U.S. Bank Business Checking Review 2024

US Bank Business Banking Review image - 4.4/5

There are some things to like about U.S. Bank, such as its free option, Silver Business Checking, but there are also some issues to be aware of, like lack of transparency about terms, conditions, and account fees.

In this U.S. Bank review, we will look at the business checking accounts offered by U.S. Bank and how they compare to other startup banking options.

U.S. Bank Business Banking Eligibility Requirements

Getting an account with U.S. Bank is relatively easy. You can apply online, over the phone, or in person at a branch. Most businesses will have three options to choose from, Silver, Gold, and Platinum accounts (the Gold and Platinum require you to pay a monthly fee). There is also an analyzed account for businesses that conduct a lot of transactions and carry a high balance, as well as a special account for nonprofits. 

To apply for an account, you will need:

  • Your Social Security number
  • Government-issued photo ID
  • Employer Identification Number (EIN) or tax identification number
  • Articles of incorporation or other document showing when the business was founded (with the exception of sole proprietorships)
  • $100 minimum opening deposit

As you can see, applying is simple enough and the process is similar to other banks. Most small business owners should not have any trouble qualifying for a checking account with U.S. Bank. 

Pros and Cons of U.S. Bank Business Banking

Pros of U.S. Bank Business Banking

  • Account holders can conduct banking at over 2,000 branch locations in 26 states
  • No fees to use approximately 4,700 U.S. Bank and 37,000 MoneyPass ATMs
  • Easy to apply and get an account
  • Various payment processing services are available for a fee, including in-store terminals and mobile apps
  • Can earn a $400 signing bonus if you meet certain terms (Expires January 9, 2023)

Cons of U.S. Bank Business Banking

  • Limits on cash deposits are low relative to competitors
  • Difficult to find terms and fees on the bank’s website

U.S. Bank Business Banking Pricing and Features

There are definite benefits that come with a U.S. Bank business checking account. For some small businesses and business owners, it can be beneficial to have plenty of brick-and-mortar locations for in-person banking. And since U.S. Bank is so well-established, it has plenty of merchant services to offer if you need them. 

However, it’s worth noting that U.S. Bank is not the cheapest banking solution you will find. While it does have a free account, it has limits on transactions and every purchase, deposit, and transfer counts toward those limits. And if you want to earn interest, you need to have a Gold account which earns negligible interest and requires carrying a $20,000 balance. 

There are also limits on the cash deposits you can make each month. With a free Silver account, you can only deposit $2,500 per month before you start paying fees on your cash deposits. 

Rewards and Benefits

  • More than 2,000 brick-and-mortar locations in 26 states
  • Variety of merchant services, including point-of-sale mobile app card readers and touchscreen point-of-sale options
  • Option to earn interest on a Gold Business Checking account
  • Can apply over the phone, online, or in person

Interest Rates

  • Gold Business Checking: 0.005% with a balance of $20,000+


  • $5/month for mobile app card reader POS system
  • $39.99/month for touch screen terminal POS system
  • Silver Package
    • $0.50 for each transaction above 150 per statement cycle limit
  • Gold Package
    • $20 monthly maintenance fee
    • $0.45 per transaction above 300 per statement cycle limit
  • Platinum Package
    • $25 monthly maintenance fee
    • $0.40 for each transaction above 500 per statement cycle limit

U.S. Bank offers a variety of business checking accounts targeted at different business needs. There are definitely things to like about these accounts, like having access to so many brick-and-mortar locations. However, there are certainly less expensive business banking options out there if you know where to look. 

Customer Reviews

U.S. Bank has plenty of positive reviews from satisfied customers. Many reviewers mention great customer service and convenience, and some speak of steady, dependable interest rates. Not everyone is happy with the rewards program options, though, particularly needing to use rewards within a specific time frame. 

Here are some verified customer reviews from Trustpilot by people who use U.S. Bank’s platform: 

“I have been a longtime customer and account holder of U.S. Bank and I have had nothing but the best most efficient and professional treatment and above all their representatives are incredibly kind and helpful it is so stress free and they always make my issue fixed quickly with no problem and I am going to drop Citibank who are the exact opposite and have the worst customer experience ever!”

“I love this bank. Have been a customer for a few years now and their rates have not changed so far. No crazy extra charges for purchases and withdrawals overseas, no foreign atm fees and they are always willing to help me out whenever I need to verify/dispute transactions.”

“I feel like if I earn cash back I should be able to use it whenever having a time limit to redeem rewards sounds ridiculous when I earned them.”

How does U.S. Bank Business Banking Compare?

You have many different options when it comes to business banking. It’s important to compare them to ensure you choose the banking solution that fits your business needs. Let’s look at how U.S. Bank compares to NorthOne, a newer, online-only business banking solution. 

U.S. Bank Business Banking

$20/month for Gold and Platinum packages

Fee-free transactions and cash deposits at Green Dot locations. 

Visit Website

NorthOne Bank


Fee-free transactions and cash deposits at Green Dot locations. 

Visit Website

Final Thoughts on U.S. Bank Business Banking

U.S. Bank has worked with small business owners for a long time and remains a popular choice for business checking accounts. It has thousands of branch locations that allow you to do your banking in person, and it even offers a free business checking account. 

There are definite limitations that come with using U.S. Bank, though. A free checking account only gets 150 transactions per month, which might not be enough for your business. You are also likely to encounter a variety of fees as you do your banking, not all of which are clearly laid out by U.S. Bank on its website. 

If you need brick-and-mortar banking and you live in one of the 26 states where U.S. Bank operates, it might make sense to use this bank for your business banking. If not, we suggest reading some of our other business banking reviews and seeing if there is a better banking solution for your business.

Frequently Asked Questions

Is U.S. Bank good for business banking?

Yes, U.S. Bank is good for business banking, especially for those that want an in-person banking experience. However, it does offer limited transactions and charges a variety of fees that other banking solutions often don’t.

Is U.S. Bank a reputable bank?

Yes, U.S. Bank is a reputable bank that has been operating in one form or another for several hundred years.  

How long does it take U.S. Bank to approve a business account?

You should get an answer about your U.S. Bank application within one to two business days.