Types of Overdraft Options
Standard Overdraft Coverage: It’s already yours
Most* consumer match and money marketplace accounts with U.S. Bank mechanically come with Standard Overdraft Coverage. With this coverage, the pursue transactions may be covered :
• Checks and other transactions using your checking account number
• Automatic bill payments
• Recurring debit calling card transactions ( such as indemnity payments or monthly membership fees ).
*Please note that the Safe Debit Checking report does not provide Standard Overdraft Coverage .
How does it work?
We ’ ll empower and pay overdrafts for the above transactions at our free will. That means we do not guarantee that we ’ ll always authorize and pay any type of transaction. If we don ’ deoxythymidine monophosphate authorize and/or pay a transaction that would cause an overdraft, your transaction will be declined or returned .
Are there fees?
Yes. U.S. Bank will charge a Overdraft Paid Fee of $ 36.00 for each detail we pay on your behalf. We charge that tip lone when the overdraft item we pay on your behalf is $ 5.01 or more and your damaging available Balance is $ 50.01 or more .
There ’ s no tip for each overdraft item we pay on your behalf that is $ 5.00 or less. If your available proportion 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 day by day maximum of 4 Overdraft Paid Fees 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 ’ thyroxine be charged an Overdraft Paid Fee.
Read more: What Is a Debt Management Plan? – NerdWallet
If you say ‘ yes ’ to ATM & Debit Card Overdraft Coverage, the pursuit transactions may be paid ( at the savings bank ‘s discretion ) and you may be charged an Overdraft Paid Fee :
• ATM withdrawals
• Everyday debit card transactions
You must make a option 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 choice 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 report to a zero or positive proportion 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 ( second ). U.S. Bank will review your account at the end of the Overdraft Fee Forgiven time period at 11 p.m. ET on the day we charge the Overdraft Paid Fee ( second ). If there are qualifying deposits and the available Balance* is at least $ 0, we will mechanically waive the Overdraft Paid Fee ( south ).
*Excluding the Overdraft Paid Fee ( s ) and including immediate and same day deposits.
Deposits that broadly will qualify for Overdraft Fee Forgiven include :
- ACH and electronic deposits
- Cash deposits
- Wire transfers
- ATM deposits at U.S. Bank ATM prior to cutoff time of 8:00 pm local time
- Check deposits in branch and internal transfers from another U.S. Bank account
Deposits that by and large will not qualify for Overdraft Fee Forgiven include :
- Mobile check deposit
- 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 Your Deposit Account Agreement disclosure for more information .
This choice allows you to use another report to cover overdrafts on your checking report. All you have to do is link an eligible account* to your checking account to cover transactions which overdraw your check report.
Read more: Debt Restructuring Definition
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 Your Deposit Account AgreementConsumer Pricing Information
- 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 explanation types include a U.S. Bank savings account, money market report, secondary U.S. Bank personal check 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 national to extra 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 check bill must besides be signers on the account linked for overdraft protection .