US Bank, the sixth-largest US bank by assets, has announced fees
cuts, effective from August. In particular, the bank has reduced
overdraft charges to $10 for transactions that are $20 or less and
are drawn on an account that has a negative balance; a fee of $33
applies to transactions over $20.
Last September, US Bank capped the number of overdraft fees to
three in one day and waived fees if the account is overdrawn less
than $10; and expanded same-day availability for most deposited
items.
Go deeper with GlobalData
New federal laws come into effect in the third
quarter of 2010 requiring banks to obtain customers’ permission in
order to take part in overdraft-protection programmes.
“US Bank is committed to doing what’s right
for the customer. We began implementing changes last fall based on
what we heard from customers, all of which were centered on giving
them the power to choose what’s right for them,” said Richard
Davis, chairman, president and CEO of US Bank.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalData
