U.S. Bank is a great business checking provider for businesses needing affordable in-person banking options. Startups, freelancers, and new business owners with low transaction volumes can benefit from the provider’s Silver Business Checking account, which offers 125 free monthly transactions with no required minimum balance or monthly service fees. Larger enterprises should look into U.S. Bank’s Gold and Platinum accounts, which can accommodate higher transaction volumes.
The bank also offers a specialty business checking account for nonprofits and grants small business owners access to several cash management services, payment processing systems, and fraud prevention tools.
- Interest-earning accounts offer only 0.005% annual percentage yield (APY)
- Limited free transactions
- Brick-and-mortar branches unavailable in all states
- Online and mobile banking with mobile check deposit and bill pay
- Check fraud prevention
- Payment processing systems (card payments using talech, Zelle, Remote Deposit Capture, and cash services)
- Cash management services
- Comes with U.S. Bank Visa debit card
How U.S. Bank Stacks Up With Its Competitors
When U.S. Bank Is a Good Fit
- You have a low transaction volume and want a bank without a monthly fee: In our list of the best business checking accounts for limited liability companies (LLCs), we named U.S. Bank the best provider for organizations with low transaction volumes. The Silver Business Checking Account covers 125 free transactions monthly with no maintenance fee, making it a great fit for businesses with limited transaction volumes.
- You need access to a wide selection of lending products: The lending products U.S. Bank offers include term loans, lines of credit, credit cards, SBA loans, and specialized financing solutions for McDonald’s franchise operators and practitioners working in veterinary, eye care, and dentistry.
- You run a nonprofit organization: Our list of the leading banks for nonprofits named U.S. Bank the best provider for organizations with irregular transaction schedules due to fundraising events. The bank’s nonprofit checking account charges no monthly fee and offers a fee-free transaction allowance of 1,800 items per year.
When To Choose a U.S. Bank Alternative
- You operate outside of U.S. Bank’s service area: To be eligible for a U.S. Bank business checking account, applicants must reside in one of the 26 states U.S. Bank operates in. Consider Chase if you need an alternative with wider geographic coverage. The bank has branches in all 48 mainland states. Our Chase business checking review can help you determine which account best fits your business.
- You want to earn a high APY: U.S. Bank offers low APY for its interest-bearing business checking accounts (up to 0.005% as of this writing). Bluevine, on the other hand, offers 2.0% APY on balances of $250,000 and less to accounts that meet its activity requirements. Learn more about Bluevine by reading our review of Bluevine business checking.
- You deposit more than $2,500 in cash each month: U.S. Bank’s basic account has a fee-free cash deposit allowance of 25 units per month, which amounts to a monthly limit of $2,500. Meanwhile, Bank of America’s basic account offers a monthly cash deposit limit of $7,500. Refer to our review of Bank of America business checking for more details.
Check out our list of the best small business checking accounts for additional recommendations.
U.S. Bank Business Checking Overview
U.S. Bank Business Checking Requirements
U.S. Bank business checking requirements include the following:
- Social Security number, personal address, and phone number
- Business’s employer identification number (EIN) or tax ID number (TIN)
- Name, email address, and phone number for any additional owners with 24% or more ownership in the company
- Articles of Incorporation, company charter, partnership agreement, or similar legal document (not required for sole proprietors)
- Government-issued photo ID and Social Security number for you and anyone else authorized to sign checks or make transactions on behalf of your organization.
Our article on how to open a business bank account can give you additional tips before you apply. It also includes a free downloadable checklist of documents banks typically require for account opening.
U.S. Bank Business Checking Features
Online & Mobile Banking
Transfer funds, pay bills, access e-statements, and deposit checks anytime and anywhere using the U.S. Bank Mobile app, available for iOS and Android. U.S. Bank offers digital security coverage, extending zero liability to unauthorized transactions made at usbank.com and through its mobile app. U.S. Bank Smart Assistant, through which you can execute banking tasks via voice, is also available in the mobile app.
The mobile app has received stellar reviews, with 4.8 stars on App Store (based on more than 1.5 million reviews) and 4.7 stars on Google Play (based on 300,000-plus reviews). According to users, the app is easy to navigate. However, negative reviews complain that the app often becomes glitchy after update rollouts. Additionally, many found the mobile check deposit function unreliable.
U.S. Bank Visa Debit Card
U.S. Bank issues a Visa debit card with your Business Checking account. You can lock and unlock your card through the U.S. Bank mobile app to prevent use. The business debit card also earns rewards on business purchases.
Check Fraud Prevention
U.S. Bank uses various check verification services (ACH Filter and Block, Check Filter, SinglePoint® Essentials Positive Pay) to control business check fraud. Electronic Check Services (ECS). can also convert checks into electronic payments at the place of purchase.
U.S. Bank’s overdraft protection can protect your business from late payments, unexpected expenses, and overdraft fees in the event of insufficient available funds.
Remote Deposit Capture (RDC)
U.S. Bank offers RDC, a feature that lets you deposit physical checks electronically by taking pictures of them and sending the images to the bank. The bank provides several RDC options tailored to different business owners’ needs.
Mobile Check Deposits
Mobile check deposits using iPhone, iPad, or Android smartphone’s camera and the U.S. Bank Mobile App
Small business owners and single proprietors with a low volume of checks
Deposit checks using a mobile device or web browser and scanner
Businesses and sole proprietors with frequent transactions and a low to moderate volume of checks, including high-dollar checks
On-site Electronic Service
Deposit checks from one or many locations using a dedicated scanner or supported mobile device
Businesses or government entities that have a high volume of checks and need multiple processing locations
Electronic Check Service
Process bank card purchases including credit cards, debit cards, gift cards, and electronic benefits transfer (EBT) cards using a single device
Retailers and businesses that want to accept checks and cards using a single device
U.S. Bank offers business owners payment processing services, e-payment and money transfers, cash management services, payroll services, and gift cards:
- Payment processing services: Small business owners can benefit from gaining access to point-of-sale (POS) options offered by U.S. Bank and talech Mobile for card payments. Other fast and easy options include Zelle, remote deposit capture, and cash deposit services.
- E-payments and money transfers: For convenience and speed, businesses can maximize digital payments in the form of e-checks, bill pay, wire transfers, international electronic payments, and ACH transfers.
- Cash management services: Business owners can save time by accessing U.S. Bank’s treasury management service, SinglePoint® Essentials. Viewing transactions and transferring funds are efficient in this portal. For people on the go, connecting mobile devices with mobile SinglePoint® to manage their accounts is also available. Business owners are also provided with more choices to manage their cash through on-site and in-branch cash services. This includes using remote cash deposits, cash vault services, and branch cash services.
- Online Business Tax Solutions: Using U.S. Bank EasyTax℠, business owners can save time and money in tax payments while remaining fully compliant with all federal, state, and local standards.
- Payroll services: Payroll processing using ADP, U.S. Bank Focus Card, and SinglePoint® Essentials ACH are available to aid business owners.
Other U.S. Bank Business Products
U.S. Bank also offers analyzed checking, savings products, credit cards, and lending solutions.
The Premium Business Checking account is designed for businesses with larger transaction volumes. It offers earnings credit to offset day-to-day transaction fees. Additionally, you have the option to earn interest through this account.
- Basic Business Savings: A savings account that earns 0.1% APY. It charges an undisclosed monthly fee, which can be waived with a minimum balance of $500.
- Business Money Market: Maintain certain minimum balances and you can earn higher interest on your money market accounts with waived monthly fees. You can choose to open a Platinum, Preferred, or Premium business money market account.
- Business CDs: A low-risk option to grow your business funds with competitive rates and flexible terms of 14 days to five years.
U.S. Bank offers a wide selection of credit cards, which include cash back cards, low APR cards, travel cards, points-earning cards, and cards with no annual fee. Our list of the best U.S. bank credit cards can help you determine which best suits you.
- Lines of credit: U.S. Bank offers lines of credit for overdraft protection, cash flow management, real estate equity, and materials, equipment, and inventory.
- Loans: Available U.S. Bank term loan options include quick loans with online applications, conventional financing term loans, equipment financing, and commercial real estate loans.
- Practice financing: U.S. Bank offers financing options for healthcare practitioners, particularly veterinary, eye care, dentists, and dental professionals.
- SBA Loans: As an SBA Preferred Lender, U.S. Bank provides SBA 7(a) business, SBA 7(a) real estate loans, and SBA 504 real estate loans.
- McDonald’s franchise financing: U.S. Bank offers a number of financing options for current and aspiring McDonald’s franchise operators or owners. These include fixed- and adjustable-rate term loans, credit facility options, and working capital lines of credit.
U.S. Bank Business Checking Reviews From Users
U.S. Bank business checking reviews are middling to positive. The bank has a rating of 3.9 on WalletHub (based on 21,000-plus reviews) and 2.4 on ConsumerAffairs (based on more than 1,800 reviews). Common complaints include the following:
- Poor fraud detection: Users claimed that the bank would flag non-fraudulent transactions as fraud.
- Long hold times for check deposits: Customers who rated the bank negatively said that their checks were held for longer than reasonable.
The majority of reviews focused on customer service rather than business checking. However, because U.S. Bank is a large national bank with branches in multiple states, experiences across branches vary distinctly. While several reviewers—usually long-time U.S. Bank clients—praised the bank for offering personalized customer service, a significant number said the opposite, claiming that the staff is inefficient and difficult to reach.
U.S. Bank stands out among today’s traditional banking landscape because it offers free business checking (Silver Business Checking), making it a great fit for small businesses that want affordable banking but still rely on in-person banking services. Businesses with larger transaction volumes can upgrade to Gold Business Checking or Platinum Business Checking, which have higher transaction limits and waivable monthly fees. Other useful features include overdraft protection, remote deposit capture, payment solutions, merchant services, and cash management.