US Bank: convenient, reliable, (almost) free
Written: Jul 27 '01 (Updated Jul 28 '01)
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Product Rating:
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Pros: Fee-free banking, free visa atm/debit card, convenient online banking
Cons: Minimum balance for an interest-bearing checking account is too high for me
The Bottom Line: US Bank has everything, from convenience of error-free banking to online account access to excellent customer service. Having had no problems whatsoever with them, I definitely recommend this bank.
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| jnlynnq's Full Review: U.S. Bancorp |
I have been with US Bank for almost 6 years now. Well, actually, when I opened my account in 1995, it was still Colorado National Bank, and US Bancorp bought it about a year(?) later and changed the name. I was 16 when I opened my account, so I had to have my dad sign it with me--any bank required that for someone under 18. However, Colorado National was the only one that allowed me to have checks with just my name on them, so that's why I picked it (it just seemed cooler not to have my dad's name on my checks :)
I have dealt with three of US Bank's branches: one in Denver and two in Boulder, Colorado. I must say that I have have encountered nothing but consistently superb customer service, reliable and error-free banking, and convenience of multiple ATMs and online access to all of my accounts.
Currently, I hold three accounts with US Bank: checking, savings, and a CD. I believe that US Bank's interest rates for CDs are very competitive (plus I was lucky to renew my CD BEFORE the Fed lowered the rates :) True, the interest rate for the savings account could be a little higher (it's around one and a half percent right now), but I can live with that.
Savings account is free as long as I keep at least $1,000 in it, and checking is free as long as I don't go below $300. I used to have the checking account that paid interest, but a couple of year ago they raised the minimum balance for such an account to $1,000--I am a student, what can I say, I don't keep that much money in my checking account...So I switched to the regular type, with the $300 minimum balance. I can't remember what the fee is for going below $300 (I had to pay it once), but I don't think it was too much (otherwise I would have been angry enough to remember!). Essentially, I pay absolutely NOTHING to bank with US Bank. I write checks, have my paychecks directly deposited into my checking account, and use the Visa ATM/debit card (OK, so I only use US Bank's ATMs). All of these services are 100% free. Now that I can live with.
Before US Bank had a full-service banking website, I used its free phone banking line to check my balances and transactions. Now I mostly just use the website. The website is pretty intuitive to navigate; I have only used their online account access feature. All my accounts are listed, with options to view detailed transactions, transfer funds from one account to another, and a couple of others. US Bank does charge something for online bill payment, but I don't use that. I did use the website a few times to transfer money from my checking to my savings account and vice versa. Very quick and convenient. And free.
With every statement, the bank sends you cleared checks; this service is free of charge. I have never really needed to refer back to my cleared checks, but I know some of my friends, who also bank with US Bank, have had to use cleared checks as proof of payment with some not-too-reputable merchants.
So far, US Bank has not made any mistakes with my accounts. I always deposit checks through an ATM (since I usually end up doing it on weekends), and the bank has never made a mistake properly crediting my account. I use my checking account to pay credit card bills online. I also use ACH services at the local grocery store chain--I hooked up my grocery store club card to my checking account (they offer that option) and turned it into a debit card to use at this grocery store. With all these electronic transactions, US Bank has never made any mistakes, and I can appreciate that. I have better things to do than figuring out a bank's mistakes. The only times I have had to talk to customer service on the phone was when I had a change of address. The wait time was very quick, and the reps were very helpful.
The few times that I actually went inside a branch, the tellers and account managers were always helpful and polite, whether I was opening an account, renewing a CD, cashing a check or even having a document notarized. US Bank (at least in Colorado) certainly appears to know the meaning of quality service.
Recommended:
Yes
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Epinions.com ID:
jnlynnq
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Location: Boulder, CO
Reviews written: 23
Trusted by: 17 members
About Me:
An MBA student who enjoys ditching class to go skiing in Colorado's majestic Rocky Mountains!
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