U.S. Bank Restructures Overdraft Policies, Fees
U.S. Bank has announced a series of modifications to its service charge policies on checking accounts that will take effect in the first quarter of 2010. The changes include eliminating overdraft fees when a customer's account is overdrawn by less than $10, limiting the number of overdraft fees to no more than three per day and offering "opt out" to customers who would prefer to have transactions declined rather than pay overdraft fees.
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.
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.
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