TULSA, Okla., Sept. 02, 2022 (GLOBE NEWSWIRE) — BOK Financial® will eliminate all insufficient funds fees and reduce overdraft fees by the end of 2022. These fees are incurred when there is not enough money in an individual’s checking or savings account to cover a transaction, whether the transaction has been processed (overdraft fee) or rejected (insufficient funds fee).
By the end of the year, the bank, operating as BOK Financial®Bank of Oklahoma, Bank of Texas and Bank of Albuquerque – will make the following changes:
- Eliminate fees charged when checks or payments cannot be processed due to lack of funds, commonly referred to as insufficient funds fees.
- Reduce the maximum number of overdraft fees charged per day from five to three.
- Increase the overdraft cushion to $50 from $5, ensuring customers don’t pay overdraft fees when their account is overdrawn by $50 or less at the end of the day.
“We understand that managing your personal financial situation can be complex and everyone needs a break from time to time,” said Derek Martin, Director of Consumer Banking at BOK Financial. “These changes will give our customers more control and increased flexibility.”
The company has taken a number of steps to help its customers better manage their personal financial situation. Previously, they removed fees for transfers between linked accounts, excessive withdrawal fees on savings accounts, and fees charged for accounts with negative balances beyond five business days. In May, the company’s Opportunity Banking account received Bank On certification, reflecting features that ensure low cost, high functionality and consumer security.
“We are committed to ensuring the financial health of our customers and our communities, and we believe these changes will make it easier for them to maintain a strong financial footing,” said Martin.
BOK Financial Corporation is a $45 billion regional financial services company headquartered in Tulsa, Oklahoma, with $96 billion in assets under management and administration. The company’s shares are listed on NASDAQ under the Global Select (BOKF) market listings. BOK Financial Corporation holdings include BOKF, NA; BOK Financial Securities, Inc., BOK Financial Private Wealth, Inc. and BOK Financial Insurance, Inc. BOKF, NA’s holdings include TransFund, Cavanal Hill Investment Management, Inc. and BOK Financial Asset Management, Inc. BOKF, NA operates banking divisions across eight states such as: Bank of Albuquerque; Bank of Oklahoma; Bank of Texas; and BOK Financial® in Arizona, Arkansas, Colorado, Kansas and Missouri; as well as limited-use offices in Nebraska, Wisconsin and Connecticut. Through its subsidiaries, BOK Financial Corporation provides commercial and consumer banking, brokerage, investment, trust and insurance, origination and management of mortgage loans and an electronic transfer network of funds. For more information, visit www.bokf.com.