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.”

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.

Company Profile – free sample

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
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

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.