U.S. Bank Safe Debit Account

What it is

U.S. Bank's checkless debit-card account has a flat $4.95 monthly fee that can't be waived and takes $25 to open. U.S. Bank offers no overdraft services on it, so transactions you can't cover are declined without overdraft fees. U.S. Bank calls it an alternative to traditional checking but doesn't say it's for people with past account problems.^4,5

Does U.S. Bank use ChexSystems?

U.S. Bank doesn't say whether it checks ChexSystems for this account. Neither the Safe Debit pages nor the Safe Debit terms mention ChexSystems or screening. The deposit account agreement we could read says U.S. Bank may report deposit account information to consumer reporting agencies, which may stop you from getting services at other banks, but we found no clause about pulling reports when you open an account.¹

We couldn't find where U.S. Bank says what it checks for this account. If you've been denied elsewhere, ask the bank before you apply whether a ChexSystems or Early Warning report affects this account.

Fees and overdraft

Monthly fee

$4.95 a month. None. U.S. Bank says the $4.95 monthly maintenance fee can't be waived, and Bank Smartly fee waivers don't apply. (Having a Safe Debit account does waive the $5 fee on a Bank Smartly Savings account.)^4,5

Minimum to open

$25

Overdraft

No overdraft services or overdraft protection. ATM and debit card transactions aren't authorized when funds are short, and automatic bill payments and recurring card charges aren't paid; no overdraft-paid fees apply, though merchants may charge their own fees. The balance can still go negative in limited cases.

ATMs

No fee at U.S. Bank ATMs; $2.50 per transaction at non-U.S. Bank ATMs plus any owner surcharge (surcharges at MoneyPass ATMs can be refunded on request).

Who can open it

U.S. Bank's checking page says online applicants must be 18 or older and legal U.S. residents and fund $25 after approval, and that accounts can also be opened at any branch with a valid government ID. It doesn't say explicitly whether Safe Debit can be opened online or in which states. We couldn't load the Safe Debit product page.

Deposit insurance: U.S. Bank National Association, Member FDIC

If you've been denied before

• If a bank or credit union turns you down because of a checking account report, it must send you an "adverse action" notice with the name and contact information of the reporting company it used.^8,9
• By law, you can get a free copy of your checking account report once every 12 months, and you are also entitled to a free copy if a bank turns you down because of it.^10,11
• If your checking account report has an error, you have the right to dispute it with the reporting company and with the bank or credit union that supplied the information. Under the FCRA, companies must investigate disputes free of charge.^10,11,12
• The Office of the Comptroller of the Currency (OCC) says negative information generally stays on ChexSystems and Early Warning Services reports for five years.¹³

ChexSystems, explained