Aug 30
Changes to our overdraft fee practices
August 30, 2022
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At Banco Popular we want you to focus on the things that really matter to you. That’s why we made significant changes to our overdraft fee practices. For your benefit, since Friday, August 26, we eliminated most of our overdraft fees on individual and commercial accounts, including the fee for returned transactions due to insufficient funds.
What is an overdraft?
An overdraft occurs when you don’t have enough funds in your account to cover a transaction and the Bank decides to return or pay it.
Here are the changes we’ve made:
Individual accounts:
| Fee | Description | Fee before 08/26/2022 | Fee after 08/26/2022 |
|---|---|---|---|
| Returned transaction fee | When the Bank returns a transaction against insufficient funds or non-available funds. | $15 | $0 |
| Fee for paid transactions of $5 or less | When the Bank pays a transaction of $5 or less against insufficient funds or non-available funds. The Bank may exercise its discretion to authorize and pay for these transactions. | $15 | $0 |
| Overdraft maintenance fee | Currently, this charge is applied daily if your account remains in overdraft for more than five (5) consecutive days, for a maximum of fifteen (15) days. | $5 | $0 |
| Fee | Description | Fee before 08/26/20221 | Fee after 08/26/2022 |
|---|---|---|---|
| Returned transaction fee | When the Bank returns a transaction against insufficient funds or non-available funds. | $15 | $0 |
| Fee for paid transactions of $5 or less | When the Bank pays a transaction of $5 or less against insufficient funds or non-available funds. The Bank may exercise its discretion to authorize and pay for these transactions. | $15 | $0 |
| Overdraft maintenance fee | Currently this charge is applied daily if your account remains in overdraft for several consecutive days. The number of consecutive days may vary depending on the type of account. | $4 | $0 |
1These overdraft fees may have changed or may not apply to certain account types
