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U.S. Bank Business Checking Review: Hefty Welcome Bonus, Stingy Transaction Limits
U.S. Bank offers free business checking and one of the best welcome offers on the market.
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U.S. Bank is one of the few brick-and-mortar banks to offer free business checking, and they’ve sweetened the pot with a hefty welcome offer. But a low cap on fee-free transactions could be a deal breaker for some businesses.
Note: U.S. Bank offers three main business checking accounts: Silver Business Checking, Gold Business Checking and Platinum Business Checking. This review and the corresponding star rating focus on U.S. Bank’s Silver Business Checking.
Free business checking accounts are not the norm for brick-and-mortar banks — much less, free business accounts with the potential for a massive sign-up bonus. But that’s exactly what U.S. Bank business checking offers.
The U.S. Bank Silver Business Checking account has no monthly service fee, and new account holders can earn a welcome bonus of up to $
(terms apply). Plus, you can open the account entirely online, making it a great option for business owners who want the convenience of an online business checking account but the customer support of a traditional bank.
Unfortunately, U.S. Bank’s business accounts also feature some common pitfalls of brick-and-mortar banks. Namely: stingy limits and myriad fees.
The Silver Business Checking account, for example, caps fee-free transactions at 125 per statement cycle. U.S. Bank counts every single transaction toward that limit, including mobile check deposits, ACH transfers and bill payments. That’s not standard practice.
is an online-only option with unlimited, fee-free transactions. As an added bonus, this no-fee account earns
annual percentage yield on balances up to and including $250,000 (terms apply) — that’s far more than any U.S. Bank offering (including those with monthly fees).
U.S. Bank sign-up bonus
Earn a welcome bonus of up to $
when you open a new, eligible U.S. Bank business checking account online with promo code Q3AFL23 and complete qualifying activities, subject to certain terms and limitations. The promotional bonus offer is valid through
and requires you to meet the following requirements:
Deposit new money within 30 days of account opening — $5,000 for a $350 bonus; $25,000 for a $800 bonus — and then maintain that balance through 60 days from 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.
U.S. Bank business checking customers can also snag a bonus rate of 4.60% APY from account opening date when they open a U.S. Bank
$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.
Up to $
Up to $
Up to $
How to open a U.S. Bank business checking account
You can open a U.S. Bank business checking account online, over the phone or at one of the bank’s more than 2,000 branch locations. While U.S. Bank has a physical presence in 26 states (see below), accounts are available to businesses nationwide.
All U.S. Bank business accounts require a $100 minimum opening deposit, which can be deposited via ACH or wire transfer, or by check at a branch, ATM or using mobile deposit.
What you need to open a U.S. Bank business account
To open a U.S. Bank business account, you’ll need to provide the following information:
Social Security number, home address and cell phone number.
Name, email and personal phone number for anyone with a 25% or more ownership stake in the company.
Business phone number, physical address and date your business was established.
Business tax ID (EIN, ITIN or SSN), industry designation and formation documents.
Where U.S. Bank business checking stands out
Free business checking account: Business owners don’t have to swallow monthly fees to enjoy the security of a large bank. U.S. Bank is one of the largest banks in the country; it’s also one of the only big banks to offer a free business checking account. Monthly fees aren’t the only costs to consider, though, so look at all account caps and charges before committing.
Massive welcome offer: U.S. Bank currently has the best welcome offer available for business checking customers.
Earn up to an $800 bonus when you open a new, eligible U.S. Bank business checking account online with promo code Q3AFL23 and complete qualifying activities, subject to certain terms and limitations. Offer valid through January 8, 2024. Member FDIC.
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.
Where U.S. Bank business checking falls short
Low transaction, cash deposit limits: It’s not uncommon for brick-and-mortar banks to have caps on the number of fee-free transactions and cash deposits allowed per month. But U.S. Bank’s limits are low even when compared with competitors.
The Silver Business Checking account, for example, includes 25 free cash deposit “units” per month. Each unit is equal to $100, so a single cash deposit totaling $2,500 equals 25 units.
Chase Business Complete Banking℠
allows up to $5,000 in free cash deposits — around 50 units — per month. And
Bank of America Business Advantage Fundamentals™ Banking
account includes up to $7,500 in fee-free cash deposits. Granted, those accounts each have a $15 monthly fee, but they also offer multiple ways to avoid the fee.
It’s the same story with transaction limits. U.S. Bank’s Silver Business Checking includes up to 125 transactions per month, with a 50 cent charge for each additional transaction. And almost everything counts toward that total: mobile deposits, ACH transfers, bill payments, in-person deposits and debit card purchases.
Other traditional banks offer more wiggle room. Chase and Bank of America, for example, don’t count electronic transactions toward your monthly total. And online business accounts typically have no transaction limit — or fees.
Overdraft fees: If your U.S. Bank business checking account dips into the red, you’ll get hit with a $36 overdraft fee. Have multiple items that come through while your account is negative? You could get hit with that fee up to six times per day. U.S. Bank does offer a glimmer of a grace period, though. The bank won’t charge a fee if your account is overdrawn by less than $5, provided your balance is brought current the same day.
Want more breathing room? Chase doesn’t charge an overdraft fee unless your account is negative by more than $50 (then it’s $34 and can be charged up to six times per day). Axos Bank’s overdraft fee is $25 but you’ll only be charged if your account overdrawn by more than that amount. If multiple items overdraw your account, Axos will only charge up to three non-sufficient funds fees per day. Several other business accounts simply don’t allow you to overdraft, which eliminates the need for a fee but perhaps some flexibility too.
Lack of 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.