MINNEAPOLIS (WCCO) – Minneapolis-based U.S. Bank will bump up overdraft fees for all its accounts beginning next month.
The bank’s will begin charging $15 for any overdraft items of $15 or less and $35 on items more than $15. Previously the bank charged $10 for overdrafts on purchases of less than $20, and $33 on purchases over that amount.
Recently, a New York Times story claimed that the average overdraft fee for banks is usually from $30 to $35.
U.S. Bank also caps fees on overdrafts at three transactions per day.
A spokesperson for the bank said that the new rules are part of an overall reassessment of deposit fees, and will include the elimination of other fees such as “account closure fees on checking, savings and IRAs, as well as a reduced and simplified stop payment fee.”