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U.S. Bank Announces Plan to Wind Down Checking Account Advance

MINNEAPOLIS--(BUSINESS WIRE)--Jan. 17, 2014-- U.S. Bank will begin to wind down its short-term, small-dollar deposit advance product, Checking Account Advance, to align with final regulatory guidance issued by the Office of Comptroller of the Currency (OCC) and the Federal Deposit Insurance Corporation (FDIC).

“We recognize our customers’ need for short-term, small dollar credit,” said Kent Stone, vice chairman of consumer banking sales and support at U.S. Bank. “We are committed to finding new solutions that meet the needs of all of our customers and fit within the current regulatory expectations.”

Effective Friday, Jan. 31, U.S. Bank will no longer offer Checking Account Advance to new checking account customers. Checking Account Advance will be discontinued for current customers on May 30, 2014. Customers who have an outstanding balance at that time will be offered extended repayment terms. U.S. Bank will offer other forms of credit to customers who qualify.

About U.S. Bank

U.S. Bancorp (NYSE: USB), with $361 billion in assets as of September 30, 2013, is the parent company of U.S. Bank, the 5th largest commercial bank in the United States. The company operates 3,088 banking offices in 25 states and 4,937 ATMs 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

Tom Joyce, U.S. Bank Public Relations, (612) 303-3167
Teri Charest, U.S. Bank Public Relations, (612) 303-0732

"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: Statements in this press release regarding U.S. Bancorp's business which are not historical facts are "forward-looking statements" that involve risks and uncertainties. For a discussion of such risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see "Risk Factors" in the Company's Annual Report or Form 10-K for the most recently ended fiscal year.



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