NYCB - BMO Harris Bank ends non-sufficient fund fees for consumers small businesses

• Following in the footsteps of many other banks, BMO Harris Bank, the Chicago-based division of Bank of Montreal ( NYSE: BMO ), said Thursday it is reducing its banking fees by eliminating non-sufficient funds ("NSF") and overdraft transfer fees and by significantly reducing overdraft fees.
• Customers will no longer be charged NSF fees or overdraft transfer fees beginning on July 12. In the fall, overdraft fees will be reduced to $15 per occurrence. The changes apply to both consumer and small business banking accounts.
• The bank said the changes should "help alleviate some of the financial stress currently felt by consumers and small businesses across the country" as inflation weighs on Americans' purses.
• Banks around the country have been paring down the fees they charge when customers overextend their accounts as regulators and lawmakers criticized banks for the practice and as consumers turned to non-bank fintechs for their lower fees.
• Some banks that have made similar announcements recently, include Fulton Bank ( FULT ), New York Community Bancorp ( NYCB ), KeyBank ( KEY ), and Associated Bank ( ASB ).
• In April, a Morning Consult survey found that many consumers are still paying overdraft fees

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