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BOK Financial® to eliminate non-sufficient funds fees, overdraft fee changes

Written by Customer Service on . Posted in Public Companies.

TULSA, Okla., Sept. 02, 2022 (GLOBE NEWSWIRE) — BOK Financial® will eliminate all non-sufficient funds fees and reduce overdraft fees by the end of 2022. These fees are incurred when there isn’t enough money in an individual’s checking or savings account to cover a transaction whether the transaction was processed (overdraft fees) or rejected (non-sufficient funds fees).

By the end of the year, the bank—operating as BOK Financial®, Bank of Oklahoma, Bank of Texas and Bank of Albuquerque—will make the following changes:

  • Eliminate fees charged when checks or payments cannot be processed due to lack of funds, commonly known as non-sufficient funds fees.
  • Reduce the maximum number of overdraft fees charged per day from five to three.
  • Increase the overdraft cushion to $50 from $5, ensuring that customers do not pay overdraft fees when their account is overdrawn by $50 or less at the end of the day.

“We understand that managing your personal financial situation can be complex and that everyone needs a break from time to time,” said Derek Martin, BOK Financial consumer banking services executive. “These changes will give our clients more control and increased flexibility.”

The company has taken a number of steps to help clients better manage their personal financial situation. Previously, they have removed fees for transfers between linked accounts, excessive withdrawal fees on savings accounts and fees charged for accounts with a negative balance beyond five business days. In May, the company’s Opportunity Banking account received Bank On certification, reflecting features that ensure low cost, high functionality and consumer safety.

“We are committed to the financial health of our clients and communities, and believe that these changes will make it easier for them to stay on solid financial footings,” said Martin.

BOK Financial Corporation is a $45 billion regional financial services company headquartered in Tulsa, Oklahoma with $96 billion in assets under management and administration. The company’s stock is publicly traded on NASDAQ under the Global Select market listings (BOKF). BOK Financial Corporation’s holdings include BOKF, NA; BOK Financial Securities, Inc., BOK Financial Private Wealth, Inc. and BOK Financial Insurance, Inc. BOKF, NA’s holdings include TransFund, Cavanal Hill Investment Management, Inc. and BOK Financial Asset Management, Inc. BOKF, NA operates banking divisions across eight states as: Bank of Albuquerque; Bank of Oklahoma; Bank of Texas; and BOK Financial® in Arizona, Arkansas, Colorado, Kansas and Missouri; as well as having limited purpose offices in Nebraska, Wisconsin and Connecticut. Through its subsidiaries, BOK Financial Corporation provides commercial and consumer banking, brokerage trading, investment, trust and insurance services, mortgage origination and servicing, and an electronic funds transfer network. For more information, visit www.bokf.com.

CONTACT: Media Contact
Cydney Williams
918.588.6506
C.Williams@bokf.com

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