MINNEAPOLIS--(BUSINESS WIRE)--Jan. 17, 2014--
U.S. Bank will begin to wind down its short-term, small-dollar deposit
advance product, Checking Account Advance, to align with final
regulatory guidance issued by the Office of Comptroller of the Currency
(OCC) and the Federal Deposit Insurance Corporation (FDIC).
“We recognize our customers’ need for short-term, small dollar credit,”
said Kent Stone, vice chairman of consumer banking sales and support at
U.S. Bank. “We are committed to finding new solutions that meet the
needs of all of our customers and fit within the current regulatory
expectations.”
Effective Friday, Jan. 31, U.S. Bank will no longer offer Checking
Account Advance to new checking account customers. Checking Account
Advance will be discontinued for current customers on May 30, 2014.
Customers who have an outstanding balance at that time will be offered
extended repayment terms. U.S. Bank will offer other forms of credit to
customers who qualify.
About U.S. Bank
U.S. Bancorp (NYSE: USB), with $361 billion in assets as of September
30, 2013, is the parent company of U.S. Bank, the 5th largest commercial
bank in the United States. The company operates 3,088 banking offices in
25 states and 4,937 ATMs and provides a comprehensive line of banking,
brokerage, insurance, investment, mortgage, trust and payment services
products to consumers, businesses and institutions. Visit U.S. Bancorp
on the web at www.usbank.com.
Source: U.S. Bank
Tom Joyce, U.S. Bank Public Relations, (612) 303-3167
Teri Charest,
U.S. Bank Public Relations, (612) 303-0732