U.S. Bank and Bank of America are in the top five largest banks across the nation. U.S. Bank has branches in 26
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 unlimited digital transactions, including 25 free monthly teller transactions.
- Bank of America: Best suited for businesses needing affordable monthly fees with the option for in-person banking, allowing up to 200
Why You Can Trust Fit Small Business
U.S. Bank vs Bank of America Business Checking Comparison
 Business Essentials |  Business Advantage Fundamentals Banking | |
|---|---|---|
| Online Banking Availability | All states | Washington, D.C., and 38 |
| In-person Banking Availability | 26 states | Washington, D.C., and 38 |
| Required Opening Deposit | $25 | $100 |
| Monthly Fee | $0 | $0 for the first 12 months, then $16 waivable |
| Monthly Transaction Limit Before Fees | Unlimited digital transactions and 25 free teller transactions | 200 |
| Excess Transaction Fee | 50 cents each | 50 cents each |
| ATM Fees | None for U.S. Bank and MoneyPass ATMs | None for Bank of America ATMs; $2.50 fee for out-of-network; $5.00 fee for international out-of-network fee |
| Monthly Cash Deposit Allowance | 25 free cash deposit units | $7,500 |
| Excess Cash Deposit Fee | 50 cents each | 30 cents per $100 |
| APY | N/A | N/A |
| For More Information | Read our U.S. Bank business checking review | Read our Bank of America business checking review |
Business Essentials | 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 | Business savings account, business CD, business credit cards, business line of credit, CRE |
When to Use U.S. Bank, Bank of America, or Alternatives
- Your business has a low transaction volume: U.S. Bank’s Business Essentials checking account allows unlimited digital transactions and 25 free cash deposit units
- You want an account with no monthly maintenance fees and no required minimum balance: The Business Essentials Checking account does not access a monthly maintenance fee and has no minimum balance.
- You are a nonprofit organization: U.S. Bank has a great program for nonprofits. You can make 1,800 free transactions and 300 cash deposit units
- You have a high transaction volume per month: Bank of America’s Business Advantage Fundamentals Banking account has a limit of 200
- You meet the qualifications to waive the monthly maintenance fee: There are three ways to waive the monthly fee. If you maintain an average daily balance of $5,000, use your debit card for at least $250 in new net qualified purchases, or are a member of the Preferred Rewards for Business program
- You have a high cash deposit volume: The Business Advantage Fundamentals Business Checking account allows $7,500
- You need a business checking account that’s interest-bearing: The U.S. Bank and Bank of America accounts reviewed in this article are non-interest-bearing. If you’re looking for APY, you may want to check out Bluevine. Its business checking account offers an APY of 1.3% on qualifying balances of $250,000 or less. Read our review of Bluevine business checking for more information on how to qualify for Bluevine’s APY.
- You need nationwide access to in-person banking: U.S. Bank and Bank of America are two of the largest banks in the nation. However, if neither bank is in your service area, check out Chase, which has physical locations in all 48 mainland states. Our Chase business checking review can help you choose between one of its three business accounts.
- You want a bank that offers personalized service: National banks tend to have a large customer base, which may make in-person visits more difficult if you need specialized attention. Regional banks, community banks, and credit unions may be the better option and they offer more opportunities for personalized service. Our article on how to choose a small business bank can give more tips on selecting the right provider.
U.S. Bank vs Bank of America Business Checking Comparison of Features
| U.S. Bank | Bank of America | |
|---|---|---|
| OVERALL RATING | 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.
Geographic Availability ( Winner: Bank of America)
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.
Online Account Opening (Winner: U.S. Bank)
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.
Monthly Fees (Winner: U.S. Bank)
U.S. Bank: 5 out of 5
The Business Essentials 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
Monthly Transaction Limits (Winner: U.S. Bank)
U.S. Bank: 5 out of 5
Business Essentials Checking gives you unlimited digital transactions and 25 free monthly teller transactions.
Bank of America: 4 out of 5
With Business Advantage Fundamentals Banking, you get 200
Monthly Cash Deposit Limits (Winner: Bank of America)
U.S. Bank: 2 out of 5
U.S. Bank’s Business Essentials Checking offers a monthly cash deposit allowance of 25 units
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.
Other Checking Accounts (Winner: U.S. Bank)
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
- Platinum Business Checking: A high-level business checking account that provides 550 free transactions and a cash deposit allowance of 250 units
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
- 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.
Other Business Products (Tie)
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
Rewards Programs (Winner: Bank of America)
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.
Business Essentials | 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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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)
Is Bank of America a good bank for a business?
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.
Is the U.S. Bank good for business accounts?
Yes, U.S. Bank is great for businesses looking for an affordable checking account. The Business Essentials Checking tier does not charge monthly maintenance fees and allows unlimited digital transactions. This makes business banking affordable.
What bank is best for a business account?
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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