How To Open a U.S. Bank Account

If you’re here, you’ve likely decided on or are strongly considering opening a U.S. Bank account. U.S. Bank comes in fifth place in terms of largest banks in America, and it has 70,000 plus employees and nearly $500 billion in capitals.

A recent survey found that more than 30% of Americans don’t have bank accounts. And people who do never move their capital to another bank, in this case banks offer them lucrative sign-up bonuses to do so. If you are a new user of a US bank account or have many accounts in other banks, opening a bank account in a U.S bank is a very easy process.

In this article, we will discuss the process of opening an account with the U.S. Bank, characteristics of bank account, how to ignore fees and many more things. 

Steps To Open a U.S. Bank Account

If you’re wondering how to open a U.S. Bank account, you’ve come to the right place. All the important steps for opening a bank account is mentioned below, let’s have a look:

Firstly, Decide Which Bank Account You Want To Open

The type of bank account that you want to open totally relies upon your current  needs. If you want to open a bill-pay account for paying rent, daily expenses and other monthly expenses. Or do you want  a safe place to increase that new property fund? 

U.S. Bank has a bevy of checking, savings, CD, investing and retirement accounts, but for the sake of simplicity, we’ll talk mostly about its checking and savings options. 

If you want an account to pay your bills and transfer money from, below is the checking account of the U.S. Bank options are given.

• Easy Checking: Best for people who don’t need much from their bank; fewer fees and hassle

• Gold Checking: Best for people also looking to use a U.S. Bank credit card or loan 

• Platinum Checking: it is suitable for the people who have huge money to deposit and who want to earn interest from that.

• Safe Debit Account: this account is considered to be best for new people because it doesn’t need checks or overdraft fees

If you want an account to deposit any funds for long terms like college money. Then, you can open the U.S. Bank’s savings accounts: 

• Standard Savings Account: Best for first-time savers with lower balances

• Platinum Select Money Market Savings: It is good for people who  have a Platinum Checking Account too.

• Package Money Market Savings: ideal for people if they  also have a Gold Checking Account.

• Elite Money Market Account: People who want to deposit huge money and want to earn interest from it can go for this account.

• Retirement Money Market: People who plans for their retirement, need a tax-benefit account can open this account. For more information, check our previously published article on Why Banks Require a Minimum Balance.

Gather Your Personal Information 

So for opening a bank account, you need to collect and give some personal details. 

These are-

• Social Security number
• ID proof such as your driving  license, state-issued ID or military ID 
• Contact information (phone number, email, address) 
• Opening deposit 

So, while depositing money in a new account, it depends on the account that how much you have to deposit. If you are opening the account online then an online application can tell you how much you have to deposit.

But, if you’re opening the account by going to the branch, you can call the bank to see how much cash to bring ahead of time, or simply pay through a debit, credit card from other institution.

Taxpayer document – for non-US citizens, you need to submit a completed W-8 BEN form. US citizens must submit a completed W-9 form. If you do not have a Social Security number, you will need to apply for an Individual Taxpayer Identification Number (ITIN) from the IRS.

US Bank Checking Accounts at a Glance

Fees and Features	Easy Checking	Gold Checking	Platinum Checking	Student Checking	Safe Debit Account
Minimum opening deposit	$25	$25	$25	$25	$25
Monthly service charge	$6.95 (may qualify to waive fee)	$14.95 (may qualify to waive fee)	$24.95 (may qualify to waive fee)	$0	$4.95 (can’t be waived)
Out-of-network ATM withdrawal fee	$2.50	$0 for first two withdrawals every month, then $2.50	$0	$0 for first four withdrawals every month, then $2.50	$2.50
Overdraft fee	$36 for an overdraft of more than $5	$36 for an overdraft of more than $5	$36 for an overdraft of more than $5	$36 for an overdraft of more than $5	$0
Benefits	Low minimum deposit and threshold to waive fees	100 free trades a year with a self-directed brokerage account	Interest-bearing account with 100 free trades a year through a brokerage account	Easy banking with no monthly fee	No overdraft fee

US Bank Savings Accounts at a Glance

Fees and Features	Standard Savings Account	Platinum Select Money Market Savings	Package Money Market Savings	Elite Money Market Account	Retirement Money Market
Minimum opening deposit	$25	$25	$25	$100	$100 (or $25 monthly deposit)
Monthly service charge	$4 (may qualify to waive fee)	$0	$0	$10 (may qualify to waive fee)	$0
Out-of-network ATM withdrawal fee	$2.50	$2.50	$2.50	$2.50	N/A
Overdraft fee	$36 for an overdraft of more than $5	$36 for an overdraft of more than $5	$36 for an overdraft of more than $5	$36 for an overdraft of more than $5	N/A
Benefits	Low deposit and balance minimums	Tiered interest rates based on balance.	Tiered interest rates based on balance.	Tiered interest rates based on balance	Tiered interest rates based on balance.

Apply Online or in Person

You can open your U.S. bank account either online or in person. The process of opening the account is very easy and simple if you have all the necessary documents mentioned above.

To apply online, follow these steps: 

1. Go to the U.S. Bank account page.
2. Choose the type of account you’d like to open (checking, savings or CD) 
3. Click the button that says “Apply now” on the account you want to open 
4. Fill out the necessary information

Checking Account Fees and Features 

The U.S. Bank charges some fees for all types of accounts, save for the Student Checking account, but you can avoid any extra charge if you maintain the minimum balance or schedule recurring direct deposits in your bank account.

U.S. Bank Account Fees and Features

You may be wondering “What are U.S. Bank’s account types?” Like any other major bank, U.S. Banks provide you the services for checking, savings, CD, and retirement accounts too. 

Benefits of opening a US bank account

There are lots of benefits to opening a US bank account as a non-resident. These include:

• Leverage the stability of the US dollar
• Pay bills
• Receive direct payments
• Access ATMs without incurring high conversion rates
• Build a financial history

What To Do If You Need Help From U.S. Bank Customer Service

If you have any query related to your account, then call the customer service of the bank on one of the following numbers: 

• New accounts: 800-653-2175
• General questions: 800-872-2657

You can also visit a U.S. Bank branch on a weekday or Saturday. Branch hours vary by location but are typically open between the hours of 10 a.m. and 4 p.m. local time. 

How To Avoid Unwanted Fees

Avoiding banking fees from U.S. Banks is fairly simple. Here’s how you can do it: 

• Know how much money is in your account so you don’t accidentally overdraw it and incur the $36 fee. 
• Withdraw cash from in-network ATMs, which are present all over the country. 
• Deposit and maintain at least a minimum balance to ignore charges. 
• Don’t take out cash from your savings account more than six times during each statement cycle. 

How to open a US bank account FAQ

Conclusion 

U.S. Banks provide various services and products ,so searching for an account that completes your needs is not very hard. If you want to access an easy ATM and branch, as well as a simple online and mobile banking interface, then U.S. Bank could be the right choice for you. 

However, keep in mind that the U.S. Bank’s highest interest rate offered on a savings account is only 0.05%, and that’s on balances of six figures or more. Your decision to open a U.S. Bank account is just that: yours. So if you’re into simple, easy-access banking, then U.S. Bank is a great fit for you.

But if you don’t mind sacrificing physical banking for a better interest rate, then you may want to look at an online bank. Do you know what is the routing number of Webster bank, to know that check: Here’s your webster bank routing number.