This New York Bank Promises To Eliminate Most Insufficient Fund Fees

NEW YORK — Almost everything seems to be getting more expensive right now, but one bank has announced it is eliminating many of the fees and penalties that have come to define modern banking.

Apple Bank for Savings announced on Tuesday that it will be eliminating fees charged for checks and ACH transactions returned due to insufficient or unavailable funds for both consumers and businesses, starting August 8. This new policy coincides with the bank's system upgrade scheduled for the same day.

Formed in 1863, New York-based Apple Bank for Savings has 82 retail branches located in Westchester, Rockland, Nassau and Suffolk counties, along with the five boroughs of NYC.

Apple Bank also says that they will be reducing the daily maximum number of overdraft fees a customer can incur from six to three, along with increasing the daily overdraft threshold under which no fees will be charged to $50 on any business day.

The bank says that it will separately eliminate fees charged for PIN-based Visa debit card transactions processed online or at retailers. They already do not charge fees for signature-based Visa debit card transactions.

"The Bank made this decision after careful review and our desire to continue to offer easily understandable, well-priced deposit products,"Apple Bank CEO Steven Bush said.