US Bank does not charge an upfront fee to open a checking account

You will not pay money just to start a checking account at US Bank. The bank does not have an account opening fee. However, you may face monthly fees once the account is open, and those fees depend on which type of checking account you choose and whether you meet certain conditions.

The most common checking accounts at US Bank are the Essentials Checking account and the Preferred Checking account. Each has different monthly costs and different ways to avoid those costs. Understanding the difference between them before you open an account will save you money over time.

Key Takeaways

  • US Bank charges no fee to open a checking account, but monthly maintenance fees vary by account type and can range from zero to around $15 per month depending on your balance or direct deposit.
  • Essentials Checking typically has a lower monthly fee than Preferred Checking, but both accounts waive their fees if you meet specific requirements like maintaining a minimum balance or setting up direct deposit.
  • The exact fee amounts and waiver requirements change over time, so you should confirm current terms on the US Bank website or by calling 1-800-872-2657 before opening an account.
  • If you keep a low balance or cannot meet the waiver requirements, you may pay less at a different bank or at a credit union in your area.

Monthly fees for Essentials Checking

Essentials Checking is designed for people who want a basic account without many extra features. This account type typically has a monthly maintenance fee, but US Bank waives it if you meet one of several conditions. The most common way to waive the fee is to have a direct deposit of at least $500 per month deposited into the account.

If you do not receive direct deposits, you may be able to waive the fee by maintaining a minimum balance in the account. The exact balance requirement varies and changes periodically, so you should check the current requirement before opening the account. You can find this information on the US Bank website under "Checking Accounts" or by calling their customer service line.

If you do not meet any of the waiver conditions, you will pay a monthly maintenance fee. The amount of this fee is not fixed and may vary by region or change over time. When you open the account, the bank will tell you the exact fee that applies to your account.

Monthly fees for Preferred Checking

Preferred Checking offers more features than Essentials Checking, such as higher interest rates on your balance and better rewards on debit card purchases. Because of these extra features, the monthly maintenance fee is typically higher than Essentials Checking. Like Essentials Checking, you can waive the fee by meeting certain requirements.

The most straightforward way to waive the Preferred Checking fee is usually to maintain a higher minimum balance than Essentials Checking requires. Some accounts also waive the fee if you have a direct deposit of a certain amount, or if you maintain a combined balance across multiple US Bank accounts. The exact requirements depend on your specific account and may change, so confirm the current terms before you open.

Other costs to know about

Beyond the monthly maintenance fee, US Bank may charge you for specific actions. For example, if you overdraw your account—that is, if you spend more money than you have in the account—the bank will charge an overdraft fee. This fee applies each time you overdraw, and you can overdraw multiple times in a single day, which means multiple fees in one day.

You may also pay fees for things like wire transfers, stopping a check payment, or requesting a replacement debit card if you lose yours. Many of these fees can be avoided by using the account carefully. For instance, you can avoid overdraft fees by checking your balance before you spend, and you can avoid wire transfer fees by using other methods to send money when possible.

Some US Bank accounts offer overdraft protection, which links your checking account to a savings account or credit line. If you overdraw, the bank automatically transfers money from the linked account to cover the overdraft. This service may have a fee, but it can prevent the larger overdraft fee you would otherwise pay.

How to compare US Bank accounts with other banks

Before you open a checking account anywhere, it helps to compare what different banks charge. Some banks have no monthly fee at all, regardless of your balance or direct deposit. Others charge fees but offer better interest rates or more features. The right account for you depends on how you plan to use it.

If you keep a low balance and do not receive direct deposits, you may pay less at a bank with no monthly fee. If you receive regular direct deposits or can maintain a higher balance, the waiver conditions at US Bank might work well for you. You can also look at credit unions in your area, which sometimes offer lower fees and higher interest rates than large banks.

When you compare, write down the monthly fee for each account, the conditions to waive the fee, and any other fees you might pay. Then think about which conditions you can actually meet. An account with a low fee that you cannot waive will cost you more than an account with a higher fee that you can easily waive.

What you need to bring to open an account

You will not need to pay to open the account, but you will need to bring certain documents. US Bank requires a government-issued photo ID, such as a driver's license or passport. You will also need to provide your Social Security number so the bank can verify your identity and check your banking history.

If you do not have a Social Security number, you may still be able to open an account, but the process is different and you should call the bank to ask what documents you can use instead. You can open an account in person at any US Bank branch, or you can open one online if you have a valid ID and Social Security number.

Frequently Asked Questions

Can I open a US Bank checking account online without going to a branch?

Yes, US Bank allows you to open most checking accounts online through their website. You will need a valid government-issued photo ID and your Social Security number. The process typically takes a few minutes, and your account opens when ready, though it may take a few business days before you can use all features.

What happens if I cannot meet the fee waiver requirements?

If you do not meet the waiver requirements, you will pay the monthly maintenance fee. You can change your account type to one with lower fees, or you can work toward meeting the waiver requirements by setting up direct deposit or increasing your balance. You can also switch to a different bank if the fees do not work for your situation.

Is there a minimum amount I need to deposit to open the account?

US Bank does not require a minimum deposit to open a checking account. You can open the account with zero dollars and deposit money later. However, if you want to waive the monthly fee by maintaining a minimum balance, you will need to deposit enough money to meet that requirement.

Do I have to use direct deposit to waive the monthly fee?

No. Direct deposit is one way to waive the fee, but you can also waive it by maintaining a minimum balance in the account. The exact balance requirement varies by account type and changes over time, so check with US Bank for the current requirement that applies to your account.

What is the difference between overdraft fees and overdraft protection?

An overdraft fee is a charge the bank makes when you spend more money than you have in your account. Overdraft protection is a service that automatically transfers money from another account to prevent the overdraft from happening in the first place. Overdraft protection may have a small fee, but it usually costs less than paying overdraft fees repeatedly.