- U.S. Bank offers several business checking account packages for small businesses, nonprofits, and larger businesses with complex banking needs.
- They have a network of U.S. Bank branches and ATMs, and offer online and mobile banking for convenience.
- While they do have monthly maintenance fees for their higher level packages, there are ways to get U.S. Bank to waive them.
- U.S. Bank business checking accounts may be best for small business owners in the western U.S. who are just starting out and have low monthly transaction amounts, but want the convenience of banking in-person at a branch, at an ATM, or online.
One of the top ways you can help your small business thrive is by opening a small business checking account to keep your business finances separate from your personal finances. Whether you’re a sole proprietor or one of many owners in a LLC or other corporation, having a separate business checking account helps you keep your business financially sound, especially when it comes to tax time.
But which business checking account is right for your business? It depends on what you want when it comes to fees, minimum balance requirements, and convenience.
We’ve reviewed U.S. Bank business checking below to help you decide if they may be the right choice for your small business banking needs.
How Does a U.S. Bank Business Checking Account Compare to Others in 2022?
Compared to other business checking accounts, a U.S. Bank business checking account is good for smaller business owners who are looking for convenience and ease of use, but don’t want to pay high maintenance fees or have stringent minimum balance requirements. They have thousands of branches across the western U.S., as well as U.S. Bank and partner ATMs for cash deposits and other services. They have a great mobile app for other banking services, including payment processing and free mobile check deposits.
While they have a reputation for poor customer service over the phone, this may be offset by having in-person tellers available at their branch locations. Their checking accounts could also be considered bare-bones compared to others because they don’t have many perks or rewards that other banks offer, such as earning interest or points. They also don’t make it easy to find their terms and conditions online, which can mean surprise fees or requirements later on down the road.
The tradeoffs of convenience for customer service may not be right for every small business owner. Also, as your business grows and you have more transactions and a higher account balance, you may find that you’ve outgrown your U.S. Bank business checking account.
But for a starter business or one with low transactions and low cash flow, a U.S. Bank business checking account may be a good place to start. Because they have a few account options, you can likely find one that works for your business needs.
U.S. Bank offers three business checking packages for small businesses:
U.S. Bank Silver Business Checking Account
Their Silver Business Checking Account package, which is their base plan, is great for small businesses that don’t expect to have a large account balance because they don’t charge a monthly fee or require a minimum balance. If you’re just starting out and don’t expect to have heavy cash flow or a large number of transactions, this is a great checking account option. You start with 125 free transactions and pay a fee of 50 cents per transaction after that. You can deposit up to 25 cash deposits per month.
U.S. Bank Gold Business Checking Account
The Gold Business Checking Account includes a $20 maintenance fee, which is waived if you maintain certain account balances. This business checking package includes up to 300 free transactions per month with a 45 cent fee for each additional transaction. You can deposit 100 cash deposits a month for free. As a merchant money account, the Gold package also offers interest at 0.01%, but only if you maintain a minimum balance of $20,000 or more.
U.S. Bank Platinum Business Checking Account
The Platinum Business Checking Account package includes a $30 monthly maintenance fee, which is also waivable with a higher minimum account balance or collected checking balance. With this package, you get 500 free transactions per month with a fee of 40 cents per transaction over that limit, as well as 200 free cash deposits per month.
In addition to these three packages, it also offers business checking accounts for nonprofits, which include no monthly maintenance fee and 1,800 free transactions each year. There’s also a premium business checking account for larger businesses with complex needs.
What Are the Best Features of a U.S. Bank Business Checking Account?
A U.S. Bank Business Checking Account is great for small businesses or sole proprietors that deal mainly in cash, because they have thousands of ATMs and branches across the country where you can make a deposit. U.S. Bank has an easy-to-use mobile app for online banking, including mobile check deposit and mobile bill pay using ACH. They also don’t require a minimum balance for their basic business checking package (Silver), which is great for small businesses that are looking to grow.
Other features of the basic checking package include a U.S. Bank Visa(R) business debit card, 25 free cash deposits per statement cycle, 150 transactions per statement cycle, check fraud protection, and the ability to get an unsecured line of credit for overdraft protection. U.S. Bank also connects with payment solutions like Zelle to make it easier to collect payments online. They also offer card payment processing services as a standard on all of their business checking accounts, plus personal package checking.
U.S. Bank offers an “EZ Switch Kit” to help you move your account from another bank to their checking account. You can also make withdrawals in person or from a U.S. Bank ATM without having to pay a fee. Their business checking accounts may also come with merchant services like card readers and other point-of-sale equipment to help you manage your business’s in-person transactions, although you’ll have to pay a fee for these.
However, U.S. Bank does charge maintenance fees for their Gold and Platinum accounts, as well as other penalty fees including:
- Overdraft fees
- Transfer fees
- Cash deposit limit fees
- Paper statement fee (for Silver package)
Also, while U.S. Bank does have thousands of branches, proprietary no-fee ATMs, and a wide network of other no-fee ATMs available to customers, they’re not located in every state, and you may find that they don’t have a branch near you. If in-person banking and cash deposits are a priority for your business, do your research to make sure a U.S. Bank branch is available nearby before you commit to a business checking account with them.
Why Would I Need a U.S. Bank Business Checking Account?
There are several reasons you might want a U.S. Bank business checking account.
If you live in the western U.S. and want a bank with plenty of branches and ATMs available for cash deposits, it may be a good choice for you. Also, if you’re just starting your business or have a low number of monthly transactions and just want a free checking account without a monthly maintenance fee or minimum balance requirement, the Silver package is a great starting point. You can also move up their tiers as your company grows and you have more transactions, although you’ll have to weigh the pros and cons of paying a monthly maintenance fee.
U.S. Bank has business savings accounts, money market accounts, and business CDs, as well as checking accounts, which can help you grow your business. Having both your business savings account and business checking account at the same bank can be very convenient for transfers. However, if you have low monthly transactions and a low cash flow, you may not have extra money to put into a business savings account, and once you do, you may find more attractive business banking options for your higher transaction levels.
If you’re looking for business credit cards to go along with your checking account, U.S. Bank has several options with a variety of perks and cash back rewards. Having your business checking account and business credit card at the same bank can make it easier to make payments and redeem rewards between the two accounts. It’s also easy to keep track of both balances in the mobile app.
U.S. Bank also offers small business loans, so if you ever need financing for your business, having an existing relationship with U.S. Bank through your business checking account could help. Of course, you’ll also need to ensure you have good business credit in order to secure the best loan. Nav can help you learn how to establish business credit and improve it over time so you have a better chance of qualifying for small business loans like those offered by U.S. Bank.
Is There a Minimum Amount Needed to Open a U.S. Bank Business Checking Account?
While they don’t list it openly on their website, there is a minimum of $100 required to open a U.S. Bank business checking account at any package level.
Can I Open a U.S. Bank Business Checking Account Online?
U.S. Bank makes it easy to open a business checking account online, in person, or over the phone. The online application is especially easy and takes less than half an hour to complete.
You simply need:
- Your Employer Identification Number (EIN) or tax ID number or your Social Security number (for a sole proprietorship)
- Your company business incorporation documents such as Articles of Incorporation or Articles of Organization
- Your government-issued photo ID (for everyone who will be authorized to sign checks or make transactions)
- Names, email addresses, and phone numbers for any additional owners with 25% or more ownership stake in the business
You will still have to be approved for the account, and they may take your business credit score and other factors into consideration in order to approve you.
At Nav, we help small business owners find the right financial services to make their businesses thrive, including help with establishing and improving business credit to improve your chances of qualifying for financing and loans. Sign up for a free account to learn more.