U.S. Bank and Bank of America offer two of the most accessible business checking accounts in the market. The U.S. Bank Silver Business Checking Account charges no monthly fee and is available in all states through online banking. Meanwhile, Bank of America is available in 38 states and Washington, D.C. Although it charges a $16 monthly fee, the conditions you need to meet to waive the monthly fee are relatively easy to complete.
Compared to U.S. Bank, Bank of America offers higher monthly limits for transactions and cash deposits. Qualified members can also get discounts on banking fees through the Preferred Rewards for Business program.
Here is a summary of what each is best for:
- U.S. Bank: Best for free business checking and businesses with low transaction volumes
- Bank of America: Best for ongoing rewards and low cash deposit fees
If neither of these options feel like the right fit, you may want to consider:
- Novo: Best for no monthly fees and no minimum balance requirements
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, ADP, Roll (free for 3 months) | Cash Flow Monitor, ADP (for payroll services), Turbo Tax, and other connected apps |
Invoicing Products | Zelle, U.S. Bank POS Solutions using talech, Remote Deposit Capture, Cash deposit services, Deluxe Payment Exchange, SinglePoint, SinglePoint Essentials, Real-Time Payment (RTP®) | Merchant services through Expensify and cash flow tools |
Other Products Available | Nonprofit checking, analyzed checking, business savings, business certificates of deposit (CDs), business money market, business credit cards, and lending products | Business savings, CDs, lending products, and insurance products through Merrill |
When To Use
For tips on selecting a business account, check out our guide on how to open a business bank account.
Comparison of U.S. Bank vs Bank of America Business Checking 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 Bank of America vs U.S. Bank business checking, we see that Bank of America’s features get high scores more often. U.S. Bank is great if you need a bank with low barriers to entry since it lets you open an account online from any state and charges zero monthly maintenance fees. However, having more physical branches and higher limits for cash deposits makes Bank of America the better choice for cash-reliant 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 28 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 Carolina, South Dakota, Tennessee, Texas, Utah, Washington, Wisconsin, and Wyoming.
Bank of America: 4 out of 5
Bank of America is available in 38 states and Washington, D.C. It is unavailable in Alabama, Alaska, Hawaii, Louisiana, Mississippi, Montana, Nebraska, North Dakota, Vermont, West Virginia, Wisconsin, and Wyoming.
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. However, the requirements for waiving the monthly fee are relatively easy to meet.
You can waive the monthly fee by doing one or more of the following:
- Make $250 worth of new net qualified debit card purchases in one month
- Maintain a combined average monthly balance of $5,000
- Become a Preferred Rewards for Business member
U.S. Bank: 4 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: 5 out of 5
With Business Advantage Fundamentals Banking, you get 200 fee-free transactions per month. Transactions refer to teller transactions and written checks.
U.S. Bank: 2 out of 5
U.S. Bank’s Silver Business Checking offers a monthly cash deposit allowance of $2,500. After hitting the limit, you must pay a fee of 33 cents per $100.
Bank of America: 4 out of 5
Business Advantage Fundamentals Banking offers $7,500 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 account, and an analyzed 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 300 free transactions and $10,000 worth of free cash deposits. It has a waivable monthly fee of $20.
- Platinum Business Checking: A high-level business checking account that provides 500 free transactions and a cash deposit allowance of $20,000. It has a waivable monthly fee of $30.
It also offers the following interest-earning specialty checking accounts:
- Nonprofit Checking: This account has no monthly fee and has an annual limit of 1,800 free transactions and $30,000 in cash deposits.
- Premium Business Checking: An analyzed checking account that provides earnings credit to offset banking fees. The amount of earnings credit you receive depends on your account balance.
Bank of America only offers one other type of business checking account. The account, called Business Advantage Relationship Banking, offers 500 free combined teller transactions and written checks per month and charges a monthly fee of $29.95. It has a monthly cash deposit limit of $29.95.
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
- Commercial real estate (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.
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
To qualify for Preferred Rewards for Business, you need an active Bank of America Business Checking account and a three-month combined average daily balance of at least $20,000 across Bank of America business deposit accounts and/or Merrill business investment accounts.
U.S. Bank vs Bank of America Business Checking User Reviews
U.S. Bank | Bank of America | |
|---|---|---|
WalletHub Rating | 3.9 (based on 21,000+ reviews[1]) | 3.9 (based on 39,000+ reviews[2]) |
Users Like |
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Users Dislike |
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Comparing U.S. Bank vs. Bank of America business checking on user review platforms leaves you with a more or less even result. U.S. received a 3.9 out of 5 rating on WalletHub while Bank of America received a 2.9 out of 5 rating on WalletHub. The majority of users who rated these banks positively left reviews for specific staff members rather than the bank or its business checking products.
However, a handful of satisfied Bank of America reviewers said that they found the bank’s customer service arm helpful and responsive. U.S. Bank users said the opposite, complaining that the service they received often felt impersonal.
U.S. Bank was also criticized for its website, which many customers found non-user-friendly. However, it was praised for charging few fees for its business checking products.
Specific Bank of America complaints included a lack of support for fraud victims and long hold times for check deposits. Users who became victims of fraud said that they were given little assistance. Additionally, customers disliked how long it took for deposited checks to appear in their accounts.
Bottom Line
The choice between Bank of America vs. U.S. Bank business checking depends on your transaction volume. Although U.S. Bank is more affordable at first glance, it has lower limits for cash deposits and day-to-day transactions. If you have a higher transaction volume, Bank of America may accommodate your needs better. With generous monthly transaction allowances and easy requirements for waiving monthly fees, the bank is a good choice for organizations seeking affordable business checking options.
Review references:
1U.S. Bank on WalletHub
2Bank of America on WalletHub
