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.
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.