U.S. Bank rolls out checkless account aimed at the underbanked
U.S. Bank is the latest financial company to aim for customers outside the financial mainstream by rolling out a bank account for people with as little as $25 to deposit.
On Monday the bank is to announce the checkless "Safe Debit Account," which comes with a debit/ATM card and will not allow overdrafts. It will let customers pay bills, deposit money and use the bank's online and mobile banking platforms.
For now, customers can open an account in a bank branch. Starting in November they will be able to open one online or by phone.