BPPR eliminates insufficient funds charges on certain transactions
Banco Popular announced changes to its overdraft practices, including eliminating the charge for insufficient funds for returned transactions. The bank becomes the first financial institution from Puerto Rico to eliminate this fee, it stated.
The change will benefit some 1.8 million customers, Puerto Rico’s largest bank confirmed.
Banco Popular also eliminated overdraft fees on transactions of $5 or less paid against insufficient funds, as well as the fees charged for maintaining overdrawn accounts. Transactions greater than $5 paid against insufficient funds will continue to be charged the overdraft fee of $15.
The changes took effect Aug. 26 and apply to retail and commercial accounts.
“We constantly evaluate the needs of the communities we serve. These changes are the result of a continuous effort to identify opportunities where we can make banking easier, safer, and more equitable for our customers,” said Javier D. Ferrer, COO for Popular.
Over the years, the bank has made changes to its overdraft practices to benefit its customers. Some of these include the implementation of daily limits on overdraft fees on both paid and returned transactions, and the elimination of overdraft finance charges.
