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US Bank Review
The banking industry has become such a saturated market and it is hard to know what each individual bank offers to its customers. It is important to know these can affect how well you can achieve your personal financial goals.
The US Bank is one of many banks out there that most consumers have easy access to. They offer loans, mortgages, credit cards, and checking accounts to their customers. Many may find this extremely convenient and to their liking, although they do have some drawbacks.
Here is everything you need to know about the US Bank, so you can decide whether or not it is a good fit for you.
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About US Bank
US Bancorp, the parent company of US Bank, was founded in 1863 and is headquartered in Minneapolis, Minnesota. The bank currently has over 3,000 branch locations and nearly 5,000 ATM machines, which makes it highly convenient for its 18 million customers. US Bank has over $550 billion in assets and over $532 billion in equity, and with well over 60,000 employees is one of the larger banks operating in the United States.
For well over a century this bank has been highly regarded due to its superb management, ethical business practices, and its approach to corporate social responsibility; it is also well known for the useful and competitively priced financial services it offers its customers. When it comes to customers, the bank tries to provide a wide variety of options with its offerings to cater to customers’ diverse needs.
The US Bank is a publicly-traded company that has been recognized over the past years for the quality of its management, ethical business practices, and social responsibility, among others.
The company received the 2020 World’s Most Ethical Company award offered by the Ethisphere Institute and was recognized as one of the 2020 DiversityINC Top 50 Companies for Diversity.
They employ a customer-centric approach that allows them to cater to a wide range of needs, offering diverse loans, accounts, and other services.
US Bank Review
US Bank Mortgage
US Bank Home Mortgage loans are incredibly flexible. There are different types available; fixed-rate loans are suitable for homebuyers who are long-term oriented, have at least 5% of the entire sum for the down payment, and would prefer a fixed interest rate for the entire period. This flexibility enables US Bank to offer loans that are seemingly tailor-made for an extremely diverse clientele.
US Bank also has adjustable-rate home loans that can go up or down according to the market movements. This option also requires a 5% down payment.
FHA (Federal Housing Administration) loans are suitable for applicants with limited funds for the down payment. This option is also more flexible in terms of credit history and other past financial challenges.
The US bank offers VA loans with low or no down payment, flexible requirements, and no insurance requirements for veterans. This is available for military members, veterans, or the surviving spouse of someone who died because of military service.
Other mortgage options include:
- Jumbo loans for costly properties (more than $548,250) and can be either fixed-rate or adjustable-rate
- Investment property loans for second homes or financing a rental property, i.e., you want to become a landlord
- New construction loans for building your own home or buying a lot
The US Bank mortgage rates depend on your specific circumstances and needs.
At the time of the writing, the mortgage rates are as follows:
- 2.99% rate and 3.058% APR for 30 years (fixed rates)
- 2.875% rate and 2.971% APR for 20 years (fixed rates)
- 4.250% rate and 3.803% APR for 10 years (adjustable rates)
- 3.750% rate and 3.249% APR for 5 years (adjustable rate)
These rates are based on several assumptions, with APR being the loan’s actual cost apart from the interest rate paid to the lender.
The final rate depends on the loan amount, property value, credit history, geographic location, and many more. This is one of the unique benefits that US Bank offers its customers, and it is highly valued because these kinds of loans can be extremely difficult to find elsewhere. Moreover, the company offers a wide variety of mortgages including adjustable-rate loans, FHA loans, and VA loans, all of which make getting a mortgage easier and more accessible for US Bank customers.
US Bank Credit Card
The bank offers a broad range of credit cards with different bonuses and rewards. The main products include:
- Altitude Go Visa Signature Card. It has no annual fee and 0% introductory APR rate on balance transfers and purchases for the first year. It has a bonus worth $200 if you spend $1,000 within the first three months after opening your account. Additionally, you earn reward points for food delivery, takeout, dining, grocery delivery, among others, and $15 credit for annual streaming services, including Netflix.
- Cash+ Visa Signature comes with no annual fee and with a welcome bonus of $500 if you spend $500 on eligible products during the first three months of opening the account. It also has a 0% APR for the first year, and there is up to 5% cashback on a maximum of $2,000 spent on eligible purchases from two categories you can choose.
- Visa Platinum Card with 0% introductory APR for the first 20 months and no annual fee.
- Altitude Reserve Visa Infinite Card has a $750-worth welcome bonus that can be spent on traveling; this can be accessed by spending $4,500 in the first three months of opening your account. There are also numerous travel-related perks, including reward points for eligible expenses.
- Secured Visa Card has a $0 annual fee and has no offers or rewards, but you can build your credit history or re-establish it to access better credit cards.
Credit cards come with risks and potential rates and fees. Make sure you check the bank’s terms and conditions before applying for a credit card.
One of the key benefits of US Bank credit cards is their flexibility; they really cater to a wide variety of different customers. For example, US Bank offers one card with no annual fee, which gives cardholders a way to rapidly build their credit history. They also have a card that offers more traditional cashback and travel-related perks, along with a 0% APR. Depending on the needs of the customer, US Bank almost certainly has a credit card that fits your needs.
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US Bank Checking Account
If you are looking for basic services, the Easy Checking account covers all the necessities. When you open it, you automatically receive the US Bank debit card, online banking, bill payment methods, and many more. The monthly maintenance fee is up to $6.95, but it can be waived under certain circumstances.
The Gold Checking account has a monthly maintenance fee of $14.95, which can be waived if you also have a credit card, personal line, or mortgage with the bank. Some of its benefits include no transaction fees when using US Bank ATMs, no fees for overdraft protection, US Bank debit card, and all the other perks of an Easy Checking account.
The US bank has other checking accounts that come with a debit card and different perks. Platinum checking is for top-tier customers and comes with an interest-bearing account, no fees for paper statements, and personal check discounts, among others. There is also a free-of-charge student account and a safe debit account with no overdraft fees.
Refinance with US Bank
If you are looking to refinance with the US bank, there are numerous options available. Depending on your needs, they can help you decrease the monthly payments, shorten your repayment term, and others. Apart from traditional refinancing, their services are also available for VA, FHA loans, and mortgage loans.
US BankAlternatives & Competitors
There are many different alternatives to US Bank. Here are some of the top options have when it comes to US Bank:
- Citizens Financial Group. Citizens Financial Group, based in Providence, Rhode Island, offers customers many of the same financial services as US Bank.
- M&T Bank. M&T Bank is headquartered in Buffalo New York and provides similar financial services to US Bank.
- American Express. New York-based American Express has credit and other financial services that consumers could consider in lieu of what US Bank offers.
- Regions Financial. Regions Financial, while much smaller than US Bank, offers many of the same consumer financial services that its larger competitor provides.
- PNC Financial Services Group. PNC Bank, headquartered in Pittsburgh, Pennsylvania, offers many of the same services as US Bank.
US Bank Reviews & Complaints
US Bank received a surprisingly low 2-star rating on Trustpilot. Of note, they were given poor reviews in their customer service department and on their loan rates. They also have a lot of poor ratings on their bill pay system.
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US Bank Online Banking
Digital banking is exceptionally convenient and secure. All transactions can be done online, including bill payments, fund transfers, control the access to your account, and more.
If you have any questions, the US Bank customer service team can be contacted at 800-872-2657 24 hours a day.
Frequently Asked Questions (FAQs)
Is US Bank Open on Saturday?
The US Bank’s branches have regular operating hours during the week, from 9 A.M. to 5 P.M. (ET). Depending on the branch location, they might be open for business during the weekend as well. You can locate and check your branch’s working hours by accessing the US Bank website. Because a lot of the customers that use US Bank work throughout the week, this weekend banking feature can be a great reason to choose the bank over its competitors.
How does US Bank work?
US Bank works in a very similar manner to most other banks. They have thousands of physical branch locations and online banking to make it as convenient as possible for their customers. They offer account setups, consultations, or meetings with advisors to figure out what is best for that customer. It is important to note that they offer all different types of services to their customers. Customers can come to them for any of their services.
Is The US Bank legit?
The US Bank is a legitimate financial institution offering banking services to its clients as far as loans, mortgages, and credit card offers go. They also offer checking account options to their customers as well.
What loan amounts would I be able to get with US Bank?
The income and financial situation of the customer will decide what kind of loan amount they can get. There are many different types of loans that can be taken out. Each of these loans are decided by the level of income that the customer has. It is important to note that US Bank works with all of their customers to get them the best possible options for their loan.
RELATED: Bank of America Review.
Summary: US Bank Review
All in all, US Bank provides a plethora of financial products and services. Regardless of your needs, their friendly customer service team and assistants may be able to help you improve your situation. All you need to do is browse their offerings or contact the bank representative for a more personal experience.
Thanks for reading our US Bank review.