You have a choice to make about your checking or money market account: Tell us if you want overdraft coverage for ATM and check card transactions.
What is an overdraft?
An overdraft occurs when you do not have enough money in your account to cover a transaction and we pay it on your behalf.
We can cover your overdraft in two different ways:
We have standard overdraft coverage that comes with your account. We also offer overdraft protection plans which may be less expensive than our standard overdraft coverage. To learn more, ask us about these plans! Link to your savings account Link to your line of credit account Link to your credit card account This notice explains our standard overdraft coverage.
What is the standard overdraft coverage that comes with my account?
As part of our standard overdraft coverage, we will continue to authorize and pay overdrafts for these types of transactions at our discretion:
Checks and other transactions using your checking account number. Automatic bill payments. Recurring Check Card transactions, such as setting up your Check Card to automatically pay a monthly gym membership. We will not authorize and pay overdrafts for these types of transactions unless you say "yes" to ATM and Check Card Overdraft Coverage (see below): ATM transactions. Everyday Check Card transactions (purchases made with your Check Card on a day-to-day basis). We pay overdrafts at our discretion, which means we do not guarantee that we will always authorize and pay any type of transaction. If we do not authorize and pay an overdraft, your transaction will be declined or returned.
How much does overdraft coverage cost?
Currently, our bank will charge up to $37.50 for each overdraft item we pay on your behalf. You will be charged an extended overdraft fee of $25 per week beginning on the 8th calendar day and each week thereafter if the available balance remains below zero. Effective August 15, 2010, our bank will change the cost of overdraft coverage.1
Beginning August 15, 2010, our bank will charge up to $33 for each overdraft item we pay on your behalf. The cost will be based upon the dollar amount of the item that will cause the account to be overdrawn. We will charge a $10 fee for each overdraft item we pay on your behalf that is less than or equal to $20. We will charge a $33 fee for each overdraft item we pay on your behalf that is greater than $20. You will be charged an extended overdraft fee of $25 per week beginning on the 8th calendar day and each week thereafter if the available balance remains below zero.
Are there limits to what I could be charged for overdrafts?
Absolutely. U.S. Bank charges for a maximum of 3 overdraft items paid per day, no matter how many items we pay on your behalf. We know it is sometimes difficult to track every transaction, so if your total overdrawn balance is less than $10, we do not charge you an overdraft item fee.
How do I say "yes" to ATM and Check Card Overdraft Coverage?
If you want U.S. Bank to authorize and pay overdrafts on ATM and everyday Check Card transactions as part of your account's standard overdraft coverage:
Call 800-US BANKS (872-2657) (at main menu, choose option 1, then 6 then 5) Go to usbank.com/choice Visit your local U.S. Bank branch
Change your mind?
You always have the right to change your choice by contacting us in one of the ways described above.
1. This is a summary of the new overdraft fee structure. You will be notified of the change in the terms to your deposit account overdraft coverage in the important messages section of your account statement or Consumer Pricing Information brochure. Please refer to your change in terms notice for complete details.
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