Non-sufficient funds and overdraft fees
eliminated or reduced beginning April 1
As a community bank and trusted financial partner, First Interstate clings tightly to a values system that has anchored us for more than five decades. Through every interaction, we strive to put people first, act with integrity, seek greatness, celebrate success, and be committed to our communities.
Understanding and appreciating the hardships our clients have experienced since the onset of the pandemic, we’ve challenged ourselves to explore ways to make banking a bit brighter, a bit better for our clients. And, in the spirt of doing what’s right, not what’s easy—we arrived at a solution that puts our clients’ interests first.
As of April 1, First Interstate will be eliminating non-sufficient funds charges and reducing overdraft fees, flexibility intended to create a little extra breathing room and peace of mind for our clients.
“At First Interstate Bank, people are — and have always been — our number-one priority,” said Kevin Riley, President and CEO of First Interstate Bank. “We know how easy it can be to make a withdrawal or purchase, only to find out too late there’s not enough in an account to cover the transaction. The enhancements to our overdraft processes will give our clients more financial flexibility, and we hope it inspires other banking organizations to follow our example.”
First Interstate will launch the following changes:
- Elimination of non-sufficient fund charges
- A reduction in overdraft fees from $30 to $10
- Limit the maximum number of daily overdraft charges to 4 per day
- Provide a grace amount of $50 before any fees are assessed
- No overdraft charges for any purchase under $5
- The elimination of continuous overdraft fees and transfer fees between deposit accounts
- Free transfers from savings to checking to cover overdrafts
First Interstate also offers a robust overdraft line of credit service, which will remain in place to ensure clients have an additional layer of protection. To further support our clients, First Interstate will launch a checkless account this spring—an account that can never be overdrawn and includes a debit card and online banking access.
“Our clients need a banking partner that provides support when they need it most,” said Marcy Mutch, Chief Financial Officer for First Interstate. “As an advocate for the clients we serve, we’re excited to live our values by reducing and removing these charges. This will amplify the positive impact First Interstate has on the places we call home.”
Giving back has been at the heart of First Interstate’s values since its inception more than 50 years ago. Each year, First Interstate donates 2% of pre-tax earnings to the communities it serves. These funds are put into action to mitigate poverty, improve workforce development, boost early childhood education, and more. First Interstate also supports its communities by offering additional philanthropic support through donations, sponsorships, and volunteerism. To learn more, check out our Community Responsibility Report located on firstinterstate.com.
“Our business model is fueled by the interests of our clients and communities,” Riley added. “We understand that to be successful, you have to take care of your neighbors, cultivate trust, listen to clients with positive intent, and show up when they need you most.”
To learn more about First Interstate or to explore our unique fleet of products and services, please visit firstinterstate.com or stop by a location near you.
