U.S. Bank Business Checking: 2022 Review

U.S. Bank has three business checking accounts, including a free option with its Silver Business Checking.

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U.S. Bank has a wide range of business checking options, including a free option (Silver Business Checking) and an interest-bearing account (Gold Business Checking). While the bank excels in choice, it falls short on transparency. Terms and conditions, and the full slate of account fees are difficult to locate on the bank’s website.

U.S. Bank business checking is best for small-business owners who:

  • Want the convenience of mobile banking with a strong branch presence.

  • Don’t anticipate high transaction volume.

  • Will deposit less than $2,500 in cash per month or are willing to pay a monthly fee for higher cash allowances.

Pros and cons

Pros

  • Access to more than 2,000 branches in 26 states, and no fees at more than 4,700 U.S. Bank and 37,000 MoneyPass ATMs.

  • Convenient application options allow you to open an account online, in person or over the phone.

  • Optional payment processing services (for a fee), ranging from mobile apps to in-store payment terminals.

  • Opportunity to earn a $400 sign-up bonus. Terms apply.

Cons

  • Cash deposit limits on the low side compared with competitors.

  • Terms and fees are not easily accessible via the bank’s website.

U.S. Bank business checking at a glance

U.S. Bank Silver Business Checking

U.S. Bank Gold Business Checking

U.S. Bank Platinum Business Checking

Monthly fee:

$0

$20 (multiple ways to waive)

$30; waived with $25,000 average collected balance

Minimum opening deposit requirement:

$100

$100

$100

APY:

None

0.01% on balances of $20,000 or more

None

Transactions:

125 free transactions per statement cycle; 50 cents for each additional transaction

300 free transactions per statement cycle; 45 cents for each additional transaction

500 free transactions per statement cycle; 40 cents for each additional transaction

Bonus:

$400.

$400.

$400.

How to open a U.S. Bank business checking account

U.S. Bank has three primary business checking accounts — Silver, Gold and Platinum — as well as an analyzed account for high-transaction, high-balance businesses and a specialty option for nonprofit organizations.

You can apply for an account online, over the phone or in person at a branch (U.S. Bank has branches in 26 states). You’ll need the following information:

  • Government-issued photo ID and Social Security number for anyone authorized on the account.

  • Employer identification number or tax identification number, like an SSN.

  • Articles of incorporation or organization, business charter or other legal document that establishes when the business started. This is not required for sole proprietors.

All U.S. Bank business checking accounts include online and mobile banking, so you can easily deposit checks, transfer funds and pay bills. This is standard practice for business checking accounts. Those transactions will count toward your limit, though, which is not standard practice. Chase Business Complete Checking, for example, includes unlimited electronic deposits, including ACH transfers, internal transfers and mobile deposits.

U.S. Bank sign-up bonus

Use code AF49ZCB to earn a $400 sign-up bonus when you open a new U.S. Bank business checking account. The promotional bonus offer expires on January 9, 2023, and requires you to meet the following requirements:

  • Deposit $3,000 in new money within 30 days of account opening. Those funds must remain in your account for 60 days.

  • Enroll in mobile or online banking within 60 days.

  • Complete five qualifying transactions within 60 days. Qualifying transactions include debit card purchases, wire transfers, bill pay, mobile check deposit, ACH credits and merchant deposits.

The bonus is deposited to your U.S. Bank account within 45 days of meeting requirements if the account is open and has a positive balance.

Where U.S. Bank business checking stands out

Brick-and-mortar locations: U.S. Bank has more than 2,000 branches across 26 states, which is ideal for business owners who prefer to bank in person. If this is a priority for you, research your nearest branch before opening an account. There are only a handful of branch locations in some states, like Florida and North Carolina.

Merchant services: U.S. Bank offers a suite of payment processing solutions, including point-of-sale options ranging from a mobile app and card reader ($5 per month) to a portable touch-screen terminal ($39.99 per month). Per-transaction fees also apply — 2.65% and 19 cents for card transactions and 3.5% and 19 cents for manually entered transactions.

Multiple ways to open: Some banks require an in-person application for business accounts. But U.S. Bank gives you three ways to get started: online, in person or over the phone. The online application takes about 15 minutes — a bonus for busy business owners.

Where U.S. Bank business checking falls short

Cash deposits: U.S. Bank limits cash deposits to a set number of “units” per month. Those units are calculated by dividing the amount of each cash deposit by 100. So a single cash deposit totaling $2,500 equals 25 units. Silver Business checking customers are allowed 25 free cash deposit units per month, Gold customers get 100 units per month and Platinum customers receive 200 units per month.

While many banks limit free cash deposits on business checking accounts, U.S. Bank’s limits are on the low side, particularly for its Silver business account. Many banks set the cap at $5,000 for entry-level accounts, which would translate to around 50 units. That's double what's allowed on U.S. Bank’s Silver account.

Interest rates: U.S. Bank’s Gold Business Checking account earns interest, but at a negligible rate and only on balances of $20,000 or more. If an interest-bearing account is a priority, consider an online option like Bluevine business checking, which earns 2.00% annual percentage yield on balances up to and including $100,000 (terms apply).

Transparency: U.S. Bank’s business checking terms and fees are not easily accessible via the bank’s website, making it difficult for business owners to fully evaluate their options and understand the true cost of their account.

Compare business checking accounts

NerdWallet rating 
NerdWallet rating 
NerdWallet rating 
Monthly fee

$0

Monthly fee

$16.00

Waived with $5,000 minimum balance

Monthly fee

$0

APY

N/A

APY

N/A

APY

N/A

Bonus

$400

Requirements to qualify

Bonus

$200

See offer page for more details

Bonus

$200

Requirements to qualify