Cape Cod 5 announced in a press release it will eliminate overdraft fees, and insufficient fund fees will be eliminated from all consumer and business customers, which is planned to go into effect on June 1. This elimination includes “all fees associated with insufficient funds, uncollected funds, and savings transfers to cover overdrafts.”
According to the release, the bank waived several consumer fees during 2020, when the COVID pandemic began, because it recognized the burden these fees placed “on individuals that may be experiencing financial hardships.”
The bank will also be introducing a BankOn-certified personal checking account in June, according to the release. The bank’s reception of the Cities for Financial Empowerment Fund’s BankOn national account standards certification means “Cape Cod 5’s account meets the criteria of low-cost, high functionality, and consumer safety, to better serve individuals looking to improve their finances, or establish or re-establish a banking relationship,” according to the release.
