U.S. Bank and Bank of America are in the top five largest banks across the nation. U.S. Bank has branches in 26 Arizona, Arkansas, California, Colorado, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Minnesota, Missouri, Montana, Nebraska, Nevada, New Mexico, North Carolina, North Dakota, Ohio, Oregon, South Dakota, Tennessee, Utah, Washington, Wisconsin, and Wyoming. states, while Bank of America has branches in Washington, D.C., and 38 Arizona, Arkansas, California, Colorado, Connecticut, Delaware, Florida, Georgia, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Maine, Maryland, Massachusetts, Michigan, Minnesota, Missouri, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico, New York, North Carolina, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, Tennessee, Texas, Utah, Virginia, and Washington. states—so depending on your geographical location, one may be the better fit if you need access to a branch. Both offer competitive business checking accounts tailor-made for small businesses.
Here is a summary of what each is best for:
- U.S. Bank: Best suited for business owners needing a free checking account with low transaction volume and plenty of software integrations. There are also no minimum balance requirements and 125 free transactions per statement cycle, including 25 cash deposit units Units are calculated by dividing each cash deposit by 100 and rounding the results value to a whole number. .
- Bank of America: Best suited for businesses needing affordable monthly fees with the option for in-person banking, allowing up to 200
Effective November 1, 2024, there will be no fee for the first 20 transactions, then 45¢ per item
transactions per month and $7,500
Currently the cash limit is $7,500 which will be changing to $5,000 In November 2024
in cash deposits. This account charges a $16 monthly maintenance fee that can be waived by meeting preset requirements
You can waive the monthly fee by meeting one or more of the following requirements:
- Maintain a $5,000 combined average monthly balance
- Use your debit card for at least $250 in new net qualified purchases
- Become a Preferred Rewards for Business member
If neither of these are the right fit for your business, you may want to consider:
- Novo: Best for no monthly fees and no minimum balance requirements
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Looking for an affordable business checking and don’t need access to in-person banking services? Novo is a good choice. |
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U.S. Bank vs Bank of America Business Checking Comparison
 Silver Business Checking |  Business Advantage Fundamentals Banking | |
|---|---|---|
Debit Card | Free U.S. Bank Visa debit card | Free Bank of America business debit card |
Software Integrations | QuickBooks, Quicken | Advantage 360, Google Workspace |
Invoicing Products or Integrations | Zelle, U.S. Bank POS Solutions | QuickBooks, Quicken |
Other Products Available | Nonprofit checking, business savings account, business CD, business money market, business credit cards, business loans, and line of credit |
When to Use U.S. Bank, Bank of America, or Alternatives
U.S. Bank vs Bank of America Business Checking Comparison of Features
U.S. Bank | Bank of America | |
|---|---|---|
3.63 ★ | 4.13 ★ | |
Geographic Availability | ★★★ | ★★★★ |
Online Account Opening | ★★★★★ | ★★★★ |
Monthly Fees | ★★★★★ | ★★★★ |
Monthly Transaction Limits | ★★★★ | ★★★★★ |
Monthly Cash Deposit Limits | ★★ | ★★★★ |
Other Checking Accounts | ★★★★★ | ★★★ |
Other Products | ★★★★★ | ★★★★★ |
Rewards | 0 | ★★★★ |
Rating Explanation: ★★★★★: This feature enhances your banking experience at little to no cost. ★★★★: This feature has a few minor drawbacks/limits or comes at a slight cost. ★★★: This feature has a few drawbacks/limits or comes at a slightly high cost. ★★: This feature has a few major drawbacks/limits or comes at a high cost. ★: This feature has major drawbacks/limits. 0: This feature is unavailable. | ||
When comparing U.S. Bank vs Bank of America business checking, you’ll notice Bank of America’s features get higher scores. U.S. Bank is great if you’re looking for a bank that charges zero monthly maintenance fees with no minimum balance requirements. However, having more physical branches makes Bank of America a great choice, especially for cash-reliant businesses. Depending on your geographic location, both banks have great tools for small businesses.
U.S. Bank: 3 out of 5
U.S. Bank lets you open an account from any state. However, its brick-and-mortar branches are located exclusively in 26 states: Arizona, Arkansas, California, Colorado, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Minnesota, Missouri, Montana, Nebraska, Nevada, New Mexico, North Carolina, North Dakota, Ohio, Oregon, South Dakota, Tennessee, Utah, Washington, Wisconsin, and Wyoming.
Bank of America: 4 out of 5
Bank of America is available in Washington, D.C., and 38 states: Arizona, Arkansas, California, Colorado, Connecticut, Delaware, Florida, Georgia, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Maine, Maryland, Massachusetts, Michigan, Minnesota, Missouri, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico, New York, North Carolina, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, Tennessee, Texas, Utah, Virginia, and Washington.
U.S. Bank: 5 out of 5
You can open a U.S. Bank business checking account online, regardless of what state you live in.
Bank of America: 4 out of 5
Bank of America supports online account opening but only for users living in states that have Bank of America branches.
U.S. Bank: 5 out of 5
The Silver Business Checking account charges no monthly fee.
Bank of America: 4 out of 5
Business Advantage Fundamentals Banking has a monthly fee of $16. You can waive the monthly fee by meeting one or more of the following conditions:
- Make $250 worth of new net qualified debit card purchases during the statement cycle
- Maintain a combined average monthly balance of $5,000
- Become a Preferred Rewards for Business member
U.S. Bank: 5 out of 5
Silver Business Checking gives you 125 free transactions per month. Transactions refer to:
- Deposits and other credits
- Checks paid and other debits
- ACH
- Deposited items
- Signature and PIN-based debit card purchases
Bank of America: 4 out of 5
With Business Advantage Fundamentals Banking, you get 200 Effective November 1, 2024, there will be no fee for the first 20 transactions. After the limit, 45 cents per item will be charged fee-free transactions per month. Transactions refer to teller transactions and written checks. Effective November 1, 2024, there will be no fee for the first 20 transactions, then 45¢ per item. Due to this upcoming change, U.S. Bank will have a higher transaction limit.
U.S. Bank: 2 out of 5
U.S. Bank’s Silver Business Checking offers a monthly cash deposit allowance of 25 units Units are calculated by dividing each cash deposit by 100 and rounding the results value to a whole number. . After hitting the limit, you must pay a fee of 33 cents per unit Units are calculated by dividing each cash deposit by 100 and rounding the results value to a whole number. .
Bank of America: 4 out of 5
Business Advantage Fundamentals Banking offers $7,500 (changing to $5,000 in November 2024) worth of free cash deposits each month. The cash deposit fee after the limit is 30 cents per $100.
U.S. Bank: 5 out of 5
U.S. Bank offers two higher-level business checking accounts, a Non-Profit Checking (interest-bearing) account, and a Premium Business Checking account.
Users in need of higher transaction limits can upgrade to one of the following:
- Gold Business Checking: A mid-tier account with 350 free transactions and 125 units Units are calculated by dividing each cash deposit by 100 and rounding the results value to a whole number. of free cash deposits. It has a waivable monthly fee of $20.
- Platinum Business Checking: A high-level business checking account that provides 550 free transactions and a cash deposit allowance of 250 units Units are calculated by dividing each cash deposit by 100 and rounding the results value to a whole number. of free transactions. This account has a waivable monthly fee of $30.
It also offers the following interest-earning specialty checking accounts:
- Nonprofit Checking (interest bearing): This account has no monthly fee and has an annual limit of 1,800 free transactions per calendar year and 300 units Units are calculated by dividing each cash deposit by 100 and rounding the results value to a whole number. of free cash deposits per calendar year.
- Premium Business Checking: $30 monthly fee with no translation limit. Transactions are based on activity. This account provides an earnings credit to offset monthly maintenance and transaction fees.
- Checks processed: 30 cents each
- Electronic debits: 25 cents each
- Paper deposits: $1.10 each
- Electronic credits: 35 cents
- Deposited items: 25 cents each
- Cash deposit fee: 37 cents per $100
Bank of America: 3 out of 5
Bank of America only offers one other type of business checking account. The account is called the Business Advantage Relationship Banking account. It offers 500 free combined teller transactions and physical checks per month and charges a monthly fee of $29.95. It has a monthly cash deposit limit of $20,000.
U.S. Bank: 5 out of 5
U.S. Bank also offers the following business banking products:
- Savings accounts
- CDs
- Money market accounts
- Credit cards
- Loans
- Lines of credit
- Small Business Administration (SBA) loans
- Equipment or practice financing
Aside from business checking, U.S. Bank also offers business savings accounts, business CDs, business money market accounts, business credit cards, business loans, lines of credit, SBA loans, and equipment or practice financing.
Bank of America: 5 out of 5
Meanwhile, Bank of America offers the following business banking products:
- Savings accounts
- CDs
- Loans
- Lines of credit
- CRE loans
- Equipment loans
- Secured lines of credit
- Secured business loans
- SBA loans
- Healthcare practice loans
- Insurance products through Merrill
U.S. Bank: 0 out of 5
U.S. Bank does not have an ongoing rewards program for business checking; however, it does have a credit card with a rewards program.
Bank of America: 4 out of 5
Bank of America business checking customers can enroll in Preferred Rewards for Business, a rewards program that offers the following benefits:
- Waived banking fees
- Bonus rewards on credit card purchases
- Boosted APY for savings accounts
- Discounts on financing products and merchant services
- Professional advice
U.S. Bank vs Bank of America Business Checking User Reviews
These reviews are on the banks as a whole. There were very few reviews of their business checking accounts.
Silver Business Checking | Business Advantage Fundamentals Banking | |
|---|---|---|
WalletHub Rating | 3.9[1] | 3.9[2] |
Number of Reviews | ~22,405 | ~39,860 |
Users Like |
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Users Dislike |
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The comparison of U.S. Bank vs Bank of America business checking reviews from users gives us a perfectly even result, as both scored 3.9 stars on WalletHub. Since there were no specific reviews for the checking accounts, we considered the bank reviews as a whole. Many users left positive reviews and were very satisfied with their overall experience.
U.S. Bank was praised for its credit card rewards program. It partners with Harley-Davidson and Kroger, which was mentioned multiple times by happy customers loving the rewards. Meanwhile, Bank of America customers mentioned satisfaction with its rewards program for travel. Many were pleased with how quickly the travel miles build up and how wonderful it was when they were able to redeem them. Clients were also pleased with the quick turnaround time on credit card approval in the rewards program.
On the flip side, the U.S. Bank customers expressed concerns about resolving fraudulent charges that were posted to their accounts. Some even reported a loss of funds on charges that were never properly solved. They also felt a bit uncomfortable visiting the local 7-Eleven to deposit large amounts of cash.
Bank of America reviewers, on the other hand, expressed concerns regarding their experience with customer service handling issues in a timely manner and even having no resolution when requesting assistance by phone. This resulted in a visit to the branch, which often led to long wait times due to the high number of customers in line.
Frequently Asked Questions (FAQs)
Yes, Bank of America is a good bank for businesses looking for an affordable banking option. It has branches in Washington, D.C., and 38 states and in-person banking solutions, allowing cash deposits and 200 fee-free transactions. It also has many financial management tools for growing businesses.
Yes, U.S. Bank is great for businesses looking for an affordable checking account. The Silver Business Checking tier does not charge monthly maintenance fees and allows 125 free transactions. This makes business banking affordable.
The best bank for a business account largely depends on the long-term goals you have in place, but in our guide to best small business checking accounts, you’ll find that U.S. Bank tops the list. Also included are Chase, Bluevine, and Bank of America. Also, once you match your business model with the right banking model, you can review available options. There are also two main banking models to choose from.
- Traditional banks offer in-person banking with local branches and customer service.
- Online banks are designed for businesses that receive most of their payments electronically.
Bottom Line
There are a few things to consider when choosing between U.S. Bank and Bank of America, with your business location being the most important factor. If you need in-person banking services, search for a bank that has a branch near you. U.S. Bank has a presence in 26 states, whereas Bank of America is in 38. Both have great business banking products and services. Finding the best choice largely depends on your long-term business growth goals and the cash on hand to cover any monthly fees.
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