U.S. Bank Business Checking Review 2022
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.
This article is part of a larger series on Business Banking.
Whether you’re a new business owner or someone with a thriving enterprise, one of U.S. Bank’s three traditional business checking accounts can support your business. Its Silver Business Checking account, offering 125 free transactions per month with no required minimum balance or monthly maintenance fees, is best for startups, freelancers, and other businesses with a low volume of transactions. As your business grows, U.S. Bank’s Gold and Platinum accounts can accommodate those needs.
U.S. 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.
U.S. Bank
What We Like
- No monthly maintenance fee for Silver Business Checking account
- Can earn interest for Gold and Nonprofit Business Checking accounts
- $400 bonus when you open a Silver, Gold, or Platinum business checking account (subject to conditions)
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
Annual Percentage Yield (APY) | Cash Deposit Fee | ATM Fee | Minimum Opening Deposit | |
|---|---|---|---|---|
 Silver Business Checking | N/A | Up to $2,500 in free cash deposits, then 30 cents per $100 per statement cycle | Free for U.S. Bank ATMs No surcharges at MoneyPass network ATMs | $100 |
 Business Complete Checking | N/A | $2.50 per $1,000 after you deposit $5,000 in a billing cycle | No non-Chase ATM fees; ATM operator fees apply | None |
 Business Advantage Fundamentals | N/A | Up to $7,500 per month free, then 30 cents per $100 per statement cycle | $2.50/transaction at any non-Bank of America ATM, plus ATM operator fees | None |
When Is U.S. Bank a Good Fit?
- For 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 and one of our best bank accounts for self-employed professionals. This is also the reason it’s part of our list of best small business checking accounts.
- For business owners looking for an option to visit a physical branch: U.S. Bank has more than 2,000 branches in 26 states.
- For 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 that have waivable fees.
- For nonprofit businesses looking for zero monthly account fees: Taking the top spot in our best banks for nonprofits guide, 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.
- For businesses that issue checks frequently: U.S. Bank has excellent check fraud controls and uses several check verification services.
- For 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?
Even with its business checking account options, U.S. Bank isn’t recommended for:
- For 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 Bank and Wells Fargo Bank are strong alternatives that operate much more widely across the country.
- For businesses that want to earn a high annual percentage yield (APY): U.S. Bank offers low APY for its interest-bearing business checking accounts, which is up to 0.005% as of this writing. Meanwhile, Bluevine offers 2.0% APY, provided conditions are met.
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 | 50% discount up to $100 | N/A |
Interest-bearing Option | N/A | Earns interest (see rates) | N/A | Earns interest (see rates) |
Open an Account | ||||
*Transactions include teller deposits, ATM deposits, and check and debit card purchases
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 |
Conditions to Waive Monthly Maintenance Fees
Gold Business Checking | Platinum Business Checking |
|---|---|
|
|
U.S. Bank Business Checking Requirements
To open a U.S. Bank business checking account, here are the requirements:
- 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 (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, which aren’t 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.
Check out our article on how to open a business bank account before you start.
U.S. Bank Business Checking Features
Online and 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.
Account Opening Bonus
Earn a $400 bonus when you open a new, eligible U.S. Bank Silver Business Checking, Gold Business Checking, or Platinum Business Checking account (promo code: AF49ZCB) and complete qualifying activities, subject to certain terms and limitations—offer valid through Jan. 9, 2023. Here are the conditions:
- Restriction of one bonus for each business
- Required deposit of at least $3,000 in new money deposits―direct, mobile check deposit, ACH, or wires―within 30 days of account opening. The $3,000 balance must be maintained through 60 days after account opening.
- New money deposits shouldn’t come from funds held by U.S. Bank or its affiliates
- Account signer must enroll in U.S. Bank online banking or the U.S. Bank Mobile App within 60 days of account opening
- Must complete five qualifying transactions within 60 days of account opening; qualified transactions are debit card purchases, merchant deposits, ACH credits, wires credits/ debits, mobile check deposit, or bill pay
- Offer is only for those with no existing U.S. Bank business checking account
U.S. Bank Visa Debit Card
U.S. Bank issues a Visa debit card with your Business Checking account. You can lock and unlock it to prevent use through the U.S. Bank mobile app. 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, and SinglePoint® Essentials Positive Pay―to control business check fraud. Conversion of checks into electronic payments at the place of purchase is also done through its electronic check service (ECS).
Overdraft Protection
U.S. Bank’s overdraft protection is convenient and 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 for 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 [application programming interface] and monitor trading activity.
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 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 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 is 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, CDs, money market accounts, credit cards, and loans.
Here are the specific bank products U.S. Bank provides:
- Business savings: Earn interest and enjoy waived maintenance fees by maintaining a $500 minimum daily balance.
- 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 flexible terms of 14 days to five years.
- Business credit cards: Choose among U.S. Bank’s different types of cards: Triple Cash Rewards Visa Card, Business Leverage Signature Card, and Business Platinum Card. You’ll be entitled to waived annual fees, cash back, low interest, or rewards.
- Business loans: To fund inventory purchases and increase cash flow, business owners are offered SBA loans and business lines of credit as lending options.
U.S. Bank Business Checking Pros & Cons
| PROS | CONS |
|---|---|
| Choice to bank in person or online | U.S. Bank branches limited to 26 states |
| Waivable monthly fees | Low number of free cash deposits for basic business checking account |
| $300 bonus when you open a new account | APY isn’t transparent on interest-earning business checking accounts, subject to current balances and bank discretion* |
*Daily Interest Rates
U.S. Bank currently offers an account opening bonus for new business checking accounts. It also waives monthly fees provided conditions are met. Bank clients can also transact in person or online.
For the Silver Business Checking account, the free transactions only amount to 125 per cycle. For more free transactions, you need to qualify for a Gold or Platinum Business Checking account.
Alternatives to U.S. Bank Business Checking
U.S. Bank has several great business checking accounts to choose from. But it might be better to consider other banks if you want unlimited transactions, a high APY, and access to physical bank locations in most or all states.
Here are three alternative options to consider
- Novo: Best online bank for businesses that prefer unlimited transactions and no maintenance fees
- Chase Bank: Best for businesses that have a high volume of bulk transactions since they can access more than 4,800 branches in 48 states
- Bluevine: Best for businesses that want a high 2.0% APY provided conditions are met
Bottom Line
U.S Bank Business Checking is suitable for new, growing, and mature businesses as it has several business checking accounts designed to match the size and scope of your business. It offers waivable monthly fees, overdraft protection, remote deposit capture, and multiple banking products—from savings, investments, and business credit cards to lending. Furthermore, business owners can take advantage of its payment solutions, merchant services, and cash management services to streamline their business operations.
