Overview

Overdraft fee forgiven is a benefit offered on checking accounts with U.S. Bank. It gives an owner the chance to avoid paying an Overdraft paid fee if the checking account has a negative balance.
See also: What is an Overdraft paid fee?

• If the checking account has Overdraft protection in effect, those funds are used first and fees may apply.
  See also: What is Overdraft protection?
• If the balance is still negative after Overdraft protection funds are spent, we’ll review the account to see if it’s eligible for Overdraft fee forgiven.
• A checking account may not be eligible for this benefit if:
  • The deposit has an extended hold placed on it.
  • The account has been opened less than 30 days.
  • It's a Safe Debit checking account.

How it works

The Overdraft paid fee is refunded if a qualifying deposit is made before 11 p.m. ET on the same day the balance went negative. The deposit needs to bring the balance to $0 or more, not including the Overdraft paid fee.

• Deposits that generally qualify include:
  • Cash or check deposits in a U.S. Bank branch.
  • Internal transfers from another U.S. Bank account.
  • ACH and electronic deposits.
  • Wire transfers.
  • ATM deposits at a U.S. Bank ATM.
    Note: To receive same-day credit, deposits at a U.S. Bank ATM, need to be made before the cutoff time of 8 p.m. local time. Local time refers to the location where the checking account was opened.
• Deposits that generally won’t qualify include:
  • Mobile check deposits.
  • Deposits that have an extended hold placed on them.
  • Deposits into accounts opened less than 30 days.

At 11 p.m. ET on the day the account had a negative balance, we (U.S. Bank) will review the account.

• If the available balance* is $0 or more, the Overdraft paid fee is refunded.
• If the available balance* is overdrawn by $50 or less, we will not charge an Overdraft paid fee.
• If the available balance* is overdrawn by $50.01 or more, the Overdraft paid fee will not be refunded.

* Not including the Overdraft paid fee amount.

Please see Your Deposit Account Agreement for more details.