No penalty will be charged for overdrawing less than $10.
U.S. Bancorp became the latest large bank to announce changes to its overdraft fees Thursday, saying it would set new limits on the fees and allow customers to "opt out" of a program that charges them up to $37.50 when they overdraw their accounts.
The announcement comes days after Wells Fargo & Co., Bank of America and J.P. Morgan Chase unveiled similar initiatives, as banks react to pressure from Congress and criticism from consumer advocates that they are pocketing tens of billions of dollars in overdraft fees while consumers struggle.
"It's a very big deal," said Trent Spurgeon, senior vice president of consumer products at U.S. Bancorp, of the bank's new overdraft policy. "If you look at the changes that we're making, these are some of the strongest ... that you'll find in the market today."
