Changes To Overdraft Program & Fees
Eastern Bank has made several changes to its consumer overdraft program to provide greater options for consumers to manage their accounts, prevent overdrafts, and reduce the cost of overdrafts. The changes are as follows:
Effective March 21, 2022:
- Eliminated automatic balance protection (linked account) fees, and
- Eliminated the annual fee and cash advance fees from its cash reserve line of credit product.
Effective July 1, 2022
- Eliminated returned item or non-sufficient fund (NSF) fees.
- Created an enhanced safety net by waiving overdraft fees if a checking account’s end-of-day available balance is overdrawn by $50 or less.
- Reduced the number of overdraft fees per day from five to one regardless of the number of items presented to your account which cause a negative balance.
In addition to these changes, Eastern offers other services to help consumer customers with financial planning such as: Eastern Financial Academy, which partners with online learning leader EverFi for free information about managing finances; and an opt-in option to receive alert notifications about account balances.