U.S. Bank knows that overdrafts can happen, and we want to do what we can to make sure to help you when they do. Our options—alone or combined—can help cover transactions when the available balance in your checking account is, or will become negative
Types of Overdraft Options
Standard Overdraft Coverage: It’s already yours
Most* consumer checking and money market accounts with U.S. Bank automatically come with Standard Overdraft Coverage. With this coverage, the following transactions may be covered:
- Checks and other transactions using your checking account number
- Automatic bill payments
- Recurring debit card transactions (such as insurance payments or monthly membership fees).
*Please note that the Safe Debit Checking account does not provide Standard Overdraft Coverage.
How does it work?
We’ll authorize and pay overdrafts for the above transactions at our discretion. That means we do not guarantee that we’ll always authorize and pay any type of transaction. If we don’t authorize and/or pay a transaction that would cause an overdraft, your transaction will be declined or returned. You will not be charged a fee for a declined or returned item if this occurs.
Are there fees?
Yes. U.S. Bank will charge a Overdraft Paid Fee of $36.00 for eachitem we pay on your behalf. We charge that fee only when the overdraft item we pay on your behalf is $5.01 or more and your negative available balance is $50.01 or more.
There’s no fee for each overdraft item we pay on your behalf that is $5.00 or less. If your Available Balance at the end of the business day is overdrawn by $50.00 or less,an Overdraft Paid Fee will not be charged.
U.S. Bank limits the number of charges to a daily maximum of 4 Overdraft PaidFees per day, no matter how many items we pay on your behalf.
ATM & Debit Card Overdraft Coverage: You make the choice
If you say ‘no’ to ATM & Debit Card Overdraft Coverage, we’ll decline your transaction, and you won’t be charged an Overdraft Paid Fee.
If you say ‘yes’ to ATM & Debit Card Overdraft Coverage, the following transactions may be paid (at the bank's discretion) and you may be charged an Overdraft Paid Fee:
- ATM withdrawals
- Everyday debit card transactions
You must make a choice of ‘yes’ or ‘no’ for each Consumer Checking and Money Market account, but you can change your election at any time.
Are there any other options?
There sure are. We offer another option for covering overdrafts, which may be less expensive than our standard overdraft coverage listed below.
U.S. Bank Overdraft Fee Forgiven
All consumer checking accounts (excluding Safe Debit Accounts) are eligible for U.S. Bank Overdraft Fee Forgiven, which gives you extra time to bring your account to a zero or positive balance to waive those fees.
The Overdraft Fee Forgiven period starts the first day the available balance becomes negative, and you were charged an Overdraft Paid Fee(s). U.S. Bank will review your account at the end of the Overdraft Fee Forgiven period at 11 p.m. ET on the day we charge the Overdraft Paid Fee(s). If there are qualifying deposits and the available balance* is at least $0, we will automatically waive the Overdraft Paid Fee(s).
*Excluding the Overdraft Paid Fee(s) and including immediate and same day deposits.
Deposits that generally will qualify for Overdraft Fee Forgiven include:
- ACH and electronic deposits
- Cash deposits
- Wire transfers
- ATM deposits at U.S. Bank ATMprior to cutoff time of 8:00 pm local time
- Check deposits in branch and internal transfers from another U.S. Bank account.
Deposits that generally will not qualify for Overdraft Fee Forgiven include:
- Extended hold placed on a deposit and
- Deposits into new accounts opened less than 30 days where funds are generally made available the fifth business day after the day of your deposit.
Please see yourDeposit Account Agreementdisclosure for more information.
Overdraft Protection
This option allows you to use another account to cover overdrafts on your checking account. All you have to do is link an eligible account* to your checking account to cover transactions which overdraw your checking account.
How it works:
- If you overdraft on your checking account, funds will be automatically transferred from your linked account(s) to cover a negative Available Balance. Overdraft Protection Transfer Fees may apply. See yourDeposit Account AgreementandConsumer Pricing InformationDisclosures for details.
- If you have linked eligible Overdraft Protection accounts, and the negative available balance in your checking account is $5.01 or more, the advance amount will transfer in multiples of $50.00. If however, the negative available balance is $5.00 or less, the amount advanced will be $5.00. The Overdraft Protection Transfer Fee is waived if the negative available balance in your checking account is $50.00 or less.
- You can link up to three eligible accounts and select the order you’d like the accounts accessed and choose the order from which we will pull funds.
- We will pull funds in increments of $50 (up to the negative available balance all available funds in your linked account(s) and if the advanced amount doesn’t cover the amount of the transaction(s), Standard Overdraft Coverage will apply.
- If you have Overdraft Protection and your account becomes overdrawn, Overdraft Protection funds will be accessed before the account is eligible for Overdraft Fee Forgiven. Refer to Your Deposit Account Agreement, section titled “Overdraft Protection Plans,” for additional information.
- * Eligible account types include a U.S. Bank Savings account, money market account, secondary U.S. Bank personal Checking account, U.S. Bank Reserve Line of Credit, U.S. Bank Credit Card, U.S. Bank Personal Line of Credit and U.S. Bank Home Equity Line of Credit. Lines of credit and credit cards are subject to eligibility requirements and credit approval. Credit products may be subject to additional charges such as annual fees, interest will accrue on the amounts advanced. Please refer to the line of credit or credit card agreement for full details.
Account holders who are signers on the checking account must also be signers on the account linked for overdraft protection.
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Standard Overdraft Coverage: This is a default feature for most consumer checking and money market accounts with U.S. Bank. It covers transactions such as checks, automatic bill payments, and recurring debit card transactions when the available balance in the checking account is or will become negative. The bank authorizes and pays overdrafts at its discretion, and a fee of $36.00, known as the Overdraft Paid Fee, is charged for each item paid on behalf of the account holder.
ATM & Debit Card Overdraft Coverage: Account holders have the choice to opt-in or opt-out of this coverage. If opted in, the bank may, at its discretion, pay for ATM withdrawals and everyday debit card transactions, subject to a $36.00 Overdraft Paid Fee. If opted out, the transactions will be declined, and no fee will be charged.
U.S. Bank Overdraft Fee Forgiven: This is an option available to all consumer checking accounts (excluding Safe Debit Accounts). It provides a grace period to bring the account balance to zero or positive, and if successful, the Overdraft Paid Fee is automatically waived. Qualifying deposits during this period include ACH and electronic deposits, cash deposits, wire transfers, ATM deposits, check deposits in-branch, and internal transfers from another U.S. Bank account.
Overdraft Protection: This option allows account holders to link another eligible account to their checking account to cover overdrafts. Funds are automatically transferred from the linked account(s) to cover a negative available balance, subject to Overdraft Protection Transfer Fees. The transfer amount is in multiples of $50.00, and if the negative available balance is $50.00 or less, the transfer fee is waived. Up to three eligible accounts can be linked, and the order of fund access can be customized.
Eligible Account Types for Overdraft Protection: The eligible accounts include a U.S. Bank Savings account, money market account, secondary U.S. Bank personal checking account, U.S. Bank Reserve Line of Credit, U.S. Bank Credit Card, U.S. Bank Personal Line of Credit, and U.S. Bank Home Equity Line of Credit. The article specifies that lines of credit and credit cards are subject to eligibility requirements and credit approval.
Understanding these concepts is crucial for account holders to make informed decisions about managing overdrafts with U.S. Bank, considering factors such as fees, coverage options, and eligibility criteria.
