Columbia Bank one of the first community banks to redesign and more Latest News Here

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FAIR LAWN, NJ, Aug. 15, 2022 (GLOBE NEWSWIRE) — Columbia Bank, a longtime leader in community banking, today announced that it will modify its consumer overdraft program to minimize the impact of fees on customers. This decision will make it one of the first to do so within the community banking space. The new program will come into effect on August 15, 2022 and will include the following changes:

  • Elimination of uncollected fees on all consumer checking accounts. Customers will no longer be charged if funds are in an account to pay for a featured item but are not yet available due to holds.
  • Introduction of a free overdraft threshold of $50. Consumer customers will not be charged an overdraft fee if an item presented exceeds their account by $50 or less.
  • The daily NSF maximum, including overdraft fees, will increase from 4 fees of $35 to 1 fee of $35 if a client’s account is overdrawn by more than $50.

“Our bank’s slogan is ‘Count on Columbia’ and we really incorporate that into everything we do. We are constantly reviewing our products and services to ensure we are doing the right thing for our customers and we recognize that overdrafts are a problem for customers,” said Thomas J. Kemly, President and CEO of Columbia. Bank. “Our new consumer overdraft program is designed to minimize the impact of overdraft fees for customers, while providing a service that protects you in the event of an error. We are proud to be one of the first banks communities to rethink how overdrafts work.”

Additionally, Columbia Bank will continue to provide training and leverage tools that help consumer customers manage their accounts more effectively. These elements include:

  • Financial literacy programs run by Columbia Bank. Programs cover topics such as account management, digital tools, fraud prevention and more.
  • Through our EVERFI strategic partnership, Columbia Bank sponsors the Financial Scholars program in 15 local school districts. Students participating in the program learn the basics of banking in order to understand responsible money management.
  • Digital tools such as low balance alerts, access to online and mobile banking and more.

For overdraft resources and more information about the Bank’s Consumer Overdraft Program, please visit https://www.columbiabankonline.com/personal-banking/personal-checking/consumer-overdraft.

About Columbia Bank

Founded in 1927 and headquartered in Fair Lawn, NJ, Columbia Bank has 66 full-service branch networks spanning the state of New Jersey, an asset base of approximately $9.8 billion. Columbia Bank offers a full suite of consumer and commercial products, including online and mobile banking, localized lending centers, and securities, investment, and wealth management services. For more information on Columbia Bank’s full line of products and services, visit www.ColumbiaBankOnline.com. Follow Columbia Bank on: Facebook, Instagram, Twitter, YouTube and Linked In.

Tony Rose
1st Senior Vice President, Marketing Director
201-794-5828
[email protected]

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