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As long as you meticulously manage your account (using a paper register and not rely solely on the online banking information) so that you don't incur any overdrafts, you should be OK. I understand that those overdraft fees can be PRETTY steep, and if you call to complain, more often than not, the bank won't reverse the charge.
What I've noticed about my local U.S. Bank branch (inside a Vons grocery store), is that there are always new people working there. Not only that, but they also tend to be young, like just out of college--even the branch manager. They must not pay their employees very well and/or they're not treated very well either.
A bank is a bank, all of them are the same. The only people who don't like them are those who don't know how to manage their money.
False.
I HATE US Bank. I do not have any checking/savings accounts with them, but I have had a car loan and a mortgage bought by US Bank. Here is my problem with US Bank: Their banking hours.
I have my checking and savings through Arvest - a regional bank in Arkansas that is owned by the Walton family (see: Walmart). Their banking hours are 7 am to 7 pm.
On the other hand, all of the US Bank locations I have ever dealt with have had hours of 9 am to 4:30 pm. I don't think US Bank is serious about gaining customers.
The US Bank locations in SoCal are open from 9:00-6:00 Monday through Saturday. The US Bank locations in the Vons grocery stores are open from 9:00-7:00 seven days per week. All of the employees there are college students and full time employees. I had thought that they were part-time, but I asked when I went to the bank yesterday, and was told that that they're full time.
The US Bank locations in SoCal are open from 9:00-6:00 Monday through Saturday. The US Bank locations in the Vons grocery stores are open from 9:00-7:00 seven days per week. All of the employees there are college students and full time employees. I had thought that they were part-time, but I asked when I went to the bank yesterday, and was told that that they're full time.
Hmm. I guess my hours problem must be a local issue.
I refinanced my home mortgage with a different bank, and unfortunately my note was then sold to US Bank. (Note to self - if I ever do this again, I will find a financial institution with a higher percentage of in-house mortgages on the books). Within a couple months, I got an abrupt letter from US Bank threatening to cancel my mortgage unless I enrolled in Flood Insurance (private or otherwise)... it seems the new FEMA flood zones were out and they decided that new zoning impacted my mortgage - never mind that it was fine when I signed on the dotted line with my original bank. It took me over 6 months and $1000 in research and surveys, etc., to avoid additional annual expenses. (If my house floods, a lot of the East Coast will have gone first.)
I'll pay off my home mortgage with them, but I'd never voluntarily do any other banking.
I refinanced my home mortgage with a different bank, and unfortunately my note was then sold to US Bank. (Note to self - if I ever do this again, I will find a financial institution with a higher percentage of in-house mortgages on the books). Within a couple months, I got an abrupt letter from US Bank threatening to cancel my mortgage unless I enrolled in Flood Insurance (private or otherwise)...
This is interesting. What would have happened if you called their bluff and they ended up cancelling your mortgage? Is that basically the same as a foreclosure at that point? I've never heard of banks being able to modify the terms of a mortgage after it's been sold.
MaseMan - I have no idea if they could have followed through, and since I knew I had an out, I took that. I agree that I didn't think they could change the rules partway through, but my discussions with them were less than sympathetic to my situation. The bottom line is that I wasn't willing to gamble and deal with lawyers and red tape and potential hits to my credit ratings while it was all duked out - they have deeper pockets than I do. I knew I could get a FEMA waiver, so that was the quickest and safest course of action for me. It will save me thousands in flood insurance premiums over the life of the loan, and it will actually be a selling point should I ever want to sell - waterfront property with a registered FEMA Flood zone waiver... and I've started a second "emergency fund"... to pay off my loan early if they hit me up with some other scam later.
steel7 - I hope you haven't gotten too comfortable with your U.S. Bank free checking account yet. Looks like it may be going the way of the dinosaurs soon, unless you meet certain requirements. (Thanks PeteyNice for providing the link.):
It looks like the only groups of people who can still have truly free U.S. Bank checking accounts are students and seniors (55+).
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Less than pleased with US Bank....
