Atlantic Union Bank is making several changes to its checking business, including the introduction of a new low-cost checking account and the elimination or reduction of fees. All changes are designed to make banking easier and more affordable for customers, a release stated.
Effective immediately, Atlantic Union Bank is offering a new low-cost checking account, PRISM, with consumer-friendly features including low minimum deposit to open and no minimum balance requirement and no overdraft fees. PRISM is certified to meet the Bank On national account standards from the Cities for Financial Empowerment Fund.
“The Cities for Financial Empowerment Fund is delighted to award its national Bank On account certification to Atlantic Union Bank‘s PRISM checking account,” said Jonathan Mintz, President and Chief Executive Officer of the Cities for Financial Empowerment Fund. “PRISM offers Virginia, Maryland and North Carolina residents who are looking to improve their finances a safe, affordable, and truly useful mainstream banking product to access and manage their money.”
In keeping with Bank On goals to ensure everyone has access to safe and affordable financial products and services, PRISM is designed to offer consumers traditional features, such as check writing, and a full suite of digital banking services allowing them to securely access and manage their bank accounts. In addition, PRISM account owners can grow their savings with a PRISM savings account with no monthly maintenance fee and no minimum balance requirement.
Consumers can open a PRISM account at any Atlantic Union Bank branch or online at AtlanticUnionBank.com.
Fee eliminations
Atlantic Union Bank also announced plans to eliminate and limit fees on various checking accounts as part of an ongoing effort to help encourage customer access to safe, low-cost transactional products.
Effective June 30, the bank began reducing the fee structures on its personal checking accounts. The first component of this is the elimination of non-sufficient funds (NSF) fees for transactions that are returned unpaid because the account did not have enough funds to cover them.
For customers and clients who have Overdraft Account Transfer or Overdraft Line of Credit, Atlantic Union Bank is eliminating the transfer fee when money is transferred between a linked deposit account or line of credit to cover overdrawn transactions.
“We will not charge customers any fee to access their own money held in a separate, linked Atlantic Union Bank account,” said CEO John Asbury. “In addition, we will offer free and easy access to a wide range of significantly enhanced educational and engagement resources to help customers manage their accounts. Our mission is to make banking easier and more accessible.”
Atlantic Union Bank has a branch on Sutton Road in Gloucester.