July 13, 2022
Nevada State Bank Announces Sweeping Changes to Overdraft Policies
LAS VEGAS – As part of Nevada State Bank’s ongoing commitment to provide products and services that best serve clients’ financial needs, the bank is changing its overdraft policies with implementation scheduled for the Summer of 2022. This action will significantly reduce overdraft and non-sufficient funds (NSF) fees for its consumer deposit accounts.
These changes will:
- Eliminate NSF fees for items that are returned unpaid because of non-sufficient funds
- Reduce the fee from $35 to $29 for an NSF item that is paid
- Eliminate the Continuing Overdraft Fee, a $35 fee charged when an account remained overdrawn more than $5 for 7 consecutive days
- Increase the “cushion” amount from $5 to $30. Previously, no fees were charged if an account was overdrawn $5 or less. This is increasing to a $30 or less cushion.
The new overdraft policy will have many advantages for clients. It is estimated that Nevada State Bank will save clients more than $2 million in fees while helping them better manage their overdraft experiences. Approximately 18,000 NSB client accounts will benefit from these changes.
Overdraft protection is designed to help consumers cover a charge when their bank account dips below zero — saving them the inconvenience and embarrassment of a rejected payment. Overdrafts can lead to challenges such as point-of-sale declined purchases and a lack of access to short-term credit to bridge unexpected shortfalls.
“Nevada State Bank is always evaluating our products and services to ensure that they continue to make sense and to fit the needs of our clients and community,” said President & CEO Terry Shirey.
Another Nevada State Bank resource to help clients manage their finances is OnBudget Banking, a no-overdraft-fee bank account that has received Bank On certification from the Cities for Financial Empowerment Fund. OnBudget Banking helps clients stay on track with their financial goals with a predictable monthly service fee of $5, mobile banking and no overdraft fees. The checkless account offers a Visa® debit card for making payments and accessing funds. The national Bank On certification recognizes that the account meets standards around affordability and functionality created by consumer advocates, nonprofit organizations and civic leaders.
“With lower NSF fees and access to a basic deposit account such as OnBudget Banking, families can avoid costly alternatives such as check-cashing services, where fees can be significant over time, and payday lenders, which may leave them stuck in a cycle of debt,” said EVP Craig Kirkland, director of Retail Banking.
Additional information on all products and services offered by Nevada State Bank may be found at www.nsbank.com.
About Nevada State Bank (@nevadastatebank)
Nevada State Bank is a full-service bank offering a complete range of consumer, private, and business banking services, as well as wealth management services, with a robust statewide branch network. Nevada State Bank’s colleagues regularly volunteer in their communities and have been dedicated to helping make Nevada a better place to live for the last 63 years. Zions Bancorporation, N.A. is included in the S&P 500 and NASDAQ Financial 100 indices (NASDAQ: ZION). For more information on Nevada State Bank, visit www.nsbank.com.
A division of Zions Bancorporation, N.A. Member FDIC.