Our Terms of Service and Privacy Policy have changed.

By continuing to use this site, you are agreeing to the new Privacy Policy and Terms of Service.

U.S. Bank may end free checking

By Blake Ellis, staff reporter


NEW YORK (CNNMoney) -- U.S. Bank is one of the last of the megabanks to offer free checking. But that may be about to end.

The Minneapolis-based bank recently hinted that it will add fees to its checking accounts -- and even possibly to its debit cards -- as it attempts to recoup revenue lost under new regulations.

"We're not going to be a late follower anymore, we're going to be right in the game ... we no longer have the luxury of waiting," said U.S. Bank (USB, Fortune 500) CEO Richard Davis on a recent earnings call with investors. "We'll see sometime in the early or middle part of this year our own actions in making sure that we have fair pricing for our checking products."

The bank is currently gauging the success of its competition to figure out "what consumers are willing to accept as a price to have a checking account, a debit card or some of the ancillary products that go with it," he added.

Most of the megabanks -- including Bank of America (BAC, Fortune 500), Citi (C, Fortune 500), Chase (JPM, Fortune 500) and Wells Fargo (WFC, Fortune 500) -- have already taken the plunge, doing away with free checking and introducing monthly maintenance fees to accounts.

"Like many banks, we are assessing our products and services in light of changing industry dynamics," a U.S. Bank spokeswoman said in a statement. "We will be communicating with customers in the next few months, well in advance of any changes."

The spokeswoman said details have not been finalized or announced and that "there will continue to be many options for customers to have a checking account without a monthly maintenance fee."

Maintenance fees can often be avoided if you meet certain requirements -- like making a certain number of deposits, carrying a minimum balance or using your debit card a specific number of times. To top of page

Overnight Avg Rate Latest Change Last Week
30 yr fixed3.36%3.43%
15 yr fixed2.65%2.69%
5/1 ARM2.87%2.93%
30 yr refi3.40%3.46%
15 yr refi2.69%2.73%
Rate data provided
by Bankrate.com
View rates in your area
 
Find personalized rates:
Index Last Change % Change
Dow 18,432.24 -24.11 -0.13%
Nasdaq 5,162.13 7.15 0.14%
S&P 500 2,173.60 3.54 0.16%
Treasuries 1.46 -0.05 -3.51%
Data as of 2:15am ET
Company Price Change % Change
KeyCorp 11.70 0.05 0.43%
Bank of America Corp... 14.49 -0.19 -1.29%
Ford Motor Co 12.66 -0.05 -0.39%
General Electric Co 31.14 -0.11 -0.35%
Chesapeake Energy Co... 5.42 0.23 4.43%
Data as of Jul 29

Sections

For the first time ever, Amazon and Facebook are more valuable than Berkshire Hathaway, the storied company run by legendary investor Warren Buffett. More

Venezuela's government issues a decree recently that makes it possible to force workers to work in the country's fields amid food shortages. More

Sheryl Sandberg says she supports Hillary Clinton for president, because she would help close the gender gap, and because she's 'the most qualified candidate.' More

It's about to get harder for some luxury all-cash home buyers to hide their identity from the U.S. government. More