By  Posted on Fri Jun 7, 2013

U.S. Bank to Change Checking Account Fee Waivers, Overdraft Policy

 
U.S. Bank to Change Checking Account Fee Waivers, Overdraft Policy

Kevin Wong / Flickr source

For some U.S. Bank customers with basic checking accounts, dodging the monthly maintenance fee may be a little more of a hassle as new fee waiver requirements are scheduled to take effect in August. On the other hand, U.S. Bank is making it extremely easy for customers to avoid monthly fees on one of its premium checking accounts. Additionally, the bank plans to change its overdraft fee policy.

Easy Checking and Silver Checking customers who avoid monthly service fees through direct deposits will soon have to post combined monthly direct deposits of $1,000, instead of $500 currently. (The two accounts also have other ways to avoid the monthly fee.)

Gold Checking customers will simply have to maintain a U.S. Bank personal loan, line of credit or credit card to avoid the monthly fee. With the change, many U.S. Bank customers can now get a premium checking account without worrying about the monthly fee. The Gold Checking accounts offers features such as two free non-U.S. Bank ATM withdrawals per month and preferred rates on new U.S. Bank loans.

The changes to checking accounts will take effect on Aug. 12, 2013.

“We review our product offering and pricing on a regular basis and this year decided to implement a few changes to align with the cost of providing these accounts, their features and benefits,” said Teri Charest, a U.S. Bank spokesperson, in an email statement. “We believe we continue to have the most fairly priced, valuable checking account offering of any major bank in the nation.”

U.S. Bank also plans to alter its overdraft fee policy. Starting Aug. 10, customers will not have to pay an overdraft fee if their accounts are overdrawn by $5 or less at the end of the business day. With a negative balance of more than $5, customers will be subject to a $36 per overdraft incident. Currently, U.S. Bank charges $15 per overdraft of $15 or less and $35 per overdraft of more than $15.

“These changes are not unlike what other banks are doing in the marketplace,” said Charest. Chase, Wells Fargo and BB&T are some of the big banks that do not charge overdraft fees when customers do not have negative balances of more than $5 at the end of the day.

 

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  • B

    I have an Easy Checking account with U.S. Bank. They never notified me in advance that I would have a monthly maintenance fee. I did not find out about it until I received my August statement. Goodbye forever U.S. Bank.

    • Poopdeck

      Take out more money than you have at your ATM, then never go back. They deserve it. Next paycheck, go to a credit union or the Bank of the Internet.

      • anonymous

        that is horrible advice. good way to destroy your credit

        • Poopdeck

          OK, if that’s true my advice should only be taken by people whose credit is already ruined.

  • pmalone

    I would rather have an maintenance fee mthy,than a $36 overdraft charge.Its high way robbery charging customers $36 if they purchase an item over $5.00

  • AmericanWoman

    When will people learn, stop feeding these mega banks! Find a union bank. They have less fees, are more personal, and easier to deal with when you need a loan.

    The mega banks are all about fees, fees, fees. Sure, they make you think a few dollars is not much but you multiply that small fee times all their customers nationwide and you’re simply adding to the fat executive bonuses! How much do YOU get from them for lending them (depositing) your money? Have you ever looked at that? The interest these banks pay you for your money is an insult! Yes they want to charge you $36 fee, for many their interest for the entire year may not even be that much.. Wake up!

  • griffey

    They are pretty firm on this direct deposit policy. My direct deposits total 998.62 and they refuse to waive the fee. I found this notification on my June Statement, but not in the “Important Things To Know About Your Account” section. It was at the bottom of my statement after all transactions. This is a crock.

    @disqus_qg3LJYQxZy:disqus, yes I would prefer to use a credit union, however locations are not convienent. The closest one to me is a 15 mile drive. Makes it hard to get cash when you have to drive 30+ minutes to get it.

    • Poopdeck

      If you have a scanner or a smart phone, then Bank of Internet will work good. (The reason you need the scanner or smart phone is to make deposits…. you take pictures of your checks, that’s how they are deposited). Free use of any ATM in America, and no fees.

  • Julie A

    I’m so sick of US Bank and their fees. I’m looking for a better bank, with branches closer to where I live, better customer service and no hidden fees. My account was changed over without my knowledge from the Gold account to some generic account in which I have to pay them $6.95 for MY money to be direct deposited. I only get $700 a month and believe me that little bitty $6.95 hurts my pocket. Every penny counts in my household. Also, their customer service has really gone down hill. My family banked there for 20 yrs and I know of 3 members who are leaving, I and I am following suit.

  • lee luna

    I think that it’s time for a class action lawsuit for economic discrimination against the low income, they did the same thing to me. there is no bank in the state that hits you with a 8.95 fee if your account is under 1000 dollars a month, for that matter I think that is the highest fee USBANK has including those who are in the upper bracket income I live on a poverty level pension and this fee causes hardship and is predatororial. they always say “well if you don’t like it you can bank somewhere else”,but I Bank at US bank because I don’t have a car and one of their ATM’s are nearby, so it’s difficult for me to change Banks. it’s almost as it this fee is meant to drive the low income out of their banks. these Banks get free subsidies from the Federal Government and are controlled by the Federal Reserve and they can dictate how much money flows into our economy and can even cause Inflation if they want to…it’s time that US bank realizes that the Low income have rights and a voice as well…

  • Poopdeck

    US Bank, once a bank of value, is now just another $hitty bank.

    • SSRenee

      I have two accounts with them and they are now charging the fee for each one. I never received a notice about it either. One account is for my son and the other is just a backup account so they normally do not have a lot of $$ in them. I just messed up by writing a check for $500 not realizing my son had taken $60 something out. I had $475 in there when the $500 cleared and they charged me a $36 overdraft fee and refuse to give me a courtesy credit. I am done with them so they can just stick my negative $61 up their rip off butts. They suck and have sucked for a long time but that one did me in. It is crazy to get away with charging those kinds of fees in this day and age when small home town banks are the ones there for you when you need it. I say Class Action Lawsuit!!!

      • Poopdeck

        I encourage everyone who suffers from US Bank’s new fees to overdraw their account the amount owed them, and then move to Bank of Internet or a credit union.

  • STGiggles

    If you have savings account and a checking account the monthly fee is waived as long as you have it scheduled each month to automatically deposit money from the checking to the savings. Also if your place of employment has direct deposit you won’t be charged the fee. The only problem I have is the fee will come out but won’t be added back in til later. It should not show it as deducted at all.