U.S. Bank checking account customers may be facing major changes to their financial setup in the coming months, when U.S. Bank plans to implement new checking accounts, fees, and service changes to combat proposed federal laws.

U.S. Bank (NYSE:USB) has announced changes in the coming months that will revamp the bank’s checking account products.

Several checking accounts will be consolidated, a few will have modified features, and a couple will stay the same. But, the change that will bring about the most outrage is the termination of free checking.

The New Selection of U.S. Bank Checking Accounts

At first glance, U.S. Bank checking customers will notice that there will be an increase in monthly account fees and new requirements to waive those monthly fees. Customers will either be paying more for their checking accounts and rearranging their financial systems to waive these fees.

Checking ProductMonthly Maintenance FeeRequirements to Waive Monthly Fee
Easy Checking- $6.95 with online statements, OR
- $8.95 with paper statements
- Average account balance of $1,500 or more, OR
- Combined monthly direct deposit totaling $500 or more
Silver Package Checking- $6.95 with online statements, OR
- $8.95 with paper statements
- Monthly transfer to a Package MMA of $25 or more, OR
- Average account balance of $1,500 or more, OR
- Combined monthly direct deposit totaling $500 or more
Gold Package Checking- $10.95 with online statements, OR
- $12.95 with paper statements
- Average account balance of $1,500 or more, OR
- Combined monthly direct deposit totaling $500 or more, OR
- Automatic payments to a U.S. Bank personal loan, line of credit or credit card, OR
- Auto invest monthly to a U.S. Bancorp Investment account
Platinum Package Checking- $17.95 with online statements, OR
- $19.95 with paper statements
- $25,000 in combined balances (deposit, investment, credit), OR
- Relationship with U.S. Bank Trust Services
Premium Checking- $10.95 with online statements, OR
- $12.95 with paper statements
- Average account balance of $5,000 or more, OR
- Account holder age 65 or greater
Silver Elite Checking$0None
Student Checking$0None

To waive the monthly maintenance fees on a majority of the checking accounts, customers will have to meet a minimum average monthly balance, which is difficult for many. On the other hand, attaining combined direct deposits of $500 or more may be the easier option. Customers can have multiple sources of direct deposit as long as they total at least $500. Having a deeper relationship with U.S. Bank will also make it easier to waive the monthly fees.

How Current Checking Accounts Will Change

In January, U.S. Bank said that it is expecting to impose these new checking account changes by the end of the 2011. But, it appears that the accounts overhaul will take place in the coming months – an exact time frame hasn’t been provided.

For current U.S. Bank checking account customers, here’s how you may be affected:

Checking ProductMonthly Maintenance FeeRequirements to Waive Monthly FeeIf You Have:Changes coming to your account:
Easy Checking- $6.95 with online statements, OR
- $8.95 with paper statements
- Average account balance of $1,500 or more, OR
- Combined monthly direct deposit totaling $500 or more
Free Checking
Balance Checking
Exclusive Checking
Express Checking
Interest Checking
Interest Plus Checking
Relationship Checking
Value Checking
Workplace Checking
Your account will become Easy Checking (see the table above).
Silver Package Checking- $6.95 with online statements, OR
- $8.95 with paper statements
- Monthly transfer to a Package MMA of $25 or more, OR
- Average account balance of $1,500 or more, OR
- Combined monthly direct deposit totaling $500 or more
Elite CheckingYour account will become Premium Checking (see the table above).
Gold Package Checking- $10.95 with online statements, OR
- $12.95 with paper statements
- Average account balance of $1,500 or more, OR
- Combined monthly direct deposit totaling $500 or more, OR
- Automatic payments to a U.S. Bank personal loan, line of credit or credit card, OR
- Auto invest monthly to a U.S. Bancorp Investment account
Silver Package Checking
Gold Package Checking
Platinum Package Checking
Your account name will not change, but some features will be modified (see the table above).
Platinum Package Checking- $17.95 with online statements, OR
- $19.95 with paper statements
- $25,000 in combined balances (deposit, investment, credit), OR
- Relationship with U.S. Bank Trust Services
Student Checking
Silver Elite Checking
Your account will stay the same.
Premium Checking- $10.95 with online statements, OR
- $12.95 with paper statements
- Average account balance of $5,000 or more, OR
- Account holder age 65 or greater
Silver Elite Checking$0None
Student Checking$0None

How do you feel about these changes from U.S. Bank? Inconvenience and frustration is expected, but are you going to stick with U.S. Bank or will you be shopping for a new checking account?

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  • Heath3r03

    The only reason I have been keeping my account is so I can easily pay my car payment.. but it’s not worth paying 7 dollars more a month. Not impressed with US Bank over all.

  • Lianakeismith

    This is ridiculous. I don’ t even pay anything on my netflix services and I only pay $20 on my internet service and then I have to pay $11 with sales tax for keeping my checking account. I am not working right now and I need to keep my checking account. How can they expect me to keep $1,500 for my balance to waive this fee. I hate how much the banks charged fees.  OVERDRAFT!!! They are already making alot of money on direct deposit and now you need to pay maintainance fee. I am goin  to transfer…

  • Capitalism Prevails

    Wouldn’t be this hard if the government would stop shaking down the banks for cash and forcing them to lend to people who can’t pay back.  

  • very disappointed

    With so many people unemployed and struggling to make ends meet, I think it’s shameful to treat their long standing customers this way by adding all those monthly services charges when many are finding hard to meet the minimum balances. I am losing respect for US Bank and am beginning to feel that my hard earned money needs to go elsewhere for proper management and safe-keeping. The banks are already making so much on the investments of others and the trust that people have given them with their finances. I think it is a terrible shame and this will come back to haunt them. Trust is hard to earn back once it is lost!