When your bank transaction resulted in a negative balance in your bank account, you have an overdraft. In some cases, US Bank will still authorize your transaction and this situation is called insufficient funds transaction. Most banks will charge an overdraft fee when this situation happens.
How much is the overdraft fee?
The overdraft fees for each bank may be different. US bank overdraft fee is $36 per item. Here is a summary of the overdraft fees of some top banks in the US (2020):
US Bank overdraft fee and overdraft policies
Based on US Bank standards, US bank will still authorize and pay overdrafts for three types of transactions:
Checks and other transactions using your checking account number.
Automatic bill payments.
Recurring debit card transactions, such as setting up your debit card to automatically pay a monthly gym membership.
However, US bank will not authorize and pay overdrafts for the following two types of transactions unless you tell the bank to do so:
Everyday debit card transactions (purchases made with your debit card on a day-to-day basis)
US bank overdraft fee: $36 each item. US Bank will charge you a fee of $36 each item when they pay an overdraft. If the overdraft item costs less than $5.00, you don’t need to pay the overdraft fee. If the overdraft item costs more than $5.01, US bank will charge you $36.00 for each overdraft item.
US bank overdraft Daily Maximum: the daily maximum of overdraft fees are 4 times per day, so the maximum overdraft fees are $144 per day. If you haven’t noticed that your account balance has been negative till the eighth calendar day, you must pay $36 on the eighth calendar day.
Check the details of US Bank overdraft service here.
What should you do if US bank has charged you an overdraft fee?
If you find out that you have been charged an overdraft fee, don’t be panic. You don’t need to pay the fee immediately, because you can try to waive the fee with following instructions.
Call the US bank customer service:
Usually banks will allow their customers to make a mistake. If this is the first time you get an overdraft fee, just call the US Bank customer service phone number 1 (800) 872-2657 and ask about waiving the overdraft fee.
If it is not your first time, you can still try to negotiate with customer service. Here are some tips that can teach you how to negotiate with customer service:
Here is an example of the phone conversation:
Customer: Hi, there is an overdraft fee charged in my bank account and I am so sorry that I forgot to pay attention to it. Could you please help me to waive the fee?
Bank: I see the fee. Unfortunately, we are not able to waive the fee because xxx
Customer: I am sorry again. I have been a good customer for xx years and the overdraft happens accidentally. I won’t let that happen again. I would like to set up a notification to let me know when the account balance is low. Could you please help me to waive it? I will be happy to stay with US Bank.
Bank: OK. Let me check. One sec please.
Customer: I really appreciate that, thanks!
What should do If a call doesn’t work?
Just try to call the customer service first, if it doesn’t work, there are some options for you.
1. Walk in bank and talk to the banker;
2. Make an appointment with bankers in your local branch here:
3. Mail a letter to US bank corporate office:
800 Nicollet Mall Minneapolis, MN 55402 United States
4. Contact US Bank Executive:
Teri Charest, Vice President, Corporate Communications
800 Nicollet Mall, Minneapolis, MN 55402
(612) 303-0732, firstname.lastname@example.org
5. Contact US Bank Chief Executive:
Chief Executive, Andrew Cecere, President and Chief Executive Officer
800 Nicollet Mall, Minneapolis, MN 55402, Andrew.Cecere@usbank.com
How to avoid an overdraft fee from US Bank?
Keeping an eye on your account is the easiest way to avoid being charged an overdraft fee. However, you may forget to check your bank fund often. Here are some options to help you avoid the overdraft.
1. Setup Account Alerts
With account alerts, you will know when you should transfer money to your bank account. You can visit US bank online bank or mobile bank to setup alerts. You can also call the customer service or talk to a banker to setup alerts.
2. Set up Overdraft Protection
Setting up overdraft protection helps you transfer money from you linked account to your bank account when you are about to have an overdraft. Eligible US Bank accounts include:
U.S. Bank Savings and money market
U.S. Bank Credit cards
U.S. Bank Reserve Line of Credit (overdraft protection line of credit)
U.S. Bank Premier Line of Credit
U.S. Bank Home Equity Line of Credit
You can call (855) 397-7042 to setup US bank overdraft protection.
3. Buy Overdraft Coverage
Overdraft Coverage is different from Overdraft Protection. US Bank will handle the transactions based on your overdraft coverage selections. U.S. Bank may authorize and pay overdrafts for the following types of transactions for a fee:
Checks and other transactions using your checking account.
Automatic bill payments.
Recurring debit card transactions (e.g., automatic gym dues).
US Bank will not authorize and pay overdrafts for two types of transactions unless you tell the bank to do it:
Debit card purchases (e.g., paying for gas at the pump, buying groceries, buying something online)
Click here for more details https://www.usbank.com/bank-accounts/checking-accounts/checking-customer-resources/overdraft-protection.html
Why not try debit cards without overdraft fees?
Are there debit cards that do not charge overdraft fees? Fortunately, yes. With Cheese Debit Card, you will never worry about getting charged by the bank if you spend more than your savings.
Cheese Debit Card is an innovative debit card with no fee. You can also earn saving bonus and cashback on every purchase.
About US Bank
U.S. Bank is the 5th largest bank in the United States whose parent is U.S. Bancorp. And U.S. Bancorp (stylized as US bancorp) is an American bank holding company based in Minneapolis, Minnesota, and incorporated in Delaware. U.S. Bank has 3,106 branches and 4,842 ATMs, primarily in the Midwestern United States, and has approximately 72,400 employees.
Here is a quick snapshot about US Bank:
Headquarters: U.S. Bancorp Center, 800 Nicollet Mall, Minneapolis, MN 55402 - 7014
Revenue: US$22.057 billion (2017)
Customer Service: 1 (800) 872-2657