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.READ MORE: Tips For Buying A Home In A Historically Tough Market
Recently, a New York Times story claimed that the average overdraft fee for banks is usually from $30 to $35.READ MORE: What's The Risk Of Getting COVID On A Plane?
U.S. Bank also caps fees on overdrafts at three transactions per day.MORE NEWS: DNR: Early 'Fish Kill' On Minnesota Lakes Isn't Cause For Alarm
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.”