U.S. Bank’s New Safe Debit Account is Simple, Convenient and Eliminates Overdraft Fees

Provides the benefits of a traditional account, without the checks

MINNEAPOLIS–(BUSINESS WIRE)–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.

Contacts

U.S. Bank Corporate Communications
Teri Charest, 612-303-0732
teri.charest@usbank.com
@usbank_news