MINNEAPOLIS--(BUSINESS WIRE)--Sep. 24, 2009--
U.S. Bank has made a series of modifications to its service charge
policies on checking accounts that will take effect in the first quarter
of 2010. The changes reflect U.S. Bank’s on-going commitment to
fostering a sound, responsible financial relationship with its customers.
“We have long been committed to achieving the highest customer
satisfaction levels in our industry. We continually assess the
environment in which we serve our customers, and we have come to the
conclusion that adjustments in our approach to service charges, customer
choice and customer information are warranted,” said Richard Davis,
president, chairman and chief executive officer of U.S. Bank.
Effective first quarter of 2010, U.S. Bank will:
Eliminate overdraft fees when a customer’s account is overdrawn by
less than $10, regardless of the number of overdraft transactions that
may have occurred.
Limit the number of overdraft fees to no more than three per day.
Offer “opt out” ability to any customer who would prefer that we
decline or return any transaction on their account, whenever possible,
when they are presented against insufficient funds.
Continue to offer free mobile, email and internet banking alerts to
customers so that they can become more aware of their available
balance and manage their spending accordingly.
Provide new customers the ability to “opt in” to overdraft privileges
with U.S. Bank. This choice allows customers to define how they prefer
transactions to be handled by the bank when there are insufficient
funds in their account.
Establish an annual cap on the amount of overdraft fees that can be
assessed on any single account at the bank.
In addition, U.S. Bank will conduct a full evaluation of customer
preferences and system capabilities aimed at determining how best to
handle the posting order of debit items and checks. “As conditions and
preferences change, it is important that the bank continues to
understand exactly what our customers want in this regard,” said Trent
Spurgeon, senior vice president of U.S. Bank Retail Products.
About U.S. Bancorp
U.S. Bancorp (NYSE: USB), with $266 billion in assets, is the parent
company of U.S. Bank, the 6th largest commercial bank in the United
States. The company operates 2,850 banking offices and 5,173 ATMs in 24
states, and provides a comprehensive line of banking, brokerage,
insurance, investment, mortgage, trust and payment services products to
consumers, businesses and institutions. Visit U.S. Bancorp on the web at www.usbank.com.
Source: U.S. Bank
U.S. Bank Media Relations
Steve Dale, 612-303-0784