The SafeBalance accounts will stop customers from taking out more money than they have in their account while using an ATM, paying bills online or making a purchase at the point of sale, say at a store counter or a restaurant. Customers currently pay $35 if they incur an overdraft.
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But the service will come at a cost. Customers will be charged a flat fee of $4.95 a month, or almost $60 a year, and they will not be able to write paper checks.
The bank's most popular account, MyAccess Checking, is free as long as a customer has a monthly direct deposit of at least $250. That account, and the bank's interest-bearing account for customers with larger balances, will remain unchanged and continue to prevent overdrafts at point of sale purchases.
Related: Overdraft fees cost bank customers hundreds a year
For customers with frequently low balances who are chronic overdrafters, the SafeBalance account could make financial sense. For example, a study from the Consumer Financial Protection Bureau found that overdrawing an account costs customers an average of $225 in fees per year.
SafeBalance accounts are now being offered in a pilot program in Rhode Island, Oregon, Michigan, Virginia, Maryland and Washington D.C. A bank spokeswoman said they plan to roll out the accounts nationwide later this year.
CNNMoney (New York) March 6, 2014: 4:59 PM ET
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