U.S. Bank
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U.S. Bank Restructures Overdraft Policies and Fees

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

"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.