US Bank

U.S. Bank is an American financial institution that offers extensive business checking account options and other banking services. The bank’s more than 2,000 branches make it an excellent choice for business owners who prefer an in-person banking experience—though the institution also offers robust mobile banking tools. Consumers can also choose from multiple checking account packages built for businesses of all sizes.

Account Basics

Every U.S. Bank business checking account gives users access to several core features. These include check fraud prevention, online and mobile banking, bill pay, and remote check deposit. Businesses that accept credit cards from customers can also use U.S. Bank for credit card processing, cash management, and overdraft protection for their business bank account.

U.S. Bank Business Checking Overview

Who is U.S. Bank right for?

• Business owners who want access to mobile banking tools and brick-and-mortar bank branches
• Businesses with low monthly transaction volume
• Companies with less than $2,500 in monthly cash deposits

U.S. Bank Checking Account Features

In addition to the basic account features—many of which are typical of similar accounts available through other banks—U.S. Bank also offers business customers several additional services that integrate seamlessly with business checking accounts. These include:

ADP Payroll

U.S. Bank has partnered with payroll services provider ADP to provide a full line of payroll and human resource services to U.S. Bank business clients. Through ADP, U.S. Bank business account holders can process employee payroll, pay payroll taxes, and offer employee benefits such as health insurance and retirement plans. U.S. Bank clients who utilize ADP can earn a 5% discount on ADP services.

Remote Check Deposit Solutions

U.S. Bank business account holders also get the ability to deposit checks remotely using the bank’s mobile app. This is a standard feature for retail banking customers that is now available for business clients as well.

Customer Check Risk Management

Businesses that routinely accept customer checks can also use U.S. Bank for check risk management. Using a U.S. Bank point of sale, merchants can convert customer checks to electronic checks and get instant check verification. For vendors, the feature operates much like remote check deposit. It offers U.S. Bank’s business customers greater peace of mind that customer checks won’t bounce when deposited.

Business Reserve Line

U.S Bank offers businesses reserve lines of credit that customers can use for overdraft protection, operating expenses, or other short-term funding needs. These lines have no annual fee and can be increased based on the size and funding needs of the business.

Card Payment Processing

U.S. Bank offers a suite of merchant services for business owners who want to accept credit card payments from customers. This includes a host of point of sale systems, plus ecommerce and customer invoicing solutions. This makes U.S. Bank ideal for businesses ranging from restaurants and retailers to service businesses and doctors’ offices.

Business Money Market Accounts

In addition to its business checking account, U.S. Bank also offers interest-bearing money market accounts. These accounts allow business owners to earn up to 0.01% in interest, plus maintain quick access to their money, with no monthly fee if you maintain a balance of at least $1,000.

Access on the Go

In addition to its more than 2,000 branches nationwide, U.S. Bank also offers business customers access to its mobile app, which lets customers check balances, move money, and make payments without visiting a local branch. The app also makes it easy to deposit checks remotely.

The app is available for Android and iOS devices.

U.S. Bank Visa Debit Card

U.S. Bank provides a Visa debit card with your Business Checking account, offering you the flexibility to easily lock and unlock the card using the U.S. Bank mobile app to enhance security. Additionally, this business debit card allows you to earn rewards on your business-related purchases.

Check Fraud Prevention

To combat business check fraud, U.S. Bank employs a range of check verification services, including ACH Filter and Block, Check Filter, and SinglePoint® Essentials Positive Pay. Moreover, electronic check services (ECS) have the capability to transform paper checks into electronic payments right at the point of sale.

Overdraft Protection

U.S. Bank's overdraft protection can shield your business from potential issues like late payments, unforeseen expenses, and overdraft fees by ensuring adequate funds are available.

Pros and Cons of U.S. Bank Business Checking

There are benefits and drawbacks to using U.S. Bank for business checking. Here are a few:

Pros

• Packages are available without any monthly maintenance fees or with waived maintenance fees
• Consumers can manage their accounts through U.S. Bank’s mobile app
• U.S. Bank has more than 2,000 branches spread across 26 states
• Several checking account options
• Several CD options

Cons

• Checking account features are basic with the free Silver Business Package
• Customers pay an additional fee for every transaction beyond the monthly limit
• Basic business checking accounts do not pay interest, while some premium accounts pay up to 0.005% APY

Silver Business Package

Business owners who expect to routinely process one or two dozen transactions each month may benefit from using a U.S. Bank Silver Business account. This account allows up to $2,500 of free cash deposits or 25 free cash transactions – whichever comes first – per statement cycle. Account holders also get a 50% discount on their first order of business checks up to $50.

Cost

Monthly maintenance fee: $0

Free transactions: 125 per statement cycle

Additional transaction fee: $0.50 per transaction

Who Should Open a Silver Business Package?

The U.S. Bank Silver Package is designed for businesses that process one to two dozen cash transactions each month. The package also includes a number of add-ons for U.S. Bank customers to get more value from the account. These features make the account ideal for independent service providers, small retailers, and cottage industries.

Gold Business Package

The U.S. Bank Gold Business Package allows customers to make up to $10,000 in free cash deposits per month, or 100 free cash transactions, whichever comes first. Customers can also get a 50% discount on their first check order, up to $100.

Cost

Monthly maintenance fee: $20

Free transactions: 300 per statement cycle

Additional transaction fee: $0.45 per transaction

Who Should Open a Gold Business Package?

Businesses with moderate cash transaction activity (50 to 100 per month, totaling less than $10,000) are best suited to U.S. Bank’s Gold Business Package. These companies are in the best position to benefit from Gold Package features, savings opportunities, and cash flow management tools.

Platinum Business Package

The U.S. Bank Platinum Business Package allows businesses to deposit up to $20,000 in cash per month – or have 200 free cash transactions, whichever comes first. As with other business packages, customers also get a 50% discount on their first order of checks from Deluxe™, up to $100. Customers also have access to free mobile check deposits, with images of the fronts and backs of deposited checks appearing on monthly account statements.

Cost

Monthly maintenance fee: $30

Free transactions: 500 per statement cycle

Additional transaction fee: $0.40 per transaction

Who Should Open a Platinum Business Package?

U.S. Bank recommends that mature businesses with higher account balances opt for its Platinum Business Package. This makes the Platinum Package best for companies with at least 100 cash transactions per month—typically those with multiple locations.

Other small-business products and services from U.S. Bank

In addition to its business checking options, U.S. Bank also offers several products and services to help businesses manage their cash services and coordinate payments and transfers.

Basic Business Savings

U.S. Bank’s Basic Business Savings account allows business customers to save money and earn interest. Businesses can transfer funds into their account online or over the phone and receive consolidated statements along with their checking account statements. Companies can get started with as little as $500 and pay no monthly maintenance fee as long as they maintain a minimum daily balance of $500 or more.

Cost

U.S. Bank’s Basic Business Savings account costs $5 per month. However, the bank waives this fee if you maintain a $500 minimum daily balance.

Who Should Open a Basic Business Savings?

U.S. Bank’s Basic Business Savings account is ideal for businesses just starting to accumulate cash reserves. The account allows businesses to get started with as little as $500 and pay no monthly fee so long as they maintain at least a $500 balance.

Business Savings Sweep

A Business Savings Sweep account is an account that automatically moves excess funds from a business’ checking account each day. This feature lets companies automatically build cash reserves and start earning interest on money they aren’t using each day.

Like checking accounts, U.S. Bank sweep accounts are also FDIC-insured. They require a minimum of $10,000 checking account balance but pay higher interest rates than most other business savings products. Interest accrues daily and is deposited into the business’s account each month.

Cost

There is no cost for businesses to use a sweep account with U.S. Bank. However, they must maintain a minimum $10,000 daily balance in their business checking account.

Who Should Open a Business Savings Sweep?

A Business Savings Sweep account is ideal for businesses that typically hold large cash reserves. This could include attorneys, medical practices, car dealerships, and other businesses that deal in expensive goods or services or have large payrolls.

Platinum Business Money Market

For larger, more established businesses, U.S. Bank offers the Platinum Business Money Market account. This account is a savings tool that offers account holders higher rates of interest on higher balances. Plus, there’s no monthly maintenance fee so long as businesses maintain a minimum balance of $10,000. Businesses can also earn a bonus rate when they open a business checking account.

Cost

U.S. Bank’s Platinum Business Money Market account has a $15 monthly maintenance fee, which is waived for businesses that maintain at least a $10,000 daily balance. There’s also a minimum deposit of $100 required to get started.

Who Should Open a Platinum Business Money Market?

A Platinum Business Money Market account is great for businesses that maintain large cash deposits but want to keep easy access to their money and control when funds are transferred from checking to savings.

Small business financing

Separate from its checking and savings accounts and reserve lines of credit, U.S. Bank also offers other small business loans, including term loans, SBA loans, and business lines of credit. These credit facilities can be used to buy or develop real estate, acquire inventory, or cover normal operating expenses such as payroll.

Small business credit cards

U.S. Bank offers a number of business bank credit cards that can use for paying day-to-day business expenses. Many of these cards also offer businesses other benefits, including introductory 0% APR periods and cashback rewards.

Payroll

U.S. Bank has partnered with ADP to make payroll processing easy for business customers who have employees or contractors they pay regularly. Using ADP, customers can process payroll payments, withhold payroll taxes, and offer employees benefits such as health insurance and retirement plans.

Where U.S. Bank Business Checking Stands Out

• Free business checking account: Business owners can now experience the security of a large bank without the burden of monthly fees. U.S. Bank, one of the nation's largest banks, stands out as one of the few major financial institutions offering a complimentary business checking account. However, it's essential to consider all account caps and associated charges before making your decision.
• Generous Welcome Bonus: U.S. Bank currently boasts the most attractive welcome offer for business checking customers. When you open a new eligible U.S. Bank business checking account online and use promo code Q3AFL23 while fulfilling qualifying requirements, you can earn an impressive bonus of up to $800. Please note that certain terms and limitations apply, and this offer remains valid through January 8, 2024. Rest assured, U.S. Bank is a member of the FDIC.
• Extensive Branch Network: U.S. Bank boasts a network of over 2,000 branches spanning 26 states, making it a convenient choice for business owners who prefer in-person banking. If branch accessibility is a priority for you, we recommend researching the nearest branch locations in your area before finalizing your account. Please be aware that in some states, such as Florida and North Carolina, U.S. Bank has only a limited presence.

Where U.S. Bank Business Checking Falls Short

• Low transaction, cash deposit limits: U.S. Bank imposes relatively low limits on fee-free transactions and cash deposits, even when compared to its competitors. For instance, the Silver Business Checking account allows 25 free cash deposit "units" per month, with each unit equivalent to $100. This means that a single cash deposit of $2,500 would consume all 25 units. In contrast, Chase Business Complete Banking℠ permits up to $5,000 in free cash deposits (around 50 units) each month, and the Bank of America Business Advantage Fundamentals™ Banking account offers up to $7,500 in fee-free cash deposits. It's worth noting that these accounts do have a $15 monthly fee, but they also provide various ways to waive it.

  Transaction limits tell a similar story. U.S. Bank's Silver Business Checking includes up to 125 transactions per month, with a 50 cent charge for each additional transaction. Nearly all types of transactions count toward this total, including mobile deposits, ACH transfers, bill payments, in-person deposits, and debit card purchases. In contrast, other traditional banks like Chase and Bank of America do not include electronic transactions in the monthly total, and online business accounts typically have no transaction limits or associated fees.

• Overdraft Fees: U.S. Bank imposes a $36 overdraft fee when your business checking account goes into the negative balance. If multiple items cause your account to go negative on the same day, you could incur this fee up to six times. However, U.S. Bank offers a slight grace period: no fee is charged if your account is overdrawn by less than $5, provided you bring your balance current on the same day.

  If you seek more flexibility, Chase only charges an overdraft fee if your account goes negative by more than $50, in which case it's $34 and can be applied up to six times per day. Axos Bank's overdraft fee is $25, but you're only charged if your account goes negative by an amount exceeding that fee. Furthermore, Axos Bank limits non-sufficient funds fees to a maximum of three per day. Some other business accounts simply prevent overdrafting altogether, eliminating the need for a fee but potentially limiting flexibility.

• Lack of transparency: U.S. Bank's business checking terms and fees are not readily available on the bank's website, making it challenging for business owners to thoroughly assess their options and understand the true cost of their account.

When U.S. Bank Is a Good Fit

• You have a low transaction volume and want a bank without a monthly fee: In our selection of the best business checking accounts for limited liability companies (LLCs), U.S. Bank stood out as the top choice for organizations with minimal transaction activity. The Silver Business Checking Account provides 125 free monthly transactions and does not impose a maintenance fee, making it an excellent fit for businesses that do not engage in a high volume of transactions.
• You need access to a wide selection of lending products: Their lending offerings encompass term loans, lines of credit, credit cards, Small Business Administration (SBA) loans, and specialized financing solutions tailored to the needs of McDonald's franchise operators, as well as professionals in veterinary, eye care, and dentistry fields.
• You run a nonprofit organization: In our ranking of leading banks for nonprofits, U.S. Bank emerged as the best option for organizations facing fluctuating transaction volumes. Their nonprofit checking account comes with no monthly fees and allows for up to 1,800 fee-free transactions per year."

When U.S. Bank Is Not a Good Fit

• You want to earn a high APY: U.S. Bank may not be the most attractive option, as it offers a relatively low APY for its interest-bearing business checking accounts, currently sitting at up to 0.005% at the time of this writing. In contrast, Bluevine provides a more enticing 2.0% APY on balances up to $250,000 for accounts that meet its activity requirements.
• You send wire transfers regularly: If you frequently make wire transfers, U.S. Bank charges $40 for domestic recipients and $75 for international recipients when sending outgoing wire transfers. A cost-effective alternative is Mercury, a fintech solution that offers $0 fees for all wire transfers.
• You deposit more than $2,500 in cash each month: For those who regularly deposit more than $2,500 in cash each month, it's worth noting that U.S. Bank's basic account provides a fee-free cash deposit allowance of 25 units per month, equivalent to a monthly limit of $2,500. In contrast, Bank of America's basic account offers a significantly higher monthly cash deposit limit of $7,500.

How U.S. Bank Stacks Up

U.S. Bank shares some common limitations found in many large banks. Its savings accounts and CDs offer relatively low APYs, and its checking and savings account options can be complex to navigate.

Nevertheless, for those interested in digital banking, U.S. Bank has embraced digital technology and prioritizes a digital-first customer experience. Their highly-rated mobile app streamlines money management and offers valuable financial insights. Additionally, U.S. Bank has earned recognition for its responsiveness during the pandemic, commitment to diverse communities, and ethical practices.

If you're seeking the benefits of a traditional bank with an extensive branch and ATM network, coupled with innovative digital tools, U.S. Bank presents a strong choice. You can use U.S. Bank's comparison charts or consult with a personal banker to determine the best checking, savings, money market, or CD account to suit your needs.

U.S. Bank vs. Chase

You may be inclined towards choosing Chase if you're interested in opening specialized bank accounts designed for college students, children, or teenagers. These accounts for minors offer distinctive features such as savings tools or parental monitoring capabilities.

Chase could also be a more attractive option if you place importance on having access to a vast branch network. With over 4,800 branches, Chase offers a significantly larger branch presence compared to U.S. Bank, which has over 2,000 branches.

US Bank vs. Relay Bank

Relay Bank provides a basic and a Pro plan at $30, while US Bank offers a wider range of account options tailored to different business growth stages, including more transactions and deposits in their paid plans compared to Relay.

Relay stands out by offering additional Visa debit cards, useful for teams, and up to 20 individual checking accounts with advanced bill payment features. However, it is limited to business checking. US Bank, on the other hand, supports personal banking, savings accounts, and financing services, but with fewer flexible account features and only ten account options.

Conclusion

For businesses with simple needs, U.S. Bank has great basic offerings, with lots of premium options and add-ons. It’s very beneficial for customers that want access to local branches and a full suite of online and mobile tools. Businesses that provide goods and services to retail customers and online can also benefit from U.S. Bank’s merchant service offerings. Companies that handle a large volume of cash transactions can utilize one of the bank’s premium accounts.

Frequently Asked Questions