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U.S. Bancorp Review

"U.S. Bancorp has been under scrutiny for its customer service practices, raising serious questions about the company's commitment to its customers." Is U.S. Bancorp putting profits before people?

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Overview of U.S. Bancorp (USB)

About U.S. Bancorp

U.S. Bancorp, or USB, is a financial services provider and holding company based in Minneapolis, Minnesota. USB was founded in 1863 and is the parent company of U.S. Bank National Association, the fifth-largest commercial bank in the United States. USB provides banking, investment, mortgage and trust services to over 16 million customers, with 3,100 banking locations across 25 states and over 5,000 ATMs throughout the country.

Pros of U.S. Bancorp

Cons of U.S. Bancorp

Founders

USB was founded in 1863 by John Sargent Pillsbury and Charles Alfred Pillsbury as the First National Bank of Minneapolis. The Pillsbury family was known for their flour milling business, which they had built into one of the largest businesses in the United States at the time. The bank has since grown to become one of the largest financial services providers in the country.

Public Opinion

The public opinion about U.S. Bancorp is generally positive. Customers appreciate their wide range of services and convenient branch network. However, some customers have complained about high fees and poor customer service. In general, U.S. Bancorp has a good reputation as a reliable banking institution with strong customer service and a wide range of products and services.

Newsworthy Events

In 2020, U.S. Bancorp announced plans to acquire Elavon, Inc., a provider of payment processing solutions for small businesses, for $3 billion.

In 2019, U.S. Bancorp was fined $613 million by the Department of Justice for “unsafe and unsound practices” related to the sale of residential mortgage-backed securities between 2006 and 2008.

In 2018, U.S. Bancorp agreed to pay a $600 million fine to resolve allegations that it had failed to report suspicious activities related to money laundering.

In 2017, U.S. Bancorp announced that it had reached an agreement with the Federal Reserve Board to provide $600 million in consumer relief.

In 2015, U.S. Bancorp became the first major bank to launch a mobile payment system called Zelle.

In 2014, U.S. Bancorp became the first major bank to offer Apple Pay as a payment option for its customers.