U.S. Bank Business Checking Review 2024
The U.S. Bank business checking account is a no-frills account for entrepreneurs or businesses with a low monthly transaction volume. It may also be a good option for an in-person banking experience. Here’s a closer look at the U.S. Bank business checking account so you can decide if it’s a good fit.
U.S. Bank Business Checking At-a-Glance
Overall Impression
A U.S. Bank business checking account might be worthwhile if you’re a startup founder, solopreneur, or small business owner who prefers in-person banking and 24/7 customer service. But you should look elsewhere if you anticipate a high transaction volume or want to earn more interest on your deposits.
Easily Compare the Best Business Checking Accounts Online
Compare rates, fees, accessibility, customer service, and more. Whether you need a business or personal account, find the best checking account for your needs.
Pros and Cons
As with any financial product, the U.S. Bank business checking account comes with benefits and drawbacks, including the following.
Pros
- Large branch and ATM network: You will likely find U.S. branches and ATMs near you. This is a huge plus if you like the idea of in-person banking and service.
- 24/7 customer service: The U.S. Bank customer support team is available round-the-clock to answer your questions and address your concerns.
- Shared access: If you have employees you trust, shared access can give them the ability to make payments or view transactions.
- No monthly maintenance: You don’t have to worry about a monthly maintenance fee with the U.S. Bank Silver business checking account.
- Signup bonus: You might qualify for a generous signup bonus if you meet specific criteria.
Cons
- Low transaction limits: No matter which U.S. Bank business checking account you choose, there are caps on how many monthly transactions you can make.
- Out-of-network ATM fees: You’ll be on the hook for a fee if you use an out-of-network ATM.
- Some accounts have monthly fees: The Gold and Premium business checking accounts charge monthly service fees.
Compare to Other Checking Accounts
Exploring these alternative options is a good idea before you decide on a U.S. Bank business checking account.
Grasshopper
Grasshopper can meet your needs if you want a digital business checking account. Unlike U.S. Bank, it offers competitive rates on deposits. You may also earn rewards on Visa debit card purchases and enjoy unlimited wire transfers.
BlueVine
In addition to business financing, BlueVine offers business bank accounts. It differs from U.S. Bank in that balances of up to $100,000 can incur interest at attractive rates. Also, there are no minimum deposit requirements and non-sufficient fees.
Regions
With a Regions LifeGreen business checking account, you can enjoy unique perks you won’t find with a U.S. Bank account. These include the iTreasury Small Business cash management program and the Online Banking for Business with Bill Pay. Both options can help you grow your funds.
Chase Business Checking
Chase business checking offers the convenience of a bank with branches throughout the country. This could matter to small business owners who may need other business banking services such as business loans. Checking customers pay no fees at 16,000 Chase ATMs and have access to 4,700 branches. This account requires no minimum opening deposit and offers a generous bonus for new customers (terms apply).
Axos Bank Basic Business Checking
With an Axos Bank basic business checking account, there are no monthly fees, but there is a $35 insufficient funds fee. Customers receive automatic refunds of all ATM fees and free cash deposits at MoneyPass and AllPoint ATMs. Axos also offers merchant services, SBA loans, and payroll services via ADP.
Who Is U.S. Bank Business Checking For?
You may benefit from a U.S. Bank business checking account if:
- You have a low transaction volume because you’re a startup or a newer business.
- You prefer in-person banking and easy access to local branches and in-network ATMs.
- You’re a non-profit organization looking for a checking account with special perks.
- You’d like access to many lending products, like credit cards, lines of credit, and SBA loans.
- If you prioritize digital banking or wish to earn as much as possible in interest, you’d be better off with another business checking account.
Rating the Features
Here’s a closer look at the various features of the U.S. Bank business checking account so you can determine if it’s a good fit for your unique needs.
Mobile Banking
The highly-rated U.S. Bank mobile app is compatible with iOS and Android devices. You can use it to check your account balance, set up alerts, order a replacement debit card, transfer funds, and pay bills from anywhere. With U.S. Bank Smart Assistant, you can perform simple banking tasks via voice in the mobile app.
Customer Service and Experience
U.S. Bank stands out in the customer service department thanks to its 24/7 phone support. Its representatives are available anytime to answer questions or help you with issues. There’s also a comprehensive frequently asked questions page on the bank’s website. You may also visit a local branch for in-person service.
Fees
Since U.S. Bank is a brick-and-mortar financial institution with high overhead costs, it does charge some fees. These include monthly maintenance fees on select business checking accounts, transaction fees, cash deposit fees, wire transfer fees, and international fees. You’ll also face fees for using out-of-network ATMs.
Rates
Interest rates on U.S. Bank business checking accounts are below average. You can likely secure more competitive interest rates if you opt for online banks.
Tools, Extras
U.S. Bank offers several special perks for business checking accounts. It partners with ADP payroll to simplify your payroll management. You can count on the bank for credit card payment processing, business money market accounts, and a business reserve line. Another notable perk is the check risk management feature, which allows you to convert checks into electronic payments to reduce the risk of check fraud.
Access
You should have easy access to U.S. Bank branches and ATMs. The bank has over 2,000 branches across 26 states. It’s also part of the MoneyPass ATM Network, so you can use more than 37,000 in-network ATMs across 40 states. In addition, you can access your account online if you’d like.
Safety and Security
U.S. Bank will insure your deposits for up to $250,000 per depositor if the bank fails. Plus, the financial institution has a digital security guarantee. This can help you protect against unauthorized business transactions and fraud.
Minimum Deposit Requirement
To open a U.S. Bank business checking account, you need at least $100. You can make this deposit by wire transfer, ACH, or a check at a nearby branch.
Frequently Asked Questions (FAQs)
To open a business checking account with U.S. Bank, you’ll need a government-issued ID, Social Security number, and business documents. An employer identification number (EIN) or tax ID might also be required.
A $100 minimum deposit is required to open a U.S. Bank business checking account. Other fees may also apply depending on your chosen account and unique situation.
Sometimes, U.S. Bank offers signup bonuses to new business checking account customers who meet specific criteria. Check the website frequently for the most updated information about its welcome bonuses.
