It’s happened to all of us: A budget miscalculation or oversight that resulted in an unexpected shortage of funds. That’s why having overdraft protection is convenient and useful.
An overdraft occurs when an account does not have enough of an Available Balance to cover a transaction.
Overdraft protection provides coverage when transactions exceed the Available Balance in your account. This gives you some peace of mind and eliminates the annoyance of a rejected check, debit card or ATM transaction, and the potential for overdraft fees.
To get overdraft protection, just link up to three eligible accounts1 to your checking account. Then funds can be transferred automatically if you overdraw your account.
Eligible U.S. Bank accounts include:
Once you've decided which accounts you want your overdraft protection transfers to come from, you're ready to set up overdraft protection. To do this, simply do one of the following:
Once you link your accounts, funds will be automatically transferred from the linked overdraft protection account as follows:
If the account linked for overdraft protection doesn’t have sufficient funds to cover the overdraft:
For example, let’s say your checking account balance is $42 and the Available Balance in the linked credit account is $1,000. If you write a check for $125, this would overdraw your checking account by $83. We would transfer $100 from the primary account linked for overdraft protection, which includes enough to cover your negative balance and your overdraft protection transfer fee.
When the overdraft protection transfer is made from a linked deposit account (U.S. Bank consumer savings account, money market or a secondary checking account), there is no fee. For most U.S. Bank checking accounts, this fee is no more than $12.50 if the transfers are made from a linked U.S. Bank credit account (U.S. Bank Reserve Line of Credit, U.S. Bank credit card, U.S. Bank Personal Line, U.S. Bank Home Equity Line of Credit, and/or other lines of credit).
Ways to reduce or avoid overdraft protection transfer fees:
Overdraft protection lets you link accounts so you can transfer funds to your checking account if a check, debit card or ATM transaction exceeds the Available Balance in your account.
The term standard overdraft coverage at U.S. Bank refers to how we will handle the transactions. If a transaction takes your account’s Available Balance below zero, we look to your standard overdraft coverage selections to decide how we will handle the transaction. U.S. Bank may authorize and pay overdrafts for these types of transactions for a fee:
We will not authorize and pay overdrafts for these types of transactions unless you say "yes" to ATM and debit card overdraft coverage:
Each overdraft item we pay on your behalf will be subject to "Overdraft Paid Fees". Please see your Consumer Pricing Information (PDF) disclosure for more information.