Banking » Guides » Does U.S. Bank Charge Overdraft Fees? How to Waive It?
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Does U.S. Bank Charge Overdraft Fees? How to Waive It?

Yes, US Bank charges overdraft fees. However, customers can waive it simply. Here's how US Bank overdraft fee work and how you can avoid it.
Author: Baruch Mann (Silvermann)
Baruch Mann (Silvermann)

Writer, Contributor

Experience

Baruch Silvermann is a financial expert, experienced analyst, and founder of The Smart Investor.  Silvermann has contributed to Yahoo Finance and cited as an authoritative source in financial outlets like Forbes, Business Insider, CNBC Select, CNET, Bankrate, Fox Business, The Street, and more.
Interest Rates Last Update: April 15, 2024
The banking product interest rates, including savings, CDs, and money market, are accurate as of this date.
Author: Baruch Mann (Silvermann)
Baruch Mann (Silvermann)

Writer, Contributor

Experience

Baruch Silvermann is a financial expert, experienced analyst, and founder of The Smart Investor.  Silvermann has contributed to Yahoo Finance and cited as an authoritative source in financial outlets like Forbes, Business Insider, CNBC Select, CNET, Bankrate, Fox Business, The Street, and more.
Interest Rates Last Update: April 15, 2024

The banking product interest rates, including savings, CDs, and money market, are accurate as of this date.

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Table Of Content

U.S. Bank overdraft fees
(Photo by ilikeyellow/Shutterstock)

Does U.S. Bank Charge Overdraft Fees?

U.S. Bank will charge you a $36 overdraft fee. The bank will only authorize this fee if the overdraft item is at least $5.01 and your negative available balance is at least $50.01. You will not be charged a fee if the item is declined or sent back.

U.S. banks will let you go overdrawn and pay for it in some cases. The bank doesn't promise to approve and pay for any transaction. Your transaction will be declined or returned in case the bank won't accept the transaction which would cause an overdraft. 

Important details to know:

  • How many times can you be charged in 24 hours: Regardless of how many different things you purchase with an overdraft, U.S. Bank places a daily cap of four Overdraft Paid Fees on the total number of charges that can be incurred in a single day.
  • Fee forgiven: US. Bank Overdraft Fee Forgiven is available on all consumer checking accounts, except Safe Debit Accounts. This program gives you more time to bring your account balance to zero or positive value to avoid paying those penalties.

When Does U.S. Bank Charge Overdraft Fees?

When you overdraw your account, you are basically charged a $36 fee, but U.S. bank gives you a one-day grace period.

Except for Safe Debit Accounts, all U.S. bank consumer checking accounts, are eligible for U.S. bank overdraft fee forgiven, which gives you more time to make your account to a zero or positive balance to avoid paying those fees. The first day your available balance falls below zero is the beginning of the overdraft fee forgiven period.

The overdraft fee forgiven period ends at 11 p.m. ET the next day. Then, U.S. Bank will review your account. If the available amount is at least $0 and there are eligible deposits, we will automatically waive the overdraft paid fee.

How Much U.S. Bank Overdraft Fee Compared to Other Banks?

U.S. bank is quite high compared to other banks.

Many traditional banks and especially online banks don't charge overdraft fees at all. Here are some of the banks that don't charge an overdraft fee:

  • Axos Bank
  • Ally
  • Citibank
  • Capital One 360
  • Discover
  • Chime

Most banks still charge an overdraft fee, but most of them offer a grace period and overdraft protection. For example, if we compare U.S Bank and Wells Fargo, we can see Wells Fargo charges a maximum of only 3 times per business day ($105 overall), while US bank charges 4 times per day ($144 overall). 

Bank/institution
Overdraft Fee
Max Per Day
bank of america bank logo
Bank of America
$10
4 per day
Learn More
TD_Bank logo
TD Bank
$35
3 per business day
Learn More
pnc bank logo
PNC Bank
$36
4 per 24 hours
Learn More
Wells_Fargo-Logo
Wells Fargo
$34
3 per business day
Learn More
us bank logo
US Bank
$36
4 times per day
Learn More
chase bank logo
Chase Total Checking®
$35
3 per business day
Learn More

How Can I Get U.S. Bank To Waive Or Refund Overdraft Fees?

Unlike U.S monthly fees, overdraft fees can't be waived quickly.

The first step is to be sure of yourself and know your chances. If this is your first or second overdraft fee with this bank, the chances are that they will work with you on this, so don't worry about it.

  1. Call your bank: As soon as you know you have been assessed an overdraft fee, contact US bank customer service phone number 1 (800) 872-2657. Any customer service representative should be able to help you, though they might need help from a supervisor. It would help if you didn't have to call a specific department to get your overdraft fees waived.
  2. Make your request: Explain briefly how you came to overdraw your account. Perhaps a sudden and unwanted expenditure struck your account at a poor moment, or maybe you've been having money problems due to a recent loss of employment or a decrease in your regular income. 

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Does U.S. Bank Offer 24 Hours Overdraft Fee Policy?

The beginning time during which the Overdraft Fee will not be assessed begins on the day when the Available Balance drops below zero, and the account is hit with an Overdraft Paid Fee. Please note that the term will not begin if an Overdraft Paid Fee is not applied to your account.

For example, the available balance on Thursday is $30. When a $90 transaction goes through on Thursday, the available balance goes from $30 to -$60. If a deposit of $60 or more is made by 11 p.m. ET on Friday, the overdraft paid fee will not be charged.

How Does U.S. Bank Overdraft Protection Work?

If you choose overdraft protection, you can cover overdrafts on your checking account using funds from another account. To prevent transactions from leading to an overdrawn balance in your checking account, you only need to link an eligible account to your checking account. Funds will be moved from your linked account if you overdraw your checking account (overdraft transfer fees may apply)

If you've linked qualifying overdraft protection accounts and your negative available balance is $5.01 or more, then $50 will be drawn from the connected account. If the available adverse credit is $5 or less, $5 will be removed. Overall, if your available negative amount is $50 or less, the overdraft protection transfer fee is waived.

You can link up to three accounts to your primary account for overdraft protection; the cash will be drawn in multiples of $50, and if the backup account does not cover the overdraft amount, the usual overdraft fee will be levied.

Which Additional Tools Does U.S. Bank Offer To Prevent Overdrafts?

Here are some tools that will help you avoid overdraft:

  1. Overdraft protection: If you don't have enough money in your checking account, you can link up to three eligible U.S. bank accounts to authorize or pay your transactions. U.S. Bank will automatically transfer or advance funds from your linked account if there are enough funds to cover your transactions.
  1. Alert tools: US. bank offers text alerts that help keep track of your available balance. These alerts will let you know if your account has enough money. Remember that your available credit does not include things like the check you just wrote or the car payment you just permitted for.
  1. Debit card coverage:  U.S. bank customers can choose to enroll in debit card coverage or not. If you don't enroll in debit card coverage, an overdraft won't be applied, and your payment or withdrawal will be denied if you don't have enough money in your account.

How U.S. Bank Debit Card Coverage Prevent Overdrafts?

With this optional service, you can choose how U.S. Bank handles your ATM and everyday debit card transactions if you need more money in your account.

  • If you don't sign up for debit card coverage, U.S. Bank won't pay for transactions or purchases made with your debit card that cause your account to go overdrawn.
  • If you sign up for debit card coverage and a purchase or cash withdrawal causes your account to be stretched, you will be charged an overdraft fee. You will have to pay $36 per item if your transaction is approved for an overdraft.

If you wish to avoid going over your available balance when using your debit card, you should refrain from registering for debit card coverage. Your attempt to make a payment or withdrawal will be declined; nevertheless, you will not be responsible for paying a hefty overdraft fee.

FAQs

Yes, U.S. Bank does provide a grace period. U.S. Bank will pay back overdraft fees if your available balance is enough to cover the overdraft from the previous business day.

With the Extra Day Grace Period, you have one more working day to make deposits and avoid overdraft fees.

No matter how many things you pay for, the number of charges incurred in a single day is capped at a maximum of four overdraft paid fees.

If you call the bank, U.S bank may waive the fee for the first or second time.

Your fee will be waived if you cover the overdrawn amount in the grace period. But if an overdraft fee is applied, US Bank will not waive the price if you repeatedly overdraw your account.

 

U.S. Bank immediately levies an overdraft fee, but if you cover the amount within the extra day grace period, your overdraft fee will be refunded. 

No, U.S. bank doesn't waive overdraft fees for new customers. However, new customers can earn a decent welcome bonus with U.S. Bank.

U.S. Bank's overdraft fee is charged each time you overdraw your account. It is not set every day or every month. For a one-time overdraft, you will be charged $36, and four overdrafts in one day will cost you $144 in total.

If you overdraw your account often or let it stay in the negative for a long time, your bank will probably close the account.

Credit reporting agencies will then be notified and keep a record of your banking history for up to seven years.

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Picture of Baruch Mann (Silvermann)

Baruch Mann (Silvermann)

Baruch Silvermann is a financial expert, experienced analyst, and founder of The Smart Investor.  Silvermann has contributed to Yahoo Finance and cited as an authoritative source in financial outlets like Forbes, Business Insider, CNBC Select, CNET, Bankrate, Fox Business, The Street, and more.
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