U.S. Bank Business Checking Review 2023
Tricia has nearly two decades of experience in commercial and federal government lending. Her expertise is highlighted throughout small business loan content on Fit Small Business.
Ricci Recto has two years of writing experience creating digital marketing content for finance clients. She specializes in business banking.
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
What's Missing
- Free cash deposits are small and calculated by units*
- Interest rates are not transparent
- Operates in 26 states**
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
*Units are based on cash deposits divided by 100.
**Business checking account applicants must reside 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 Dakota, Tennessee, Utah, Washington, Wisconsin, or Wyoming.
How U.S. Bank Stacks Up With Its Competitors
Monthly Fee | Monthly Transaction Limit Before Fees | Cash Deposit Fee | Minimum Opening Deposit | |
|---|---|---|---|---|
 Silver Business Checking | No charge | 125 free, then 50 cents per item | Up to $2,500 in free cash deposits, then 30 cents per $100 per statement cycle | $100 |
 Business Complete Checking | $15; waivable | Unlimited electronic transactions; 20 free paper transactions, then 40 cents per item* | Up to $5,000 free cash deposits, then $2.50 per $1,000 per statement cycle | None |
 Business Advantage Fundamentals | $16; waivable | 200 free, then 45 cents per item | Up to $7,500 per month free, then 30 cents per $100 per statement cycle | $100 |
*Paper transactions refer to teller withdrawals and deposits made using paper checks.
When U.S. Bank Is a Good Fit
- Sole proprietors or freelancers with a low number of transactions per month: Its Silver Business Checking Account covers 125 free transactions monthly with no maintenance fee, making it a great fit for businesses with limited transaction volumes. This is also the reason it’s part of our list of the best small business checking accounts.
- Business owners looking for an option to visit a physical branch: U.S. Bank has more than 2,000 branches in 26 states.
- Startups and new businesses looking for inexpensive basic banking services: U.S. Bank made our best banks for small business and best free business checking account lists because of its no-fee basic business checking account. Moreover, as businesses grow, they can upgrade to U.S. Bank’s other checking accounts (which have waivable fees).
- Nonprofit businesses looking for zero monthly account fees: U.S. Bank offers 1,800 free transactions per year and charges no monthly fee and requires no minimum balance for its nonprofit checking account. In our roundup of the best banks for nonprofits, we named U.S. Bank the best for organizations with large fundraising events
- Businesses that issue checks frequently: U.S. Bank has excellent check fraud controls and uses several check verification services.
- Businesses that need a business line of credit, business loans, or Small Business Administration (SBA) loans for real estate investment: U.S. Bank provides multiple lending options and is among the best banks for real estate investors, especially those looking for short-term financing.
When U.S. Bank Is Not a Good Fit
- Businesses located outside of U.S. Bank’s service area: To be eligible for a U.S. Bank business checking account, applicants must reside in one of the 26 states it serves. Chase and Bank of America are strong alternatives that operate much more widely across the country.
- Businesses that 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 2.00% APY to accounts that meet its activity requirements.
- Businesses that 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.
U.S. Bank Business Checking Overview
Terms | Silver Business Checking | Gold Business Checking | Platinum Business Checking | Nonprofit Business Checking (Specialty Account) |
|---|---|---|---|---|
Monthly Maintenance Fee | None | $20; waivable when conditions are met | $30; waivable when conditions are met | None |
Number of Free Transactions* | 125 per statement cycle | 300 per statement cycle | 500 per statement cycle | 1,800 annually |
Cost per Excess Transaction | 50 cents | 45 cents | 45 cents | 50 cents |
Number of Free Cash Deposits | 25 units per statement cycle | 100 units per statement cycle | 200 units per statement cycle | 300 units annually |
Discount on First Check Order | 50% discount up to $50 | 50% discount up to $100 | Info unavailable | |
APY | N/A | 0.005% on balances of $20,000 and above | N/A | 0.005% |
Domestic Wire Transfer Fees | $14 for incoming $40 for outgoing $35 for outgoing Voice Wires** | |||
International Wire Transfer Fees | $15 for incoming $75 for outgoing | |||
Open an Account | ||||
*Transactions include teller deposits, ATM deposits, and check and debit card purchases
**A Voice Wire is a wire transfer initiated by a business customer who elected to have a Wire PIN set up and has called the wire transfer department to process their request.
Silver Business Checking, Gold Business Checking, Platinum Business Checking, Nonprofit Business Checking | |
|---|---|
Debit Card | U.S. Bank Visa Debit card |
Mobile Check Deposits (With Conditions) | Free |
Software Integrations | QuickBooks, ADP, and Roll (free for three months) |
Business Payment Integrations | U.S. Bank POS Solutions using talech, remote deposit capture, cash deposit services, deluxe payment exchange, SinglePoint®, SinglePoint® Essentials, and real-time payments (RTP®) |
Customer Service | Call (833) 792-1433 or fill out an online form on its website to reach a business banker |
Other Products Available | Business savings, business certificates of deposit (CDs), business money market, business credit cards, and lending products |
Open an Account |
Conditions to Waive Monthly Maintenance Fees
Gold Business Checking | Platinum Business Checking |
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U.S. Bank Business Checking Requirements
Here are the requirements to open a U.S. Bank business checking account:
- Applicants must be a resident of 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, or Wyoming
- Social Security number, personal address, and phone number
- Business’s employer identification number (EIN) or tax ID number
- 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 opening a business bank account can give you additional tips before you apply.
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 4.7 out of 5 on Google Play. According to users, the app is reliable and easy to navigate. However, some complain that ads for services and partner companies clutter the screen.
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), where customers can deposit 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 |
SinglePoint®
U.S. Bank customers can access a convenient cash management platform, SinglePoint, which can be tailored to the user.
With SinglePoint, all online accounts and reports can be viewed in one place, and it gives you the option to control user access and protect your accounts through fraud prevention services. It allows you to process account transfers, domestic and international wire transfers, ACH transactions, and instant payments. The platform also lets you manage checks through the Check Payables API and monitor trading activity.
Business Services
U.S. Bank offers business owners payment processing services, epayment 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.
- Epayments and money transfers: For convenience and speed, businesses can maximize digital payments in the form of echecks, bill pay, wire transfers, international electronic payments, and 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
U.S. Bank has a full suite of banking products and services for small businesses. This covers business savings accounts, certificates of deposits (CDs), money market accounts, credit cards, and loans.
Savings Products
- 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.
Credit Cards
Choose among U.S. Bank’s different cards: Triple Cash Rewards Visa Card, Business Leverage Signature Card, and Business Platinum Card. You’ll be entitled to waived annual fees, cashback, low interest, or rewards.
Lending Products
- 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 loans.
- SBA loans: As an SBA Preferred Lender, U.S. Bank provides SBA 7(a) business, SBA 7(a) real estate loans, SBA 504 real estate loans, and SBA PPP loan forgiveness.
U.S. Bank Business Checking Pros & Cons
| PROS | CONS |
|---|---|
| Free account available | U.S. Bank branches limited to 26 states |
| $500 bonus when you open a new account | Low number of free cash deposits for basic business checking account |
| Highly rated mobile app | Low APY* |
U.S. Bank is one of the few traditional banks to offer a business checking account (Silver Business Checking) that charges no monthly fee without having a minimum balance requirement. Higher-tier accounts charge monthly fees, but these can be waived by meeting account requirements. Additionally, the bank currently offers an account opening bonus for new business checking accounts.
Bank clients can transact in person or online. The U.S. Bank mobile app has earned a high rating on both App Store and Google Play. Though reviewers say ads make the screen clunky, they praise the interface for being easy to navigate.
Where U.S. Bank falls short is network availability, transaction limits for free accounts, and APY for interest-earning accounts. The bank is only available in 26 states. Additionally, Silver Business Checking accounts offer only 125 free transactions and $2,500 free cash deposits. Interest-earning accounts like Gold Business Checking and Premium Business Checking with Interest only pay APY up to 0.005%.
Alternatives To U.S. Bank Business Checking
U.S. Bank is a great business checking provider for businesses looking for both free account options and access to physical branches. However, if you’re looking for lower fees, higher interest rates, and unlimited free transactions, it’s usually better to sacrifice in-person banking and choose online-only providers. Here are three alternative options to consider:
- Novo* is best for unlimited fee-free ATM usage. It reimburses all ATM fees at the end of each month, giving users the freedom to make transactions at any ATM network.
- Bluevine* is best for earning interest on checking deposits as it pays qualified accounts 2.00% APY on balances up to $100,000.
- First Internet Bank is the best full-service online bank. Its product selection includes interest-earning business checking, savings accounts, high-yield money market accounts, CDs, and lending products.
*Providers are financial technology (fintech) platforms backed by and Federal Deposit Insurance Corp. (FDIC)-insured through a supporting bank partnership (Middlesex Federal Savings for Novo and Coastal Community Bank for Bluevine).
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 still need in-person banking services and support for cash deposits. 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.
