Alerus Ends Non-Sufficient Funds Fees for Consumers, Small Business Clients
MINNEAPOLIS (Sept. 1, 2022) – Alerus announced today it is eliminating non-sufficient funds fees and updating its overdraft program fees to benefit consumer and small business checking clients, effective September 1, 2022. In addition to ending non-sufficient funds fees, the amount an account can be overdrawn before incurring overdraft fees will increase from $5 to $50. Additional program updates further reduce or eliminate other overdraft-related fees for consumers and small business clients, including eliminating extended daily overdraft fees and providing overdraft protection accounts at no charge for consumers.
“As the financial industry continues evolving, a trend has emerged over the last year among national banks to change their overdraft programs, but many regional and community banks have not yet followed suit,” said Brian Schumacher, consumer segment and wealth management director at Alerus. “We’re proud to be a leader among community banks in updating our NSF and overdraft program fees to provide clients greater cash flow flexibility and grace when they experience temporary shortfalls. Not only is it the right thing to do for clients, it aligns with our mission to positively impact our clients’ long-term financial potential.”
Alerus also recently updated its My Alerus financial wellness hub, a digital tool which enables users to conveniently view their account activity, manage debt, create budgets, and set and track financial goals for priorities such as retirement and emergency savings. Available online and as a mobile app, My Alerus is designed to provide users with a personalized, holistic view of their finances and simple steps they can take to stay on track for long-term overall financial wellness.
About Alerus
Alerus (Alerus Financial, N.A.) is a diversified financial services company that provides innovative and comprehensive financial solutions to businesses and consumers through four distinct business segments — banking, retirement and benefit services, wealth management, and mortgage. These solutions are delivered through a relationship-oriented primary point of contact along with responsive and client-friendly technology.
Alerus has banking, mortgage, and wealth management offices in Grand Forks and Fargo, North Dakota, the Minneapolis-St. Paul, Minnesota metropolitan area, and Phoenix, Scottsdale, and Mesa Arizona. Alerus Retirement and Benefits plan administration hubs are located in Minnesota, Michigan, and Colorado.