U.S. Bank's New Safe Debit Account is Simple, Convenient and Eliminates Overdraft Fees
August 22 2016 - 6:00AM
Business Wire
Provides the benefits of a traditional account, without the
checks
Individuals who have never had, or who stopped using a checking
account have a new reason to give banks a second look. U.S. Bank
has introduced the Safe Debit Account, which offers key benefits of
a traditional account without checks or overdraft fees.
The Safe Debit Account provides a safe, affordable way for
customers to deposit money, withdraw cash, pay bills and manage
their account through mobile or online banking. The account comes
with a debit card for in-person or online purchases. Customers can
also pay bills with their 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 Safe Debit Account demonstrates U.S. Bank’s commitment to
provide all customers safe, convenient, affordable access to
financial services,” said Lynn Heitman, executive vice president
and head of consumer products and services at U.S. Bank. “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.”
U.S. Bank wants to make possible happen for all consumers,
including the unbanked and the underbanked. That’s why the bank
works with financial regulators and nonprofit organizations like
the Cities for Financial Empowerment Fund (CFE Fund). CFE Fund
created the Bank On National Account Standards for low cost
accounts. These collaborations provided an opportunity to
understand the needs of these consumers and ensure the Safe Debit
Account met Bank On standards.
The Safe Debit Account is one of the standard account options
available when opening an account at U.S. Bank. There is a monthly
maintenance fee of $4.95 that cannot be waived and is clearly
disclosed in a Simple Snapshot online and at account opening.
Customers can open a Safe Debit Account in the branch, and starting
in November 2016 U.S. Bank will add the option of opening a Safe
Debit Account online or by phone.
The Safe Debit Account is offered by a bank whose dedication to
doing the right thing has made it one of the most stable, reputable
banks in the industry. U.S. Bank has been honored as one of the
“World’s Most Ethical Companies” by Ethisphere, an independent
organization, for two years in a row.
Minneapolis-based U.S. Bancorp (NYSE: USB), with $438 billion in
assets as of June 30, 2016, is the parent company of U.S. Bank
National Association, the fifth-largest commercial bank in the
United States. The company operates 3,122 banking offices in 25
states and 4,923 ATMs and provides a comprehensive line of banking,
investment, mortgage, trust and payment services products to
consumers, businesses and institutions. Visit U.S. Bancorp on the
web at www.usbank.com.
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version on businesswire.com: http://www.businesswire.com/news/home/20160822005147/en/
U.S. Bank Corporate CommunicationsTeri Charest,
612-303-0732teri.charest@usbank.com@usbank_news
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