US Bank Charges: How To Avoid Monthly Maintenance Fees

As the nation’s fifth-largest bank, the Minnesota-based US bank offers a large number of checking and savings accounts. While the features of the account vary widely, one thing that most have in common is the monthly fee that you pay just to have the account. Add other fees, like using an off-network ATM or overdrafting your account, and the costs can add up.

The good news is that the monthly US Bank maintenance fees can be avoided for all accounts except one as long as you keep a certain amount of money in your accounts, open a credit account, or schedule direct deposits each month. You could also benefit from a fee waiver based on age.

Use this guide to learn more about U.S. bank charges and, more importantly, how to avoid them.

What are the US bank checking account fees?

The monthly US bank checking account fees range from $ 4.95 to $ 24.95, depending on the account. But Student Checking customers do their banking for free as long as they use U.S. bank ATMs and avoid overdrafts and paid services.

Although the Platinum account has the highest monthly maintenance fees, it is the only checking account listed that pays interest (0.01% APY).

Here’s a detailed look at US bank checking accounts and the fees associated with them.

U.S. bank chequing accounts and fees
Account Monthly service charges Off-network ATM fees
Easy verification $ 6.95 $ 2.50
Gold verification $ 14.95 2 first free transactions; $ 2.50 thereafter
Platinum check $ 24.95 $ 0
Student verification $ 0 $ 2.50
Secure debit $ 4.95 $ 2.50

See: US Bank Checking Accounts Review – Convenient Features and Additional Benefits

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What are the fees for a US bank savings account?

The US Bank savings account fee is $ 10 or less, which is less than the checking account fee overall, and you won’t pay any monthly fees for three of the five accounts listed below. What you’ll pay with all of these savings accounts is a $ 15 excess withdrawal fee if you make more than six withdrawals per month.

Most US bank savings accounts have structured interest rates that pay higher rates for higher account balances. The standard savings account is the exception – it pays the same rate regardless of how much you’ve saved.

Savings accounts and bank charges in the United States
Account Monthly maintenance fees Annual percentage return
Standard savings account $ 4 0.01%
Platinum Select Money Market $ 0 0.01% -0.05%
Money Market Savings Account Package $ 0 0.01% -0.05%
Elite Money Market Savings Account $ 10 0.01% -0.05%
Retirement Money Market Account $ 0 0.01% -0.05%

All accounts have an excess withdrawal fee of $ 15.00.

Check Out: US Bank Savings Account Review – High Rates for Large Deposits

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How to Avoid Monthly US Bank Maintenance Fees

US Bank’s monthly maintenance fee can cost you up to $ 25 depending on the account you have. But US Bank offers you a number of ways to avoid paying them. If you meet the minimum balance requirements, your charges may be waived, as may receiving a number of eligible direct deposits each month. You can also eliminate fees by combining US bank accounts. And in the case of two accounts, younger or older customers don’t pay a monthly fee.

Follow these tips to avoid paying the monthly US bank maintenance fee:

1. Keep a minimum balance in your account

Maintaining a minimum account balance eliminates monthly maintenance fees for these accounts:

Verify accounts

  • Easy verification: average account balance of $ 1,500
  • Platinum Verification: $ 25,000 of combined personal and credit balances in US Bank and US Bancorp Investments accounts

Savings accounts

  • Elite Money Market account: minimum daily balance of $ 10,000
  • Standard savings account: minimum daily ledger balance of $ 300 or average monthly collected balance of $ 1,000

2. Use US bank credit products

The American Bank will waive the monthly maintenance fee for your Gold Checking Account when you obtain an American Bank credit card, personal loan, or line of credit.

3. Combine eligible deposits with credit balances

You will not pay a monthly maintenance fee with any of the following accounts as long as you have qualifying combined deposits:

  • Easy verification: $ 1,000 in combined direct deposits
  • Platinum Check: $ 25,000, total combination of the following:
    • Deposits in personal accounts of the American bank
    • U.S. bank credit balances
    • US Bancorp Investment Accounts

4. Meet the age requirements

Two US bank accounts waive fees for customers who meet certain age criteria:

  • Easy verification: fees are waived for customers aged 65 and over
  • Standard savings account: fees are waived for customers under 18

Visit your local branch: what are the opening hours of the American bank?

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How to Avoid Bank Overdraft Fees in the United States

Overdraft fees can dramatically reduce your account balance. Although the US Bank posts daily deposits before withdrawals before the deadline, it charges $ 36 per item, up to four items per day, when your account balance drops below $ 0. In the event of a negative balance lasting seven days or more, you will be charged an extended overdraft fee of $ 36.

The most important step you can take to avoid overdraft fees is to carefully track your spending and account balances. It’s best to avoid playing ‘beat the bank’ when it comes to hedging future withdrawals from your account, but in a pinch, you could avoid an overdraft if you can make a deposit on the same day that the deposits are made. withdrawals are debited.

Here are some other things you can do:

1. Use mobile banking

The US Bank mobile app has an instant balance feature that displays your balance on the first screen you see every time you log into your US Bank account. The app also makes deposits quick and easy – just take a photo of the front and back of your check and follow the instructions to make the deposit. Up to $ 200 in cumulative daily deposits are instantly available.

2. Take advantage of overdraft protection

Overdraft Protection allows you to link qualifying US Bank savings and credit accounts to your US Bank checking account to cover overdrafts. You can link up to three accounts – US Bank will automatically transfer funds from the linked account (s) to your checking account to avoid a negative balance. Here are the eligible accounts:

  • Savings and money market accounts
  • Credit card
  • Credit line
  • Secondary current account

There is no charge for this service when the transfer is from a deposit account. US Bank charges a transfer fee of $ 12.50 for overdraft protection transfers from a credit account, but the fee is reduced to $ 7.50 for Gold Checking accounts and waived for accounts Platinum Checking.

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How to Avoid ATM Fees in the United States

The US Bank ATM network (you will see the US Bank logo on machines in the network) has over 13,000 locations, and you can use over 20,000 MoneyPass ATMs at no additional cost. When an ATM at no additional charge is not available, you can still avoid the US bank ATM fee with these checking accounts:

  • Platinum Check: All Non-U.S. ATM surcharges are removed
  • Gold Verification: Up to two free transactions at a non-U.S. ATM in each statement period
  • Student Verification: Up to four free non-U.S. ATM transactions in each statement period

Explore: US Bank Review – In-Branch Home Banking Options to Google

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Getting the most out of your U.S. bank account

To get the most out of your U.S. bank account, first make sure you have the right account. For example, a 65-year-old customer who doesn’t need a lot of bells and whistles might be better off with the Easy Checking account which waives fees for anyone 65 and over.

Taking advantage of banking products beyond your US deposit accounts offers special benefits. Platinum Checking account holders get a fee waiver of $ 24.95 per month with $ 25,000 in combined balances, and deposit accounts, credit card balances and US Bancorp investment accounts all count towards this goal. You can waive the monthly fees for your Gold Checking account by opening a credit account.

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Bank Smart to save on fees

You’d be hard-pressed to find a large bank that doesn’t charge fees on their accounts, but just because the US bank charges fees doesn’t mean you have to pay them. Make sure to regularly review your account to see if you are missing any discounts. Remember to compare your account to others offered by the bank and determine if opening a US Bankcorp credit or investment account might provide you with additional opportunities to waive these fees. expensive.

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Learn more about the American bank

Learn more about how to avoid monthly fees.

This content is not provided by US Bank. All opinions, analyzes, critiques, or recommendations expressed in this article are those of the author alone and have not been reviewed, endorsed or otherwise approved by US Bank.

Prices are subject to change. Account information is correct as of November 23, 2021.

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