U.S. Bank Business Checking Review 2024: Pros & Cons Compared

U.S. Bank Business Checking Review 2024: Pros & Cons Compared

U.S. Bank offers an array of business checking accounts, streamlining payments, purchases, and deposits for business owners. It also offers investment options perfect for those looking to grow their wealth. This in-depth review will explore why the U.S. Bank is ideal for startups and small and medium-sized businesses.

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Our Verdict

U.S. Bank

U.S. Bank provides various business-friendly products. They have five different checking accounts, savings accounts, money market accounts, CDs, credit cards, loans, and a business line of credit, among other financial options. This wide range of services lets entrepreneurs easily scale their operations, upgrading their banking packages as their businesses expand.


  • Available nationwide
  • Convenient access to physical branches for in-person banking
  • Five distinct business checking accounts to meet various business needs


  • Overdrafts incur a high fee
  • Average APY on most accounts
  • Physical branches only in 26 states

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U.S. Bank at a Glance

U.S. Bank stands among America’s top five largest banks. It offers a solid selection of business accounts and financial services. U.S. Bank provides extensive access to its services with over 3,200 branches in 26 states, more than 5,000 ATMs, and a user-friendly mobile app.

Customers benefit from comprehensive financial solutions through web support and in-person visits to branches. However, U.S. Bank has notable downsides, such as excluding extra features even for premium accounts. 

It offers average interest rates, making it smarter to consider other options for saving your money.

Who Is U.S. Bank Best For? 

U.S. Bank is an excellent choice for small businesses seeking friendly starter accounts. It offers a variety of products tailored for businesses with low transaction volumes and fluctuating balances. However, more established companies that need advanced banking packages, additional features, and higher APYs on their balances might find better deals with other banks.

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U.S. Bank provides five checking accounts, with the Silver, Gold, and Platinum accounts being the most popular. The Silver package offers enhanced simplicity and convenience for smaller firms, while the Gold package is best for medium-sized businesses seeking flexibility and value.

The Platinum package delivers better rewards and benefits, making it more suited for well-established businesses that maintain higher balances. U.S. Bank offers a Premium business checking account for larger businesses, ideal for companies with complex banking needs wanting to earn credit rates on qualifying balances.

Here’s a simplified comparison chart of the most popular checking accounts to help you pick the best option for your business needs:

Monthly maintenance fee$6.95$14.9524.95
Number of free monthly transactions125300500
Number of free cash deposits monthly25100200
Stop payment fee$35$35$35
Overdraft fee$36$36$36
Overdraft protection transfer fee$12.50$12.50$12.50

Account Basics 

The popular U.S. Bank checking accounts are not interest-bearing products. Even though the Platinum Checking account offers interest rates, they fall well below the national average of 0.05%. For more attractive interest rates on your business balances, consider looking into CDs, savings, or money market accounts instead.

>> Check Out the Best Pricing for the U.S. Bank>>

U.S. Bank Features

U.S. Bank might boast only some feature-rich banking solutions. Still, you’ll find all the essential services to keep your business running smoothly. Here’s what you can expect.

Mobile Banking

U.S. Bank’s mobile app is user-friendly and has secure digital banking tools. It simplifies everyday banking. Pay bills and transfer funds with ease. Check your current balances, deposit checks, access tax documents, and view e-statements from your Android or iOS.

Fraud Protection

U.S. Bank prioritizes fraud protection. They’ve set up measures to secure credit card check payments and mobile app transactions. The bank encrypts all wireless communications during digital banking to reduce the risk of information money or identity theft.

Remote Deposit

Another standout feature of U.S. Bank accounts is remote deposit. To avoid the hassle of mailing paper checks, you can snap a photo of your checks with your smartphone and send the images to the bank for deposit.

EZ Switch Kit

The EZ switch kit makes changing banks simple. U.S. Bank offers reliable support throughout the process to ensure a smooth, fast, and easy transition. With their five-step process, you can easily open a business account with U.S. Bank and close your old one, all without causing any downtime for your company.

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U.S. Bank Alternatives

U.S. Bank is an excellent choice if you value a bank’s reputation and stability. However, better options are available if you’re seeking more features and higher APYs on your balances. Let’s explore three alternatives.

Chase Bank

JPMorgan Chase Bank stands out as a top alternative to U.S. Bank. Known for its reputation, it ranks as the largest full-service bank. It surpasses U.S. Bank by offering a broader range of financial services and products, including an extensive selection of credit card options. Chase provides decent APYs on business checking, CDs, and business savings accounts.

Who Is Chase Bank Best For?

Chase Bank is a solid choice for businesses that maintain high balances to avoid monthly fees. With a robust online presence and a reputation as one of the best mortgage lenders, Chase also boasts over 4,700 branches. This extensive local presence makes it perfect for entrepreneurs who prefer in-person banking.

 Account Basics

  • Checking Accounts— 0.01% to 0.05% APY
  • Savings Accounts— 0.01% to 0.05% APY
  • Certificates of Deposit—up to 0.05%

How Does Chase Bank Compare to U.S. Bank?

Chase and U.S. Bank are large and well-established financial institutions with much in common. However, Chase is more favorable for entrepreneurs looking for easier ways to waive monthly account maintenance fees. In contrast, the U.S. Bank offers better CD APYs.


  • Monthly fees can be waived
  • Enticing introductory bonuses for new customers
  • Easy access through 4,700 branches and 16,000 ATMs


  • No money market accounts
  • Lacks high-yield savings accounts
  • Using out-of-network ATMs costs $2.50

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Citibank is your best bet if you’re seeking an alternative to Chase and U.S. Bank that combines big bank perks with the benefits of a digital financial institution. Its interest rates on balances are more competitive, especially if you qualify for the high-yield savings account.

Who Is Citibank Best For?

Citibank is ideal for businesses in any 41 states eligible for the Accelerate Savings Account. Given its fewer than 700 branches in the U.S., it’s also a great option for entrepreneurs who prefer digital banking.

Account Basics

  • Checking Accounts—0.01 to 0.03% APY
  • Savings Accounts—0.04% to 0.50% APY
  • Certificates of Deposit (CDs) — 0.05% to 0.25% APY

How Does Citibank Compare to U.S. Bank?

Citibank and U.S. Bank are renowned for their convenience rather than high APY rates. Both banks leverage top-shelf technology to offer a reliable online business banking experience.

However, U.S. Bank has more local branches, making it better for those who prefer in-person banking. On the other hand, Citibank is ideal for businesses seeking better interest rates on their savings account balances.


  • High-yield savings account
  • Easy to waive account service fees
  • Extensive network of over 65,000 fee-free ATMs


  • High-yield savings accounts are available in only 41 states
  • High monthly fees for not meeting minimum balance requirements
  • Fewer than 700 physical branches in the U.S.

>> Experience Modern Banking With Citibank >>

Wells Fargo Bank

Wells Fargo, founded in 1852, is the fourth-largest bank in America, boasting over 170 years in the industry. Despite high-profile fraud scandals in the mid-2010s, it remains a top choice for many businesses due to its technological innovations, reliable customer service, and convenient financial products.

Who Is Wells Fargo Best For?

Wells Fargo is ideal for entrepreneurs who value convenience over high-interest earning potential. It’s located near a Wells Fargo branch and suits businesses that prefer in-person banking.

Account Basics

  • Checking accounts—0.00% or 0.01% APY
  • Savings Accounts— 0.01% to 0.02% APY
  • Certificates of Deposit— 0.01% to 0.02% APY

How Does Wells Fargo Compare to U.S. Bank?

Like U.S. Bank, Wells Fargo is a megabank with an extensive network of branches and ATMs. Although it may offer better APYs on savings, it is less suitable for businesses that maintain high balances. 

Wells Fargo provides an easier way to waive monthly fees without maintaining minimum balances, whereas U.S. Bank has a lower deposit requirement for CDs.


  • Tech-forward mobile app
  • Easy to waive monthly service fees
  • Large network of 4,900 branches and 12,000 ATMs


  • Hefty overdraft fees ($35)
  • Better APYs available elsewhere
  • Fees for accessing funds through out-of-network ATMs

>> Experience Modern Banking With Wells Fargo >>

Frequently asked questions

When you open a business checking account with U.S. Bank for the first time, you’ll receive a bonus of up to $399, which will be deposited into your account within 45 days after deposit verification. Your account must maintain a positive balance to qualify for the bonus. Other perks include 50% off your first check order (up to $50) and a discounted rate of $49 for a mobile card reader.

As of 2021, there were 4,914 FDIC-insured financial institutions in the United States, including U.S. Bank. U.S. Bank’s checking accounts are insured for up to $250,000 per person, protecting against the loss of your insured deposit.

Under the USA Patriot Act Section 326, financial institutions must obtain, verify, and record information identifying individuals who open accounts. Therefore, U.S. Bank will ask for your business’s EIN or tax ID number, documents showing your company’s formation like Articles of Organization, and your SSN if you want to register with your business account.

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Final Thoughts on U.S. Bank Review

U.S. Bank offers excellent business bank accounts and is a solid option for small business owners who prefer in-person banking and easy access to thousands of fee-free ATMs. Thanks to its technology-forward approach and highly-rated mobile app, it’s also great for entrepreneurs interested in digital banking.

The U.S. Bank provides a reliable range of financial products with enough flexibility to support growing businesses. The main tradeoff is that most accounts have high fees and low interest rates, which might be better for larger companies. We hope this comprehensive U.S. Bank business account review helps you make an informed decision.

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Judith Harvey is a seasoned finance editor with over two decades of experience in the financial journalism industry. Her analytical skills and keen insight into market trends quickly made her a sought-after expert in financial reporting.