Liberty Bank will eliminate fees for non-sufficient funds and certain transfer fees starting Oct. 1, the Middletown-based lender announced.
It is the latest Connecticut financial institution to relax some of its policies to help customers who may be facing financial difficulties.
Last month, Rocky Hill-based Nutmeg State Financial Credit Union announced it eliminated fees for non-sufficient funds effective Sept. 12.
The decision is meant to “help customers’ financial wellness and empower them to manage their money better,” Liberty Bank said.
“In our ongoing commitment to help customers build and manage their financial success and succeed in the long term, we have made sweeping changes to eliminate NSF fees and uncollected funds fees assessed on consumer and business deposit customers,” said David W. Glidden, president and CEO of Liberty Bank.
A non-sufficient funds fee is charged when a payment transaction is returned unpaid due to a lack of funds in the account.
The bank’s overdraft fee, which is charged when it temporarily covers a transaction that overdraw an account, will remain in place.
