A detailed analysis of anomalous U(1)'s and their effective couplings is performed both in field theory and string theory. It is motivated by the possible relevance of such couplings in particle physics, as well as a potential signal distinguishing string theory from other UV options. The most general anomaly related effective action is analyzed and parameterized. It contains Stuckelberg, axionic and Chern-Simons-like couplings. It is shown that such couplings are generically non-trivial in orientifold string vacua and are not in general fixed by anomalies. A similar analysis in quantum field theories provides similar couplings. The trilinear gauge boson couplings are also calculated and their phenomenological relevance is advocated. We do not find qualitative differences between string and field theory in this sector.