U.S. Bank Business Checking: 2023 Review
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The bottom line:
U.S. Bank offers flexibility with its physical footprint and online application. But its free business checking account is much more limited — and potentially confusing — if you rely on cash deposits.
Pros & Cons
No monthly service fee for Silver Business Checking account.
Business accounts can be opened entirely online.
Optional payment processing services ranging from mobile apps to in-store payment terminals. Additional fees apply.
Welcome bonus for new customers (terms apply).
Low cash deposit limits.
Terms and fees are not easily accessible via the bank’s website.
How does U.S. Bank compare?
U.S. Bank Silver Business Checking
Axos Bank® Basic Business Checking
Waived with $5,000 minimum balance
Requirements to qualify
See offer page for more details
Requirements to qualify
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). The star rating on this review refers to the Silver Business Checking account only.
While U.S. 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.
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
$20 (multiple ways to waive).
$30; waived with $25,000 average collected balance.
Minimum opening deposit requirement:
0.01% on balances of $20,000 or more.
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.
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.
To be eligible for a business checking account, you need to have an existing relationship with U.S. Bank or reside in AZ, AR, CA, CO, ID, IL, IN, IA, KS, KY, MN, MO, MT, NE, NV, NM, NC, ND, OH, OR, SD, TN, UT, WA, WI, WY. 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
Earn a $500 bonus when you open a new, eligible U.S. Bank business checking account online with promo code Q1AFL23 and complete qualifying activities, subject to certain terms and limitations. The promotional bonus offer is valid through 04/23/2023 and requires you to meet the following requirements:
Complete $3,000 in new money deposits and maintain that balance for 60 days from account opening.
Enroll in business online banking within 60 days of account opening.
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 $250,000 (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.
at U.S. Bank, Member FDIC