Washington Trust is pleased to announce we’re improving our overdraft practices to help our personal and business
customers better manage their money. Here is a summary of the changes effective March 1, 2023:
Personal Accounts
| Previous | New | |
|---|---|---|
Returned Item Fee |
Up to $35 |
$0 |
If we do not approve a transaction because there are not enough funds available in your account, we will no longer charge a Returned Item fee. |
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Overdraft Item Fee Threshold |
Charged on items $4.99 or less |
No charge on items $24.99 or less |
We’ve increased our Overdraft Item Fee Threshold to $24.99. This means if an item $24.99 or less overdraws your account, we won’t charge you an Overdraft Fee on that item. |
||
Overdraft Item Fee |
Up to $35 |
$20 |
An Overdraft Item Fee is charged when we pay a transaction you’ve made that exceeds your available balance. |
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Maximum Daily Total Overdraft Fees |
Previous Daily Item Cap: $175 |
New Daily Item Cap: $100 |
The total amount of overdraft fees per day that will be applied per business day. |
||
Returned Deposited/Cashed Item Fee |
$15 |
$0 |
If you deposit or cash a check from another financial institution and that check is returned (not paid by the other financial institution), we will not charge you a Returned Deposited/Cashed item fee. |
||
Annual Fee and Transfer Fee on Transfer Overdraft Protection |
$20 Annual fee/$8 Transfer fee |
$0/$0 |
Transfer Overdraft Protection (formerly known as Savings Transfer Overdraft Protection) links your checking account to any one of your Washington Trust deposit accounts (excluding CDs) to provide funds to automatically cover accidental checking account overdrafts. The annual fee was charged in the month in which the overdraft protection was established. The transfer fee was assessed when a transfer was initiated to cover the overdrawn account. |
Business Accounts
| Previous | New | |
|---|---|---|
Returned Item Fee |
Up to $35 |
$0 |
If we do not approve a transaction because there are not enough funds available in your account, we will no longer charge a Returned Item fee. |
||
Annual Fee and Transfer Fee on Transfer Overdraft Protection |
$20 Annual fee/$8 Transfer fee |
$0/$0 |
Transfer Overdraft Protection (formerly known as Savings Transfer Overdraft Protection) links your business checking account to any one of your Washington Trust business deposit accounts (excluding CDs) to provide funds to automatically cover accidental checking account overdrafts. The annual fee was charged in the month in which the overdraft protection was established. The transfer fee was assessed when a transfer was initiated to cover the overdrawn account. |
If you have any questions about these overdraft changes or for more tips on how to better manage your money, we’re here to help!
- Stop by your local branch to speak with a Washington Trust banker
- Call our Customer Solutions Center at 800-475-2265
As always, thank you for banking with Washington Trust. We appreciate having you as a customer and look forward to helping you meet your financial goals.
For more information: