U.S. Bancorp is falling in line with other big banks that have recently replaced their free checking product with one that has some fees attached.
On June 19, the Minneapolis bank will begin migrating customers with a Free Checking account to something called Easy Checking, according to a bank flier uploaded by the website Consumerist.com on Thursday.
The new account will carry a monthly fee of $8.95, or $6.95 if the customer opts to forgo paper statements. The fee can be waived by maintaining an average monthly balance of at least $1,500, or by making a direct deposit of at least $500 each month.
The new account comes as the industry faces the loss of millions of dollars of debit interchange fees, pending the final ruling on the Durbin amendment.
But the move seemingly clashes with what U.S. Bancorp's stance has been on making any changes ahead of the final ruling.
A bank representative did not respond to inquiries by press time.
