U.S. Bank vs Chase Business Checking 2023: Which Is Best?
This article is part of a larger series on Business Banking.
U.S. Bank and Chase are two of the best banks for small businesses. Both are easily available to the majority of American businesses, with U.S. Bank offering online banking in all states and Chase operating in-person branches in the 48 mainland states. Additionally, both banks are Federal Deposit Insurance Corp. (FDIC)-insured.
When it comes to basic business checking, U.S. Bank is more accessible. The U.S. Bank Silver Business Checking account charges no monthly fee and offers generous transaction allowances. Meanwhile, Chase is better for businesses that are more reliant on in-person banking, thanks to its extensive branch presence and decent cash deposit limits.
Here is a summary of what each is best for:
- U.S. Bank: Best for free business checking and businesses with low transaction volumes
- Chase: Best overall with full-service banking with wide geographic availability
U.S. Bank vs Chase Business Checking Quick Comparison
 Silver Business Checking |  Business Complete Banking | |
|---|---|---|
Debit Card | Free U.S. Bank Visa Debit card | Free Chase business debit card, mailed within 10 business days of application approval |
Software Integrations | QuickBooks, ADP, Roll (free for 3 months) | QuickBooks and FreshBooks |
Invoicing Products | Zelle, U.S. Bank point-of-sale (POS) Solutions using talech, remote deposit capture (RDC), cash deposit services, Deluxe Payment Exchange, SinglePoint, SinglePoint Essentials, and Real-Time Payment (RTP®) | Available through Chase Merchant Services |
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, credit cards, and employee retirement plans |
For More Information |
When To Use
Comparison of U.S. Bank vs Chase Business Checking Features
U.S. Bank | Chase | |
|---|---|---|
4.29 stars | 4.14 stars | |
Geographic Availability | ★★★ | ★★★★★ |
Online Account Opening | ★★★★★ | ★★★★★ |
Monthly Fees | ★★★★★ | ★★★ |
Monthly Transaction Limits | ★★★★★ | ★★★★ |
Monthly Cash Deposit Limits | ★★ | ★★★★ |
Other Checking Accounts | ★★★★★ | ★★★ |
Other Products | ★★★★★ | ★★★★★ |
Rating Explanation:
★★★★★ 5: This feature enhances your banking experience at little to no cost.
★★★★ 4: This feature has a few minor drawbacks/limits or comes at a slight cost.
★★★ 3: This feature has a few drawbacks/limits or comes at a slightly high cost.
★★ 2: This feature has a few major drawbacks/limits or comes at a high cost.
★ 1: This feature has major drawbacks/limits.
0: This feature is unavailable.
U.S. Bank has a slight edge over Chase when it comes to affordability. However, having a wider geographic reach and higher cash deposit limits makes Chase a better option for cash-reliant businesses.
U.S. Bank: 3 out of 5
You can open a U.S. Bank business checking account from any state. However, the bank only has physical locations in 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.
Chase: 5 out of 5
Chase has an advantage over U.S. Bank when it comes to in-person banking. The bank has 4,700 branches across all U.S. states except Alaska and Hawaii.
U.S. Bank: 5 out of 5
You can open a U.S. Bank business checking account online.
Chase: 5 out of 5
Chase also supports online account opening.
U.S. Bank: 5 out of 5
There is no monthly fee for Silver Business Checking.
Chase: 3 out of 5
Business Complete Banking charges a monthly fee of $15, which is around the same as what other banks charge. However, you have several options for waiving the monthly fee:
- Maintain a $2,000 average daily balance
- Have $2,000 in net purchases on Chase InkBusiness Cards
- Have $2,000 in deposits from Chase QuickAccept or other eligible Chase Payment Solutions transactions
- Link a Chase Private Client Checking account
- Provide qualifying proof of military status
U.S. Bank: 5 out of 5
With Silver Business Checking, you get 125 free transactions per month. This can include any combination of the following:
- Deposits and other credits
- Checks paid and other debits
- Automated clearing house (ACH)
- Deposited items
- Signature and PIN-based debit card purchases
Chase: 4 out of 5
Business Complete Banking only gives you 20 free teller and paper transactions per month. These refer to the following:
- Deposits and withdrawals made with a teller
- Paper checks written on your account
Each transaction after the limit costs 40 cents.
However, you also get unlimited digital transactions for free. Digital transactions include:
- Check deposits through Chase QuickDeposit
- Electronic deposits and deposited items
- Debit card transactions
- In-network ATM deposits and withdrawals
- Payments and transfers made through the Chase website or mobile app
U.S. Bank: 2 out of 5
U.S. Bank has a relatively low monthly cash deposit limit of $2,500. There is a fee of 33 cents per $100 deposited after the limit.
You have the option to deposit cash at U.S. Bank ATMs.
Chase: 4 out of 5
With Business Complete Banking, you get a monthly cash deposit allowance of $5,000. Deposits after the limit cost $2.50 per $1,000. You can also deposit cash for free at Chase ATMs.
U.S. Bank: 5 out of 5
U.S. Bank’s higher-tier business checking accounts also charge low fees while offering relatively high transaction allowances. After Silver Business Checking, you can upgrade to one of these two options:
- Gold Business Checking provides 300 free transactions and $10,000 worth of free cash deposits for a waivable monthly fee of $20.
- Platinum Business Checking offers 500 free transactions and a cash deposit allowance of $20,000 for a waivable monthly fee of $30.
It also offers the following interest-earning specialty checking accounts:
- Nonprofit Checking has no monthly fee and offers 1,800 free transactions and $30,000 in cash deposits annually.
- Premium Business Checking offers earnings credit based on your balance. You can use earnings credit to offset banking fees.
Chase: 3 out of 5
Chase’s higher-tier business checking accounts have higher monthly fees and lower monthly transaction limits compared to U.S. Bank. However, they also have higher cash deposit allowances.
- Performance Business Checking has a $30 monthly fee (waivable). It offers unlimited electronic deposits, a monthly fee-free transaction limit of 250 items, and a monthly fee-free cash deposit limit of $20,000. Read our review of Chase Performance Business Checking review for more information.
- Platinum Business Checking charges a monthly fee of $95 (waivable). Like Performance Business Checking, it provides unlimited electronic deposits, plus monthly allowances of 500 items and $25,000 in cash deposits. For a more detailed breakdown, check out our Chase Platinum Business Checking review.
You can also refer to our review of Chase business checking for a comparison of all three Chase business checking accounts.
U.S. Bank: 5 out of 5
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, Small Business Administration (SBA) loans, and equipment or practice financing,
Chase: 5 out of 5
Chase’s additional products include savings accounts, CDs, business lines of credit, small business loans, commercial real estate (CRE) financing, and employee 401(k) plan solutions.
U.S. Bank vs Chase Business Checking User Reviews
U.S. Bank | Chase | |
|---|---|---|
WalletHub Rating | 3.8 (based on around 27,000 reviews[1]) | 3.8 (based on about 27,000 reviews[2]) |
Users Like |
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Users Dislike |
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U.S. Bank and Chase both received mixed reviews from users. On WalletHub, U.S. Bank has a rating of 3.8 stars while Chase also has a rating of 3.8. Satisfied U.S. Bank users liked that the bank had few fees, while satisfied Chase users praised the fast application process. However, for both banks, the majority of positive reviews were comments praising specific customer service representatives.
When it came to negative reviews, both banks received complaints about impersonal customer service. A unique criticism customers directed at U.S. Bank said that the official website was not user-friendly. Meanwhile, Chase users said that the requirements for waiving monthly fees were difficult to meet.
Bottom Line
The choice between Chase vs U.S. Bank business checking depends on the complexity of your business needs. U.S. Bank has lower fees, but more limitations. It operates physical branches in fewer states and has low fee-free cash deposit allowances. Meanwhile, with 4,700 brick-and-mortar branches across 48 states, Chase is more available to users who are reliant on in-person banking services. While its monthly fees are much higher than U.S. Bank’s, Chase offers many ways to waive them.
For more tips on selecting a business banking provider, check out our guide on how to open a business bank account.
User review references
