full review
Note: US Bank offers three main business checking accounts: Silver Business Checking Account, Gold Business Checking Account, and Platinum Business Checking Account. This review and corresponding star rating focuses on US Bank's Silver Business Checking.
Free business checking accounts are not standard for brick-and-mortar banks. Much less a free business account with the potential for a huge sign-up bonus. But that's exactly what U.S. Bank Business Checking offers.
800
(Terms apply). Additionally, the ability to open an account online makes it an excellent option for business owners who want the convenience of an online business checking account, but also need the customer support of a traditional bank.
Unfortunately, US Bank business accounts also have some of the pitfalls common to brick-and-mortar banks. That means stingy restrictions and hefty fees.
For example, in a Silver Business checking account, the fee-free transaction limit is 125 per statement cycle. US Bank counts all transactions toward its limits, including mobile check deposits, ACH transfers, and bill payments.
Chase Business Complete Banking®
Examples include unlimited electronic deposits, including ACH transfers, internal transfers, and mobile deposits.the same applies
Bank of America® Business Advantage Fundamentals™ Banking
. (However, there is a monthly fee for both accounts.)
Another problem for US Bank? It's a lack of transparency. Full terms and conditions and account fees are difficult to find on bank websites.
U.S. Bank Business Checking is perfect for small business owners who:
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You may qualify to earn your account's welcome bonus (see below).
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They want the convenience of mobile banking with a strong branch presence.
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Less than the $2,500 monthly free cash deposit limit.
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Don't expect a large number of transactions.
Bluevine Business Check
is an online-only option with unlimited and commission-free trading.As an added bonus, this fee-free account offers
2.00%
Annual Percentage Yield on balances up to $250,000 (terms apply). This far exceeds the services offered by U.S. banks, including those that charge monthly fees.
us bank sign up bonus
800
When you open a new eligible US Bank business checking account online using promo code Q1AFL24 and complete eligible activities, subject to certain terms and restrictions. Promotional bonus offer is valid until:
April 23, 2024
The following requirements must be met:
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Get a $350 bonus on $5,000 when you deposit new money within 30 days of opening your account. $25,000 with $800 bonus — then keep that balance for 60 days from account opening.
If your account is open and has a positive balance, your bonus will be deposited into your U.S. bank account within 45 days of meeting the requirements.
Platinum Business Money Market Account
(Terms apply). Check out this account and other high-yield savings accounts.
US Bank Business Check Overview
|
US Bank Silver Business Checking Account |
US Bank Gold Business Checking Account |
US Bank Platinum Business Checking Account |
|
|
Monthly fee: |
$0. |
$20 (multiple exemption options available). |
$30. Forgiven with an average collection balance of $25,000. |
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Minimum deposit requirement: |
100 dollars. |
100 dollars. |
100 dollars. |
|
AP: |
none. |
0.01% on balances over $20,000. |
none. |
|
transaction: |
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. |
|
Bonus: |
How to open a U.S. bank business checking account
You can open a US Bank business checking account online, by phone, or at one of the bank's 2,000+ branches. US Bank has physical locations in 26 states (see below), but accounts are available to businesses nationwide.
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arizona
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arkansas
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California
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colorado
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idaho
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illinois
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Indiana
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iowa
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Kansas
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kentucky
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minnesota
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missouri
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montana
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nebraska
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nevada
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new mexico
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north carolina
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north dakota
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Ohio
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Oregon
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south dakota
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tennessee
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texas
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Utah
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Washington
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wisconsin
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wyoming
All US Bank business accounts require a minimum opening deposit of $100. This deposit can be made using ACH or wire transfer, or by branch check, ATM, or mobile deposit.
What you need to open a U.S. bank business account
To open a U.S. bank business account, you must provide the following information:
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social security number, home address, and cell phone number.
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Names, emails, and personal phone numbers of people who own 25% or more of the company.
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Company telephone number, address, and date of establishment of the company.
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Business tax ID (EIN, ITIN, or SSN), industry designation and formation documents.
What makes U.S. bank business checking stand out?
Earn up to an $800 bonus, subject to certain terms and restrictions, when you open a new eligible US Bank Business Checking Account online using promo code Q1AFL24 and complete Qualifying Activity 1. Offer valid until April 23, 2024. FDIC Member.
Physical store location: US Bank has more than 2,900 branches in 27 states, making it ideal for business owners who prefer to bank in person. If this is a priority for you, research your local branch before opening an account. Some states, such as Florida and North Carolina, have only a few branches.
Where U.S. banks' business checks are inadequate
Low value transactions, cash deposit limits: It's not uncommon for brick-and-mortar banks to cap the number of fee-free transactions and cash deposits allowed per month. However, US Bank's limits are low compared to its competitors.
Chase Business Complete Banking®
You can earn up to $5,000 (approximately 50 units) in free cash deposits each month.and
Bank of America® Business Advantage Fundamentals™ Banking
The account includes fee-free cash deposits of up to $7,500. Yes, these accounts come with a $15 monthly fee, but they also offer multiple ways to get around the fee.
The same applies to trading restrictions. US Bank's Silver Business Checking includes up to 125 transactions per month, with a 50 cent fee for each additional transaction. And just about everything counts toward that total, including mobile deposits, ACH transfers, bill payments, in-person deposits, and debit card purchases.
Other traditional banks have more flexibility. For example, Chase and Bank of America do not count electronic transactions in their monthly totals. Online business accounts also typically have no transaction limits or fees.
Overdraft fees: If your US Bank business checking account goes into the red by more than $50, there will be a $36 overdraft fee. Can I receive multiple items while my account is in the negative? You may be charged up to 4 times per day. However, US Bank offers a small grace period. If your account is overdrawn by less than $50, your bank will not charge you a fee as long as your balance is current on that day.
Want more breathing space? Some other business accounts don't allow overdrafts, so you don't have to pay any fees, but you'll probably want some flexibility as well.
Lack of transparency: US Bank's Business Check terms and fees are not easily accessible from the bank's website, making it difficult for business owners to fully evaluate their options and understand the true costs of their accounts.
