Santander Bank, N.A. (“Santander Bank,” “Santander” or “the Bank”) today announced further enhancements to Santander® Safety Net, the company’s flexible overdraft policy that was initially introduced in 2021. With these updates, Santander is eliminating its non-sufficient funds (NSF) fee, charged when a payment transaction is returned, and is reducing the overdraft fee to $15 from $35, charged when items are paid. These changes position Santander as having one of the most flexible overdraft fee structures among traditional U.S. Banks.
“Our clients are looking for a bank that provides them peace of mind, by helping them manage their daily finances in today’s uncertain times. These Santander Safety Net updates, reducing fees and simplifying our policies, represent our continued commitment to being a trusted partner to our clients.”
Head of Consumer and Business Banking
Santander is deeply committed to helping its customers prosper. The Bank created Safety Net to automatically waive overdraft fees for accounts overdrawn by as much as $100. Since Safety Net’s launch in late 2021, 75 percent of accounts have had fewer fees and nearly half of all overdrawn accounts are not subject to an overdraft fee.
These updates will automatically take effect for all of the Bank’s clients in November 2022. This move to augment Santander Safety Net gives clients maximum ease and flexibility, especially to the Bank’s most underserved customers, and underscores Santander’s continued efforts to address clients’ evolving banking needs.