U.S. Bank has launched the new Safe Debit Account that will provide the benefits of a traditional account, while eliminating checks or overdraft fees.

The new product will allow customers to deposit money, withdraw cash, pay bills and manage their account through mobile or online banking in an affordable way.

Account users will also get a debit card for in-person or online purchases. Users can make bill payments with the debit card, or use online and mobile bill pay.

“With a debit card and no checks, customers are able to be more in control of spending only what’s available in their accounts, with no risk of overdraft fees,” the bank said.

U.S. Bank executive vice president and head of consumer products and services Lynn Heitman said: “The Safe Debit Account demonstrates U.S. Bank’s commitment to provide all customers safe, convenient, affordable access to financial services.

“More than 35 million Americans are not fully utilizing the banking system and are considered by the FDIC to be unbanked and underbanked. We believe there’s value in having a relationship with a bank that you can rely on as your needs change over a lifetime. The Safe Debit Account is a great way to start that relationship.”

Customers can open a Safe Debit Account in-branch, and online or on phone from November 2016. The account will have a maintenance fee of $4.95 per month.