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U.S. Bank Business Checking Review: Hefty Welcome Bonus, Stingy Transaction Limits
U.S. Bank offers free business checking and one of the best welcome offers on the market.
Senior writer | Small business banking and credit cards, Paycheck Protection Program, consumer spending, and household finances
Kelsey Sheehy is a NerdWallet authority on small business. Her work has appeared in The New York Times, The Washington Post, Nasdaq and MarketWatch, among other publications. Kelsey has appeared on the <a href="https://www.today.com/video/christmas-in-july-sales-to-take-advantage-of-now-64075333536">"Today"</a> show, <a href="https://www.nbcnews.com/nightly-news/video/tax-code-changes-leave-many-americans-with-unhappy-returns-1440385091860">NBC News</a> and <a href="https://abcnews.go.com/WNT/video/cost-smartphones-reaching-time-high-54166111">"ABC World News Tonight"</a> and has been quoted by the Los Angeles Times, CNBC and American Banker, among other publications. Email: <a href="mailto:ksheehy@nerdwallet.com">ksheehy@nerdwallet.com</a>.
Ryan Lane is an editor on the small-business team and a NerdWallet authority on student loans. He spent more than a decade as a writer and editor for student loan guarantor American Student Assistance and was a managing editor for publisher Cell Press. Ryan’s work has been featured by The Associated Press, USA Today and MarketWatch, and he previously co-authored the U.S. News & World Report Student Loan Ranger blog. Email: <a href="mailto:rlane@nerdwallet.com”">rlane@nerdwallet.com</a>.
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Our Take
4.2
NerdWallet rating
The bottom line:
U.S. Bank is one of the few brick-and-mortar banks to offer free business checking, and they’ve sweetened the pot with a hefty welcome offer. But a low cap on fee-free transactions could be a deal breaker for some businesses.
Note: U.S. Bank offers three main business checking accounts: Silver Business Checking, Gold Business Checking and Platinum Business Checking. This review and the corresponding star rating focus on U.S. Bank’s Silver Business Checking.
Free business checking accounts are not the norm for brick-and-mortar banks — much less, free business accounts with the potential for a massive sign-up bonus. But that’s exactly what U.S. Bank business checking offers.
The U.S. Bank Silver Business Checking account has no monthly service fee, and new account holders can earn a welcome bonus of up to $
800
(terms apply). Plus, you can open the account online, making it a great option for business owners who want the convenience of an online business checking account but the customer support of a traditional bank.
Unfortunately, U.S. Bank’s business accounts also feature some common pitfalls of brick-and-mortar banks. Namely: stingy limits and lots of fees.
The Silver Business Checking account, for example, caps fee-free transactions at 125 per statement cycle. U.S. Bank counts every single transaction toward that limit, including mobile check deposits, ACH transfers and bill payments.
is an online-only option with unlimited, fee-free transactions. As an added bonus, this no-fee account earns
2.00%
annual percentage yield (APY) on balances up to and including $250,000 (terms apply) — that’s far more than any U.S. Bank business checking account.
U.S. Bank sign-up bonus
Earn a welcome bonus of up to $
800
when you open a new, eligible U.S. Bank business checking account online with promo code Q3AFL24 and complete qualifying activities, subject to certain terms and limitations. The promotional bonus offer is valid through
09/30/2024
and requires you to meet the following requirements:
Deposit new money within 30 days of account opening — $5,000 for a $300 bonus; $30,000 for a $
800
bonus — and then maintain that balance through 60 days from account opening.
Once you meet the eligibility requirements, the bonus is deposited to your U.S. Bank account within 30 days from the end of that calendar month, provided your account is open and has a positive balance
U.S. Bank business checking customers can also snag a bonus rate of
4.34%
APY from account opening date when they open a U.S. Bank
$30; waived with $25,000 average collected balance.
Minimum opening deposit requirement:
$100.
$100.
$100.
APY:
None.
0.01% on balances of $20,000 or more.
None.
Transactions:
125 free transactions per statement cycle; 50 cents for each additional transaction.
350 free transactions per statement cycle; 45 cents for each additional transaction.
550 free transactions per statement cycle; 40 cents for each additional transaction.
Bonus:
Up to $
800
.
Up to $
800
.
Up to $
800
.
How to open a U.S. Bank business checking account
You can open a U.S. Bank business checking account online, over the phone or at one of the bank’s more than 2,900 branch locations. While U.S. Bank has a physical presence in 27 states (see below), accounts are available to businesses nationwide.
Arizona
Arkansas
California
Colorado
Idaho
Illinois
Indiana
Iowa
Kansas
Kentucky
Minnesota
Missouri
Montana
Nebraska
Nevada
New Mexico
North Carolina
North Dakota
Ohio
Oregon
South Dakota
Tennessee
Texas
Utah
Washington
Wisconsin
Wyoming
All U.S. Bank business accounts require a $100 minimum opening deposit, which can be deposited via ACH or wire transfer, or by check at a branch, ATM or using mobile deposit.
What you need to open a U.S. Bank business account
To open a U.S. Bank business account, you’ll need to provide the following information:
Social Security number, home address and cell phone number.
Name, email and personal phone number for anyone with a 25% or more ownership stake in the company.
Business phone number, physical address and date your business was established.
Business tax ID (EIN, ITIN or SSN), industry designation and formation documents.
Where U.S. Bank business checking stands out
Free business checking account: Business owners don’t have to swallow monthly fees to enjoy the security of a large bank. U.S. Bank is one of the largest banks in the country; it’s also one of the only big banks to offer a free business checking account. Monthly fees aren’t the only costs to consider, though, so look at all account caps and charges before committing.
Earn up to a $800 bonus when you open a new, eligible U.S. Bank business checking account online with promo code Q3AFL24 and complete qualifying activities, subject to certain terms and limitations. Offer valid through September 30, 2024. Member FDIC.
Brick-and-mortar locations: U.S. Bank has more than 2,900 branches across 27 states, which is ideal for business owners who prefer to bank in person. If this is a priority for you, research your nearest branch before opening an account. There are only a handful of branch locations in some states, like Florida and North Carolina.
Where U.S. Bank business checking falls short
Low transaction, cash deposit limits: It’s not uncommon for brick-and-mortar banks to have caps on the number of fee-free transactions and cash deposits allowed per month. But U.S. Bank’s limits are low even when compared with competitors.
The Silver Business Checking account, for example, includes 25 free cash deposit “units” per month. Each unit is equal to $100 but U.S. Bank rounds down ($.50/$50), so a single cash deposit of $150 or less is counted as one unit. But a single deposit totaling $2,500 equals 25 units.
Chase Business Complete Banking®
, on the other hand, allows up to $5,000 in free cash deposits — around 50 units — per month. And
account includes up to $7,500 in fee-free cash deposits. Granted, those accounts each have a $
15
-$
16
monthly fee, but they also offer multiple ways to avoid the fee.
It’s the same story with transaction limits. U.S. Bank’s Silver Business Checking includes up to 125 transactions per month, with a 50 cent charge for each additional transaction. And almost everything counts toward that total: mobile deposits, ACH transfers, bill payments, in-person deposits and debit card purchases.
Other traditional banks offer more wiggle room. Chase and Bank of America, for example, don’t count electronic transactions toward your monthly total. And online business accounts typically have no transaction limit — or fees.
Overdraft fees: If your U.S. Bank business checking account dips into the red by more than $5, you’ll get hit with a $36 overdraft fee. Have multiple items that come through while your account is negative? You could get hit with that fee up to three times per day. Want more breathing room? Several other business accounts simply don’t allow you to overdraft, which eliminates the need for a fee but perhaps some flexibility too.