MINNEAPOLIS --(BUSINESS WIRE)-- 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 . Tom Joyce , U.S. Bank Public Relations, (612) 303-3167 Teri Charest , U.S. Bank Public Relations, (612) 303-0732 Source: U.S. Bank
Most Popular Stories
- Koch Brothers Step up Anti-Obamacare Campaign
- FDIC Accuses Big Banks of Fraud, Conspiracy
- Is Malaysian Airlines Flight 370 in Andaman Sea?
- Vybz Kartel Convicted of Murder
- Stocks Close Lower Ahead of Crimea Vote
- FDIC Sues Big Banks Over Rate Manipulation
- Ulta Shares Look Good on Strong Q4
- Jittery Investors Dumping Russian Stocks
- U.S. Consumer Sentiment Falls in Early March
- JLo Turns the Tables in New Vid: 'I Luh Ya Papi'