US Bank (OH) is headquartered in Cincinnati and is the 2nd largest bank in the state of Ohio. It is also the 5th largest bank in the nation. It was established in 1863 and as of December of 2013, it had grown to 64,040 employees at 3,140 locations. US Bank (OH) has a A health rating.
Per the letter recieved dated 5/10/2011:
"A US Bank IRA continues to be a great way for you to save for your retirement. The annual fee for your IRA plan is increasing from $10 to $30. The balance requirement to waive this fee is also increasing from $5,000 to $25,000 for IRA plans and from $1,000 to $5,000 for Coverdell Education Savings accounts (CESA). In the past, your fee may have been waived automatically if you were over age 70 1/2 and receiving automatic distributions from your IRA plan. This automatic waiver will no longer be applied."
With the low interest rates being offered some folks may actually be losing principle to these fees now. This is a very unethical action of this large bank and will affect many account holders. It shows how a bank can take advantage of loopholes to literally take small investors funds who trusted that their IRA CD was securely invested to grow at a advertised interest rate.
Either this bank has become greedy and is willing to sacrifice ethics to its small account customers, or it has some major financial problems that it is desperately trying to remedy.
Here are some actions that all of us can do to try and stop this and similar actions of these institutions:
- Spread the word to other savers through social media, word of mouth, AARP or other media.
- Sell the stock of unethical institutions like this.
- Withdraw any accounts that you can afford to do so (withdrawl penalties may be assessed).
- Contact your congressman to show this as an example of why tighter bank regulation is needed.
I chose US Bank as a matter of convenience; they have a branch in my grocery. But, one constant problem has been that they turn over employees at this branch on a monthly basis. This has been a complaint of mine since I noticed the trend to the point of having to laugh with every new face – hello number 48, hello number 49! Most recently, right after I commented to the new teller that she was the 50th person to stand behind that counter, she had the nerve to tell me (2 minutes later) that she would be putting a hold on my $5000 deposit, “since she didn’t know me.”
Currently, I am awaiting a refund of $6100 that was mistakenly paid twice to a US Bank credit card. They told me that such a refund usually takes 7 days, but since it is US Bank to US Bank, it should be quicker. Today is day #8. Last night, their customer service agent, Nathan, confirmed that this was the 7th day and nothing has happened regarding this issue.
Past issues (major): When I went in to a US Bank Business office I asked the woman about opening a new business account. When I casually mentioned the issue of the revolving-door staff and that the latest new teller had tattoos on her hand (gang tats!), the woman got huffy and said, “Well I guess you don’t like me either, because I have tattoos, too!” Gee, lady, they aren’t on your hands looking like you got them in a prison cell – do you discriminate between the two?
On an international transfer, US Bank failed to mention that there would be an extra middle-man bank which would skim their share and alter the final destination amount.
I could go on, but this bank isn’t worth my time. I’m obviously not worth theirs. But then there’s this:
I went down to present the things written above to the US Bank manager (main branch). He is on vacation. Next in line: She took my letter that was addressed to the bank manager, and said, “he’s on vacation.” No offer to help, just that statement of redundant fact. Duh, that’s why I’m speaking to you and not him – are we both on the same page now? I asked her to read the letter. She read, wobbled her head with a mental “yadda-yadda,” completed her reading and responded: These issues aren’t about our branch. (Actually, you personally handled the international transfer, lady!) No offer to help again, so I presses her: Can you find out where my $6,100 is? Ultimately: her records show only one payment on the credit card, and finally: the check’s in the mail. US Bank to US Bank – and the check’s in the mail (payment is being processed)!
I reminded her that I have already suffered an overdraft fee and that I would need to access my line of credit to be sure I don’t suffer another. She sympathized. Whoopee. No offer to remove the overdraft fee. She couldn’t care less. I guess that’s why she came into the office with a nasty, loose-phlegm cough. Glad she didn’t try to shake my hand, but I’ll still probably get sick on top of the stress of “where’s my friggin’ money?”
Memories of the famous “You can’t have your money” account at B of A and the surly staff at the local Albertson’s grocery.
About 2 months ago I set up 2 Visa Buxx card accounts for my teen sons. When we got the cards we found they would not work...anywhere...even though they advertised they would work any where visa is accepted. Nope! They only worked at the US Bank ATM's and then they charged $1.50 for each balance inquiry (which brought the balance down to $18.00 on one card) The subsequent decline for the attempted $20 withdrawal cost .75 cents. So, I got the cards replaced and they still didn't work. Next I called customer service again to let them know the cards aren't working. They blamed it on the merchants. When I asked for a return of fees and to close the account they refused. The manager was awful and we got nowhere and now I'm out $$ for a product/service that never worked.
I would give this bank NO stars if I could. We were thinking of having our son open his first account here but not after this experienc and especially after reading all the complaints online about this bank and their customer service. Horrible!
Since US Bank is right in our neighborhood (in New Mexico), and I thought I would check it out and open a CD. The rated looked a bit better than the local credit unions. The clerk said she didn't know the early withdrawal penalty. She said "the computer figures it out" but there was no written statement. So I start browsing a brochure and I couldn't believe it -- the penalty for early withdrawal of a CD with several years term is half of the interest to maturity! If I put in $100K at 2% interest into a CD, 59 months term, and try to withdraw it tomorrow I would have to pay US Bank 50% of 5 yrs * 2% = $5K penalty!!! Plus $25 just to screw the customer a little more. I pointed this out to the clerk who "didn't know" the early withdrawal penalty, and she just looked bored. I packed up and left, no account for me at US Bank!
The Texas Ratio is an indicator of how much funds a bank has available compared to the total value of loans considered at risk. As of December 31, 2013 US Bank (OH) had $3.48 billion in non-current loans and owned real-estate with $42.81 billion in equity and loan loss allowances on hand to cover it. This gives US Bank (OH) a Texas Ratio of 8.12% which is excellent. Any bank with a Texas Ratio near or greater than 100% is considered at risk.
The Texas Ratio for US Bank (OH) held steady from 8.01% as of December 31, 2012 to 8.12% as of December 31, 2013, resulting in a negative change of 1.41%. This indicates that the balance sheet and financial strength for US Bank (OH) has held steady in recent periods.
In the past year, US Bank (OH) has increased its total deposits by $17.46 billion, resulting in 6.88% growth for the year. A strong track record of growth is an indicator of consumer confidence and the bank's ability to strengthen its balance sheet. The growth US Bank (OH) has shown is excellent.
Both FDIC and NCUA consider capitalization levels of banks and credit unions to be of high importance. Higher capitalization allows for a greater buffer when cover loans that may fail in the future. US Bank (OH) has $360.48 billion in assets with $42.81 billion in equity, resulting in a capitalization level of 11.88%, which is excellent.
|FDIC Certificate #||6548|
|Assets and Liabilities|
|Equity Capital||$38.56 billion|
|Loan Loss Allowance||$4.25 billion|
|Unbacked Noncurrent Loans||$2.62 billion|
|Real Estate Owned||$855.11 million|
|Historic Data - December 2012|
|Equity Capital||$38.13 billion|
|Loan Loss Allowance||$4.23 billion|
|Unbacked Noncurrent Loans||$2.62 billion|
|Real Estate Owned||$921.84 million|
|Profit Margin - Quarterly|
|Net Interest Margin||3.52%|
|Return on Assets||1.63%|
|Return on Equity||14.85%|
|Interest Income||$12.06 billion|
Always verify rates and promotions with the bank or credit union. We are not US Bank (OH), we are a rate comparison website and can not provide official rates or promotions.
|0.01%||-||-||Star Savers Club|
|0.15%||$50k||-||Package Money Market Savings|
|0.10%||$10k||-||Elite Money Market|
|1.50%||$1k||$250k||59 Month CD Special|
|1.50%||$1k||$250k||Business 59 Month CD Special|
|0.80%||$1k||$250k||60 Month Trade-Up CD|
|0.80%||$1k||$250k||Business 60 Month Trade-Up CD|
|0.75%||$1k||$250k||37 Month CD Special|
|0.75%||$500||$250k||60 Month CD|
|0.75%||$1k||$250k||Business 37 Month CD Special|
|0.75%||$500||$250k||Business 60 Month CD|
|0.50%||$500||$250k||48 Month CD|
|0.50%||$1k||$250k||19 Month CD Special|
|0.50%||$1k||$250k||Business 19 Month CD Special|
|0.50%||$500||$250k||Business 48 Month CD|
|0.40%||$1k||$250k||30 Month Trade-Up CD|
|0.40%||$1k||$250k||28 Month Step Up CD|
|0.40%||$1k||$250k||Business 28 Month Step Up CD|
|0.40%||$1k||$250k||Business 30 Month Trade-Up CD|
|0.35%||$500||$250k||36 Month CD|
|0.35%||$500||$250k||Business 36 Month CD|
|0.20%||$500||$250k||24 Month CD|
|0.20%||$500||$250k||Business 24 Month CD|
|0.15%||$500||$250k||18 Month CD|
|0.15%||$500||$250k||Business 18 Month CD|
|0.10%||$500||$250k||12 Month CD|
|0.10%||$500||$250k||Business 12 Month CD|
|0.05%||$500||$250k||1 Month CD|
|0.05%||$500||$250k||2 Month CD|
|0.05%||$500||$250k||3 Month CD|
|0.05%||$500||$250k||6 Month CD|
|0.05%||$500||$250k||9 Month CD|
|0.05%||$500||$250k||Business 1 Month CD|
|0.05%||$500||$250k||Business 2 Month CD|
|0.05%||$500||$250k||Business 3 Month CD|
|0.05%||$500||$250k||Business 6 Month CD|
|0.05%||$500||$250k||Business 9 Month CD|