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US Bank Checking Account Review
US Bank checking review 2024: fees, pros/cons, interest. Free checks, ATM deposits, debit card rewards, new client promo offer.
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US Bank has grown in recent years to become one of the more financially stable banks in the United States. It has avoided the high-risk portfolios of other large banks, and has managed to become a steady presence in an industry full of ups and downs. This makes US Bank attractive to depositors and checking account customers who prefer the feeling of being with a more a traditional bank.
For the individual customer, they have a straightforward listing of accounts, credit cards, loans and mortgages. At the center of these is their personal checking account options, where there are four types to choose from.
Personal Checking Account Options
The four personal checking accounts are Easy, Silver, Gold and Platinum. They all offer the standard elements of ATM access, online banking, bill pay and free debit cards as part
of the account. The Easy and Silver accounts don’t really differ very much, except the Silver account offers some discount on loan rates and mortgage fees. Both carry a $6.95 monthly
fee unless a combined minimum balance is maintained of $1,500, and the Silver fee waiver also requires opening a savings account.
With the Gold account, more features kick in for the customer who qualifies for a fee waiver with a US bank credit card or personal credit line. Otherwise the monthly fee for a Gold
account is $10.95. One can add up to two additional Easy accounts, receive discounts on overdraft protection fees and can use non-US Bank ATMs twice a month with no fee.
The Platinum account is US Bank’s premier personal checking option, and can be earned fee-free with $25,000 or more in combined deposits, investments and credit balances.
The fee waiver also applies to customers who have a relationship with US Bank Trust Services. Absent these qualifications, the monthly fee is $17.95.
The additional services of the Platinum account may be worth the money even for lower balance customers depending on their banking needs. The account is the only checking
product that earns interest, although the current rate of .05% is not that enticing. One does get free checks however, and free cashier’s checks and money orders.
The platinum account also includes all of the benefits listed for the lower tier checking accounts, but the use of non-US Bank ATMs in unlimited with no fees, which could be
a benefit for anyone who travels outside the US Bank region of ATMs. There are other discounts and bonuses available as well, including the use of a US Bancorp Investment
Account for 25 free trades to get started with online trading.
Use of the Account Features, Customer Service and Website
The US Bank website is not the slickest technology in the industry, but it is functional and easy to learn to use. All of one’s accounts are listed after the log in page where more
detail can be quickly found on account balances, transactions, fees and related accounts. As with many banking websites, there are security features such as personal response
questions and a log out timer after session inactivity. US Bank also offers mobile banking for those who want to be able to access their account from a handheld device.
Customer service may be one of US Bank’s best features, as it is personal, staffed locally and often one will have the same account representative to speak with every time. Most
requests are handled smoothly and with an eye to maintaining the customer relationship. Even items like increasing a credit line can usually be accomplished with a short phone call.
This can be a relief to anyone who is used to dealing with large banks and customer service representatives that are undertrained and sometimes outsourced to a foreign call center.
For most people, the US Bank personal checking account options would be suitable, even if lacking some of the more exotic features offered at other large banks. A customer who banks
in one region of the US with access to US Bank ATMs would find the lower level accounts meet their needs. They are free with a fairly low minimum balance, and are a good value for
that kind of customer.
The upper tier accounts are attempting to compete with the likes of the Citibank Citigold checking account, but don’t quite
equal the offerings at Citibank. International customers and those who travel abroad frequently, would be better served with an account at banks such Citibank and HSBC that offer
incentives, foreign branches and perks for those types of customers.
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