Cape Cod 5 To End Overdraft Fees For Personal, Business Customers

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Cape Cod 5 has announced that it will eliminate all consumer and business overdraft and non-sufficient funds (NSF) fees effective June 1, 2022.

This includes all fees associated with insufficient funds, uncollected funds and savings transfers to cover overdrafts. This is the latest action taken by the bank in carrying out its mission of enriching lives and its commitment to supporting the financial well-being of its customers.

In 2020, during the COVID-19 pandemic, Cape Cod 5 temporarily waived several consumer fees, recognizing the burden they placed on individuals that may be experiencing financial hardships.

“As a community bank, Cape Cod 5 works every day to help individuals and families reach their financial goals wherever they may be on their financial journey,” said Dorothy Savarese, Chair and CEO of Cape Cod 5. “The elimination of all fees associated with overdrafts aligns with the bank’s values and demonstrates another way that Cape Cod 5 is leading the way in meeting the financial needs and supporting our customers and community members.”

Cape Cod 5 will also introduce a BankOn-certified personal checking account, which will be introduced this June. The goal of BankOn is to ensure that everyone has access to safe and affordable financial products and services. The Cities for Financial Empowerment (CFE) Fund’s BankOn National Account Standards Certification indicates that 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.

“The CC5 BankOn account, coupled with the elimination of overdraft fees for all customers as well as our ongoing commitment to providing accessible financial know-how resources, are all part of Cape Cod 5’s ongoing efforts to better serve and meet the needs of all members of our communities,” said Savarese.

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