US Bank is the fifth largest commercial bank in the United States with over $291 billion in assets. In this review of US bank, we are going to address who they are and the different banking services offered by US Bank.
About U.S. Bank
U.S. Bankcorp is based out of Minneapolis, Minnesota. They have over 3,000 banking branches across the US with over 5,300 ATMs for their customers to access. U.S. Bank offers a variety of services which include banking, investments and mortgages for business, institutions and personal use. U.S. Bank offers opportunities for you whether your business is local or across the globe. According to their slogan they work to have, “All of us serving you!”
Checking Accounts Offered Through U.S. Bank
U.S. Bank offers a variety of checking accounts to suit your needs. They offer a free checking account and a Silver account. Both accounts require a minimum deposit of $50 to open an account and have no monthly fees. Most banks, including U.S. Bank, say account fees can be waived by meeting requirements, but these two accounts really have NO monthly fees. If you are wanting an account with higher interest rates, U.S. Bank offers those accounts as well. They have Gold, Platinum and Elite checking accounts. The account with the best rates is the Platinum checking account which offers U.S. Bank checks, ATM use, and online banking all free of charge and they also waive the first overdraft fee. There is a monthly maintenance fee of $20, but that can be waived by maintaining $25,000 in accounts, and the minimum opening deposit is $50. The Gold checking account provides free online checking accounts and ATM use with the same minimum opening deposit of $50. This account has a monthly maintenance fee of $6 which can also be waived by meeting their requirements. The Elite checking account is for those who can keep a higher account balance.
Savings Accounts and CDs
U.S. Bank also offers savings accounts and CDs, which include basic savings accounts, money market accounts and CDs. They also offer accounts for those looking to save for retirement or HSA accounts, and they also offer accounts specifically for children to help them learn to save money. Some accounts have a monthly maintenance fee, but like their checking accounts, the fees can be waived by meeting the requirements set up on the account. Some banks can require a minimum deposit of $2,500 to open a CD, but with U.S. Bank, you only need a minimum opening deposit of $1,000. Each account offers free and secure online access to your accounts to better monitor your money. U.S. Bank also has the option of receiving free online statements or statements through the mail.
Borrowing and Investing Money
If you are looking to borrow money from U.S. Bank you can borrow to purchase a home, even if you are a first time home buyer, refinance your home or even use the equity of your home for a financial advancement. They also offer loans for students, personal use and auto loans. They offer competitive rates and flexible loan terms.
If you are wanting to invest money and aren’t sure you have enough information to invest on your own, the employees at U.S. Bank are able to help you make the best decisions. They offer IRAs, CDs, wealth management, investments and trust funds, as well as financial planning and insurance. Through these accounts you can plan for retirement, education expenses or to save for the big purchase you are planning for. It is never too early to start saving money for whenever that rainy day comes, and U.S Bank can help you prepare for that day.
Other Benefits of U.S. Bank
U.S. Bank offers accounts for your personal matters, small business use, commercial use and for governmental use. If you are thinking of opening an account through U.S. Bank know that they offer online banking, the option to pay your bills online and mobile banking which can provide you with mobile updates on your account, or allow you to make deposits through your iPhone. Through their website you can also chat with an employee to answer any other questions you might have. You can apply for an account online through U.S. Bank’s website at www.usbank.com, or you can visit a branch to open an account.
U.S. Bank,
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August 10, 2011 at 3:09 pm
I would highly discourage anyone from joining US Bank. Over the past several years of being a customer, I’ve received the worst customer service and random fees for everything possible.
I got an overdraft account in case I spent too much money, so that I would not get a huge charge. They decided this year to start charging you to use this service, which they did not tell me – so surprise! new fees added. Negates the entire purpose of having an overdraft account.
Found out recently that they charge you a fee if you withdraw from your savings too many times. This was also a surprise they never told me about.
Each time I had to deal with customer service on the phone, they were extremely rude and refused to take off any fees. They often blamed the federal government for the fees, which is ludicrous.
I finally got fed up and switched to a credit union, which was the best decision ever. Unfortunately, I still have a Visa through US Bank. I called them to tell them my US Bank account was now closed, to please send me my bills and to no longer take the payments out of my checking account. Kept waiting for a bill, never got one. Went online to check, and SURPRISE, they tried to take the payment out of my closed account, it obviously didn’t go through, and guess what? Another fee! Called customer service again, and once again, got a very rude lady who refused to refund me the fee, even though it was their mistake.
Everyone should just join a credit union and avoid these awful, money-hungry institutions.