Santander Bank announces new financially flexible banking service
New England Council member Santander Bank, has unveiled the Santander Essential Checking, a no-overdraft-fee account designed for customers of varying ages, addressing concerns about excessive bank fees.
The Boston-based bank’s new offering ensures that customers can only spend what they have, eliminating the risk of overdrafting and associated charges. Tailored for customers of all ages, this account exempts individuals under 26 or over 65 from the $4 monthly fee, prioritizing financial flexibility for these age groups. The account offers reduced fees for paper statements ($2), domestic out-of-bank ATM withdrawals ($2.50), and a 50% discount on checks from the bank. It builds upon Santander’s “Safety Net” product, eradicating non-sufficient funds fees and reducing overdraft fees to $15 from the previous $35, fostering a more accessible and cost-effective banking experience. Santander’s move aims to serve its clientele better and cater to diverse financial needs, underlining its commitment to customer-centric solutions.
“The introduction of our Essential Checking account marks another exciting milestone in our ongoing work to best serve our customers and provide various options that are tailored to support them at every stage in life,” said Patrick Smith, head of consumer and business banking at Santander.
The New England Council would like to commend Santander for its commitment to accessible financial services.
Read more in the Boston Business Journal.