U.S. Bank Business Checking Review 2023
This article is part of a larger series on Business Banking.
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. Opening a business checking account at U.S. Bank can be done in person, online, or over the phone.
What We Like
- No monthly maintenance fee for Silver Business Checking account
- Can earn interest for Gold and Nonprofit Business Checking accounts
- Available in all 50 states
What's Missing
- Interest-earning accounts offer only 0.005% annual percentage yield (APY)
- Limited free transactions
Features
- Online and mobile banking with mobile check deposit and bill pay
- Check fraud prevention
- Payment processing systems (card payments using talech, Remote Deposit Capture, and cash services)
- Accept payments in person, online and on the go
- Cash management services
- Comes with U.S. Bank Visa debit card
How U.S. Bank Stacks Up With Its Competitors
Monthly Fee | Monthly Transaction Limit Before Fees | Monthly Cash Deposit Limit Before Fees | Geographic Availability | |
|---|---|---|---|---|
 Silver Business Checking | $0 | 125 free, then 50 cents per item | $2,500, then 30 cents per unit* | All 50 states |
 Business Complete Checking | $15; waivable | Unlimited electronic transactions; 20 free paper transactions, then 40 cents per item* | $5,000, then $2.50 per $1,000 | All except Alaska and Hawaii |
 Business Advantage Fundamentals | $16; waivable | 200 free, then 45 cents per item | $7,500, then 30 cents per $100 | All except Alabama, Alaska, Hawaii, Louisiana, Mississippi, Montana, Nebraska, North Dakota, Vermont, West Virginia, Wisconsin, and Wyoming |
*Units are based on cash deposits divided by 100.
†Paper transactions refer to teller withdrawals and deposits made using paper checks.
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, Small Business Administration (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 U.S. Bank Is Not a Good Fit
- 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 send wire transfers regularly: Outgoing wire transfers under U.S. Bank cost $40 for domestic recipients and $75 for international recipients. A good alternative is the fintech solution Mercury, which charges $0 for all wire transfers. Read our Mercury business checking review for more information.
- 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
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U.S. Bank Business Checking Requirements
Here are the requirements to open a U.S. Bank business checking account:
- Social Security number, personal address, and phone number
- Business’ 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 a rating of 4.8 out of 5 on App Store and 4.6 out of 5 on Google Play. 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. See U.S. Bank on App Store or U.S. Bank on Google Play for more information.
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.
Overdraft Protection
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
U.S. Bank offers remote deposit capture (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.
RDC Type | Method | Best for |
|---|---|---|
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 Express | 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 who want to accept checks and cards using a single device |
Business Services
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 automated clearing house (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
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 (CRE) 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 User Reviews
U.S. Bank business checking reviews are middling to positive. The bank has a rating of 3.9 stars on WalletHub1 (based on 21,000-plus reviews) and 3.9 stars on ConsumerAffairs2 (based on around 1,200 reviews). Users reported problems with fraud detection and complained that they received fraud alerts for non-fraudulent transactions. A few also said that the bank holds funds from check deposits 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.
Bottom Line
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.
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