Bank Smartly Brings New Approach to Checking at U.S. Bank

Summary

U.S. Bank, a major banking institution that offers everything from credit cards to auto loans to business lines of credit, announced today that it has a new approach to the checking account with Smartly Checking and Smart Rewards.

For most people, one of the first things to do at a new bank or credit union is open a checking account. However, as essential as a checking account is, few accounts come with the same rewards or interest rates that credit cards or savings accounts come with. For U.S. Bank, this was something to change with the Smartly Checking account.

Now we are further simplifying with U.S. Bank Smartly. It’s a fundamental shift in our checking account product offerings that better aligns customers with benefits and rewards to help them take control of their financial lives, with a focus on keeping things simple,” said Tim Welsh, the vice chair of consumer and business banking at U.S. Bank.

For consumers who meet certain income requirements but have an account balance below $20,000, Smartly Checking automatically waives monthly maintenance fees for the account. On top of this, the major institution will offer four different tiers of rewards, ranging from higher saving account interest rates, waived ATM fees, and money off mortgage closing costs.

Smartly Checking represents just one of several steps U.S. Bank has taken to improve customer experience. In addition to this new checking account, U.S. Bank eliminated non-sufficient fund fees for consumer accounts and instituted the U.S. Bank Overdraft Fee Forgiven program. This program now allows customers 24 hours to replenish an overdrawn account before fees are charged, helping consumers gain better control over their finances.

Key Takeaways

  • U.S. Bank has introduced a new approach to the checking account: Smartly Checking.
  • Smartly Checking offers four tiers of rewards, which offer higher savings account rates and money off mortgage closing costs.
  • This new account is just one of the steps U.S. Bank has taken to reduce overdraft and non-sufficient fund fees for consumers.

About U.S. Bank

U.S. Bank, with nearly 70,000 employees and $554 billion in assets, is the parent company of U.S. Bank National Association, the fifth-largest commercial bank in the United States. The Minneapolis-based bank blends its relationship teams, branches and ATM network with digital tools that allow customers to bank when, where and how they prefer.

U.S. Bank is committed to serving its millions of retail, business, wealth management, payment, commercial, corporate, and investment customers across the country and around the world as a trusted and responsible financial partner. This commitment continues to earn a spot on the Ethisphere Institute’s World’s Most Ethical Companies list and puts U.S. Bank in the top 5% of global companies assessed on the CDP A List for climate change action.