U.S. Bank is the fifth largest bank in the US, so it’s no wonder business owners consider it for their business accounts. US Bank offers many business bank accounts that are great for new and established businesses.
Understanding which account is right for your business is one of your most important business decisions. Since there are multiple business account packages available from U.S. Bank, this review will look closely at the details of each account and what’s required so you can make the right choice for your business.
U.S. Bank Business Checking Accounts
There are 3 business checking account packages offered by U.S. Bank:
1. U.S. Bank Silver Business Checking Package
The U.S. Bank Silver Business Checking Package is the most popular account for new business owners. It has a smaller transaction limit but offers a variety of value-added features business owners enjoy.
The U.S. Bank Silver Checking Package has no monthly service fee but has limitations. For example, you can make up to 125 free transactions, including up to $2,500 in cash deposits, before incurring a fee. However, if you’re a business that will exceed the limit, you’ll pay a per-transaction fee.
They also offer 50% off your first Deluxe Checks order. You’ll pay $0.50 per transaction if you exceed the allotted transactions.
Who Is The Silver Package Right For?
The Silver Checking account is best for small or new businesses. It may not be the best option if you think you’ll have more than 125 monthly transactions or over $2,500 in cash deposits. But, if you’re just starting, it can be a great way to start.
Silver Package Cost:
The Silver Checking account has no monthly maintenance fee.
2. U.S. Bank Gold Business Checking Package
The Gold Business Checking package offers more flexibility and transactions and is good for businesses ready to level up. Its transaction limit is higher, and you get the same value-added benefits as the Silver package.
While you might pay a monthly service fee with the Gold Checking account, you can make up to 300 transactions monthly, including $10,000 in cash or up to 100 cash transactions, whichever occurs first. Like the Silver package, you’ll also get 50% off your first Deluxe checks order.
Deposits in the Gold Checking account earn interest at the current interest rate and are subject to change.
Who Is The Gold Package Right For?
The Gold Business Checking account is best for moderately-sized businesses that have a decent number of cash transactions. You don’t have to worry about the per-transaction fee until you’ve conducted 300 card transactions or 100 cash transactions.
If you exceed the allotted transactions, you’ll pay $0.45 per transaction.
Gold Package Cost:
The Gold Business Checking account costs $20 a month, but you can waive the fee by meeting the minimum deposit threshold across any U.S. bank account or holding a U.S. Bank merchant account for payment processing.
3. U.S. Bank Platinum Business Checking Package
The Platinum Business Checking account has a higher transaction threshold and lower per-transaction fees when you exceed the limit, and it has more benefits.
You might pay a monthly service fee with the Platinum Checking account, but you can make up to 500 transactions including $20,000 or 200 free cash transactions, whichever occurs first.
Like the other packages, you’ll get 50% off your first Deluxe check order, but you also get access to free front and back images of your checks monthly.
Who Is The Platinum Package Right For?
The Platinum Business checking account is best for businesses that have been established for a while and have a high cash flow.
Platinum Package Cost:
The Platinum Business Checking account costs $30 a month, but you can waive the fee by meeting the minimum deposit threshold across any U.S. Bank account.
Pricing & Fees
Each U.S. Bank business checking account has separate monthly fees and requirements. We’ve outlined the fees you can expect with a U.S. Business checking account, so you can make an informed choice for your business.
- Monthly fees: The Silver Business Checking Account Package doesn’t have any monthly fees, but the Gold and Platinum packages do. These fees can be waived for businesses that can meet the cash flow requirements*.
- ATM fees: No fees for cash withdrawals at U.S. Bank branches and ATMs.
- Overdraft fees: Account holders with insufficient funds will be liable for a $36 overdraft fee. This fee can be levied up to six times per day.
The Gold and Platinum Checking Account Packages have monthly maintenance fees, but businesses can eliminate them if they meet the following requirements. For the Gold Checking Account, account holders can waive their maintenance fee if they have a U.S. Bank Payment Solutions account or a $10,000 average balance.
For the Platinum Checking Account, account holders can waive the monthly fee if they have a $25,000 average balance or a $75,000 combined average between deposits and outstanding business credit.
You can open a U.S. Bank business checking account online or by visiting your local branch.
To open a business checking account with U.S. Bank, you’ll need the following:
- Business’s EIN
- Articles of Incorporation
- Social Security number for anyone on the account
- Government-issued IDs for everyone on the account
- Name, email, and phone number for all people on the account
U.S. Bank Business Checking Account Features
All U.S. Bank business checking accounts include the following:
- Online and mobile banking
- Protection from check fraud
- Free mobile deposit
- Business EZ Switch Kit if you’re switching from a different bank
- Payment processing
- In-person transactions
- US Bank Visa debit card
On-the-Go Access to Accounts
U.S. Bank offers easy access to manage your accounts on the go with their mobile app. You can bank by speaking, tapping, or typing your commands and can access your accounts anywhere you have an internet connection.
A few of the tasks you can do on the mobile app include:
- Mobile check deposits
- Transfer funds between accounts
- Pay bills
- Send and receive money via Zelle
Banking Cashflow Management and Merchant Services
US Bank also offers options to assist with cash flow management, such as business loans and lines of credit. You can also apply for business credit cards and payment solution services to accept and settle credit card payments.
Here are some of the best U.S. Bank promotions going on right now:
1. Business Checking - up to $800 bonus
Expires: January 8, 2024
U.S. Bank is offering up to a $800 welcome bonus when you open and fund a new, eligible business checking account. This is a tiered bonus where you can earn more if you're able to deposit more. To earn the full $800 just deposit $25,000 in new money and maintain that balance for at least 60 days. This offer has increased since the last time it was offered to reward businesses with higher balances, so now might be a great time to jump on it if you've been considering U.S. Bank for your business banking needs.
How to earn the bonus
The Business Checking sign up offer requires you to deposit and maintain a minimum balance, and optionally, make purchases using the account's card and set up bill pay in order to earn the $800 bonus. Full requirements to receive this bonus are:
- Open a new Silver, Gold or Platinum Business Checking Package from U.S. Bank online with the promo code Q3AFL23 and complete qualifying activities. Member FDIC.
- To earn $350 bonus: Deposit $5,000 in new money within 30 days of account opening and maintain for 60 days after account opening.
- To earn $800 bonus: Deposit $25,000 in new money within 30 days of account opening and maintain for 60 days after account opening.
- Bonus will be deposited into your new U.S. Bank business checking account within 45 days of meeting all requirements.
- Subject to certain terms and limitations.
2. Platinum Business MMA - up to 4.60% APY
Expires: December 5, 2023
U.S. Bank used to only be available in select geographic markets; however, some of their business products are now available nationwide! One of those is the U.S. Bank Platinum Business MMA. This is considered a high-interest MMA and for a limited time, you can earn even more since their offering up to 4.60% APY to all new accounts opened between now and December.
This is a tiered APY structure, the more money in new deposits that you make, the higher APY you can earn.
What's more? You can also open a U.S. Bank business checking account (now available nationwide as well) to score another large bonus.
How to earn the bonus
The Platinum Business MMA sign up offer requires you to deposit and maintain a minimum balance in order to earn the up to 4.60% APY. Full requirements to receive this bonus are:
- Open a new U.S. Bank Platinum Business Money Market Account. Member FDIC.
- Deposit $25,000 - $2,999,999.99 in new money deposits to earn 4.60% APY.
- Offer valid through December 05, 2023.
- Subject to certain terms and limitations.
U.S. Bank takes several measures to ensure its customers’ privacy and security. Most importantly, U.S. Bank is a member of the FDIC, so deposits up to $250,000 are protected.
Second, U.S. Bank nudges its online account holders to set up iron-clad protection by rating their overall account security on a scale of moderate to excellent. Customers can take additional security measures through one or more of the following:
- Biometric log-in
- Mobile phone verification
- Email address verification
- Frequent password updates
- Two-step verification
- Notifications about recent log-ins
- Security alerts
- Account alerts
- Paperless statements
U.S. Bank offers additional fraud protection features, such as credit card chargeback management and issued checks. Customers can make an appointment with a local branch to better understand how these features can serve their business.
U.S. Bank has a robust catalog of online business banking services that educate customers and troubleshoot common account problems, but when that’s not enough, you can visit your local branch or contact the Business Service Center.
The Business Service Center operates domestic and international support lines. Domestic account concerns can be addressed at 866-656-0837 and international concerns should be directed to 503-401-9992.
The Business Service Center follows central time. It’s open Monday through Friday, 8 am to 8 pm, and Saturdays, from 8 am to 6:30 pm.
U.S. Bank doesn’t have the best online reputation, especially on TrustPilot, but that doesn’t tell the whole story. Dissatisfied customers are the most likely to leave reviews and they’re often the loudest.
Let’s take a look at what real-life customers are saying so you can draw your own conclusions.
Shocked to see all the Bad Reviews! I have been banking with US Bank since 2001 and I have never experienced the bad service that many reviewers have experienced. The banking branch staff are super friendly and so is the toll-free customer service! So luckily I have not experienced any bad issues at all!
M. Miller Trustpilot
I have been with U. S. Bank for years and if I have a problem they are right there to fix it. Great customer service.
Wonetta Miller Trustpilot
This bank is good only when things actually work. Half the time the bank screws up and like the fraud team holds a transaction FAR beyond how long it should be or denies a transaction. Been a customer for almost 13 years now. The best way to describe the service is okay at best.
Mercury Scorched Earth Trustpilot
While U.S. Bank’s business checking accounts are worth considering, you’ll make the most informed decision when you compare it against its competitors.
We’ve found a couple of business checking accounts that offer some compelling features.
Bluevine Business Checking
Bluevine is a financial technology company backed by FDIC-insured partner banks. Its small business checking account doesn’t have any monthly fees, and it protects deposits up to $3 million. But its online features are its stand-out feature.
Bluevine online banking does more than the typical business account. Customers can separate their funds into up to 5 sub-accounts for easier budgeting. Similarly, customers can link external accounts so all business funds can be easily managed on one dashboard.
The account also accrues 2% interest, which is much higher than U.S. Bank’s interest-bearing accounts. This higher interest rate is largely due to Bluevine’s online-only status, which may be convenient for some but more tedious for people who prepare in-person banking solutions. That said, Bluevine doesn’t offer a sign-up bonus, while U.S. Bank offers up to $800 for customers who meet certain requirements.
Axos Bank Business Checking
Axos Bank’s Business Checking Account offers a few benefits that U.S. Bank does not. For example, Axos Bank will reimburse all domestic ATM fees, and it’ll accept cash deposits at all ATMs. Its customer service team is also more accessible.
While U.S. Bank’s Business Service Center has strict operating times, Axos Bank has a 24/7 customer service line. Like U.S. Bank, Axos Bank charges overdraft fees, but the fee is lower. U.S. Bank charges $36 per overdraft or returned payment and Axos Bank limits this fee to $25.
Pros and Cons
U.S. Bank business checking accounts have many pros, including the following:
- Wide access to brick-and-mortar banks throughout the country
- Easy to open an account in person or online
- Opportunities to waive the monthly service fee
- Offers a payment processing solution to keep all business financials with one bank
- Limited amount of cash deposits allowed (for free)
- It’s difficult to find the terms and fees of each account online
- Only the Gold Business Bank account offers the opportunity to earn interest
Frequently Asked Questions
Who Is U.S. Bank the Right Fit For?
US Bank business accounts are great for small businesses with few monthly transactions. However, if you deal in cash, you should pay close attention to the maximum number of cash transactions allowed in each account, or you might pay a per-transaction fee that can add up quickly.
But if you want a business account with 24/7 customer service, mobile banking, and the option to visit a brick-and-mortar bank, US Bank might be right for you.
Who Is U.S. Bank Not the Right Fit For?
Businesses that operate with many cash transactions or that won’t carry a high balance may not be a good fit for US Bank. This is because they have only a few business bank account options, and they are for smaller businesses with limited transactions each month.
How Do You Open a U.S. Bank Checking Account?
You can open a US business bank account online or in person. If you’re near one of the 2,900 branches, you can go into a location or make it simple and open an account online.
What Will I Need to Open a U.S. Bank Business Account?
To open an account, you’ll need a government-issued ID for each person on the account, Social Security numbers for each person, and the business’s EIN and articles of incorporation. Plus, you’ll need the necessary funds to open the account.
Are U.S. Business Bank Accounts Free?
Only the U.S. Bank Silver Checking account is free; all others charge a monthly service fee. However, US Bank makes it easy to waive the fees by keeping a certain balance or opening a US Bank payment processing merchant account.
How to Determine Which Account Is the Right Fit for You?
US Bank has a quiz you can take to help determine which account is right for you. After answering a few simple questions, you’ll see which account is best for you.
If you aren’t careful, your bank account could cost a pretty penny each month, so make sure you choose the account that best suits your business and keeps your costs low.