TUPELO, Miss., April 26, 2022 (GLOBE NEWSWIRE) -- Renasant Corporation (NASDAQ: RNST) (the “Company”), the parent company of Renasant Bank, today announced its plans to eliminate both consumer (retail) non-sufficient funds (NSF) fees and certain consumer overdraft fees as well as transfer fees to linked consumer checking accounts by the end of 2022.
Specifically, the Company will implement the following changes to its consumer accounts:
Elimination of NSF fees for checks or payments that cannot be processed due to lack of funds;
Elimination of continuous overdraft fees (that is, fees charged when an account maintains a negative balance over an extended period); and
Elimination of the fee charged when funds are transferred between linked accounts for overdraft protection.
“Our mission at Renasant is to provide quality financial services and advice by understanding, then meeting the needs of our customers,” said Mitch Waycaster, Renasant President and CEO. “We are implementing these changes to meet the needs of our customers to help them improve their day-to-day financial well-being and better manage their money.”
In addition to eliminating these fees, the Company will continue to offer the following features to help customers manage their finances:
Consumer choice to opt-out or opt-in for overdraft coverage
Debit card spending insights and tracking controls in the mobile app, including spending patterns and trends by category, location, and date
Options to receive updates via email or text message to monitor consumer account balances
Digital banking solutions to assist with managing finances, including checking balances, transferring funds, and making deposits
Overdraft Line of Credit for qualifying customers to assist with short-term needs
Consumer-based financial education programs
Dedicated Customer Experience Center specialists
These NSF and certain overdraft fees to be eliminated totaled $4.7 million in 2021 and $1.3 million in the first quarter of 2022. For more information on financial education and best banking practices with Renasant, please visit https://renasantnation.com/category/how-to.
ABOUT RENASANT CORPORATION:
Renasant Corporation is the parent of Renasant Bank, a 118-year-old financial services institution. Renasant has assets of approximately $16.9 billion and operates 196 banking, lending, mortgage, wealth management and insurance offices in Mississippi, Tennessee, Alabama, Florida, Georgia, North Carolina and South Carolina.
John S. Oxford
James C. Mabry IV
Senior Vice President
Executive Vice President
Director of Marketing
Chief Financial Officer