U.S. Bank has earned recognition by MONEY as one of its 2016-2017 Best Banks, according to the annual survey released today. U.S. Bank was named the "Best Big Bank" in a tie with TD Bank.
“Our customers are at the heart of everything we do,” said Richard Davis, chairman and chief executive officer of U.S. Bank. “Our employees are focused on doing the right thing for our customers, and to be their most trusted choice for financial services. This recognition is a credit to their passion and hard work.”
“U.S. Bank provides a winning combination of broad coverage, easily waived maintenance fees (with a $1,500 average monthly balance on basic checking, say), and great service,” MONEY reports in its article. “It has outposts in half the states in the country, with a particularly strong presence in the West, and takes top marks for customer service, according to J.D. Power. And the bank offers discounted auto and other loan rates to customers—something done by fewer than half of the brick-and-mortar banks MONEY analyzed.”
MONEY analyzed the 75 largest brick-and-mortar banks and online banks by consumer deposits—based on data from consulting firm Novantas—as well as the 50 biggest credit unions, selecting those you can join via a one-time payment to an associated group. From almost 800 accounts, MONEY gathered 27,000-plus data points, including account terms, ATM networks, branch hours, mobile-app features, preferential loan rates, and other benefits.
For Best Big Bank, Regional Banks, Online Bank, and Credit Union for Everyone, MONEY screened first for banks with checking accounts that let you avoid all maintenance and ATM fees with a balance of no more than $5,000. Of those, MONEY gave points for reimbursement of other ATMs’ surcharges; interest paid on checking and savings; published J.D. Power customer service ratings, when available; loan discounts; geographic reach; and mobile apps.
Yesterday, U.S. Bank earned recognition as the “Most Trusted Retail Bank” for the 10th year in a row from the Ponemon Institute in its Privacy Trust Study for Retail Banking. U.S. Bank is also one of only two domestic banks earning recognition from third-party organization Ethisphere as one of the World’s Most Ethical Companies, an honor U.S. Bank earned for the second year in a row.
Minneapolis-based U.S. Bancorp (NYSE: USB), with $454 billion in assets as of September 30, 2016, is the parent company of U.S. Bank National Association, the fifth-largest commercial bank in the United States. The company operates 3,114 banking offices in 25 states and 4,875 ATMs and provides a comprehensive line of banking, investment, mortgage, trust and payment services products to consumers, businesses and institutions. Visit U.S. Bancorp on the web at www.usbank.com.