U.S. Bank Review 2023

U.S. Bank offers a full range of products and services that include checking and savings accounts, a money market account and CDs. The bank maintains branches in 28 states, and anyone in the U.S. can open accounts online. Higher rates of return can often be found at other financial institutions, however.

Customer support

24/7 support. Customer support is available on the U.S. Bank website, where you can find a branch, make a physical or virtual appointment or call to get help. Customer service can be reached by phone on a 24/7 basis.

Mixed customer satisfaction. U.S. Bank customer satisfaction varies with location, according to J.D. Power’s 2023 U.S. Retail Banking Satisfaction Study. For example, while U.S. Bank ranked first in customer satisfaction in California for the third consecutive year, the bank scored below average in the Lower Midwest and Northwest regions. 

Physical presence. U.S. Bank operates branches in 28 states and also allows customers to open accounts online from anywhere in the country. It supports its own ATMs and partners with the MoneyPass ATM network, so there’s access to tens of thousands of ATMs nationwide. 

Digital experience

Highly rated mobile app. U.S. Bank’s mobile app is highly rated on the Apple App and Google Play stores. More than 300,000 Android users have reviewed the app, while more than one million users have reviewed it for iOS. “It’s very simple to find what you’re looking for on the app,” said a Bankrate staff member with a U.S. Bank account. “You can access all of the main banking options from the top drop-down menu as well as a menu that sticks at the bottom. It also shows your accounts and balances right at the top of the app.”

Frustrating website experience. In contrast to the app, navigating the mobile site on a phone (and sometimes even on a computer) is difficult, according to a Bankrate staff member with an account, adding that they spent some time searching for the free credit score and cash-back page before finally giving up. Lastly, U.S. Bank’s pages don’t prominently display monthly maintenance fees, although all accounts reviewed here charge one.

Smart assistant feature. This page lets you submit questions or commands (including verbally on the mobile app). For example, you can ask the assistant about your recent transactions, how much you spent last month or what bills are due this week.

Complaints

CFPB enforcement action. In 2022, the Consumer Financial Protection Bureau (CFPB) found that U.S. Bank opened deposit accounts and issued credit cards and lines of credit for consumers without their knowledge or consent. The CFPB ordered U.S. Bank to pay a $37.5 million penalty and develop a plan to remediate harmed consumers. 

Based in Minneapolis, U.S. Bank is the fifth-largest commercial bank by assets in the country. It offers a full range of products, including deposit accounts and mortgages. Like most major banks, its history is filled with mergers and acquisitions, most notably the 1997 acquisition of U.S. Bancorp of Oregon by Minneapolis-based First Bank System.

U.S. Bank operates more than 2,000 branches in 28 states, and customers have access to tens of thousands of ATMs, including those in the MoneyPass network. Accounts can be opened in person or online, and the mobile app comes highly rated.

Wells Fargo and U.S. Bank are the fourth- and fifth-largest banks in the U.S., respectively, by total assets. Both offer a full selection of banking products and services, ranging from checking and savings accounts to home and auto loans. 

If you’re looking for the largest geographic footprint, Wells Fargo is the better choice between the two, as it has more than 4,000 branches across 40 states, which is nearly double the amount of branches offered by U.S. Bank.

That noted, U.S. Bank’s special CDs offer much higher rates over Wells Fargo’s standard CDs. Neither bank offers particularly attractive APYs on their savings accounts; better options can be found elsewhere.