost Bank Expands Overdraft Grace, Eliminates Nsf Fees For Consumer Banking Customers
SAN ANTONIO, June 13, 2022 /PRNewswire/ -- Frost Bank, one of the largest banks based in Texas, today expanded its 14-month-old $100 overdraft grace feature so that it is available to all Frost Personal Account and Frost Plus Account customers, regardless of direct deposit status. Expanding the feature means checking account customers who participate in the bank's standard courtesy overdraft program will not be charged a fee if they overdraw their checking accounts $100 or less.
At the same time, Frost announced it would eliminate fees on nonsufficient and returned items for all consumer customers. This applies to checking, savings, money market and health savings accounts.
Introduced in April 2021, overdraft grace positioned the Frost Personal Account and Frost Plus Account well ahead of accounts at other banks, which on average charge a $35 overdraft fee even on overdrafts as low as $6, or make customers earn an overdraft grace through tenure or credit rating. Since 2021, overdraft grace has helped more than 64,000 families obtain needed goods and services without incurring a fee. This has been especially important during the pandemic and as inflation pushed consumer prices higher.
For years, even before introducing overdraft grace, Frost helped customers by taking fee-minimizing steps such as posting credits before debits, and processing ATM and debit card transactions first, in the order they are received.
Now, by also eliminating NSF and returned item fees for consumers, Frost takes another step ahead of its competitors while reinforcing one of its guiding principles: doing what's right.
"Combined, the expansion of these features means Frost expects to forgo as much as $3.5 million per year," said Jimmy Stead, Chief Consumer Banking Officer. "Nevertheless, we understand that people sometimes make a mistake or have a need that requires a little more money. We're the friend that will spot them $100 when they need it."
To learn more about the new overdraft grace feature, visit frostbank.com/overdraftprogram
Frost is the banking, investments and insurance subsidiary of Cullen/Frost Bankers, Inc. (NYSE: CFR), a financial holding company with $51.3 billion in assets at March 31, 2022. One of the 50 largest U.S. banks by asset size, Frost provides a full range of banking, investments and insurance services to businesses and individuals in the Austin, Corpus Christi, Dallas, Fort Worth, Houston, Permian Basin, Rio Grande Valley and San Antonio regions. Founded in 1868, Frost has helped Texans with their financial needs during three centuries. For more information, visit www.frostbank.com.
For more information:
Bill Day
210-220-5427 office
210-288-5498 mobile
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SOURCE Frost Bank
