U.S. Bank Business Checking Account Review 2023

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U.S. Bank business checking review: pros and cons

US Bank Silver Business Checking Package

The US Bank Silver Business Checking Package is the bank's strongest business checking account. It has zero monthly service fees, and you can also deposit $2,500 in cash or make 25 free cash transactions in your account each month (whichever happens first). 

This account might not be the best choice if you plan on making more than 125 transactions per month or you send frequent wire transfers. U.S. Bank charges a fee for exceeding the account's monthly transaction limit or sending wire transfers domestically and internationally.

US Bank Gold Business Checking Account Package

The US Bank Gold Business Checking Account Package is a step up from the US Bank Silver Business Checking Package. Each month, the Gold Business Checking Account allows you to make 300 free transactions, and deposit  $10,000 or make 100 free cash transactions.

With this account, you'll want to be mindful of the U.S. Bank Gold Business Checking Package - Fees Display. The monthly fee may only be waived if you keep a certain amount in your checking account or across U.S. Bank business bank accounts.

U.S. Bank Platinum Business Checking Package - Product Name Only

The U.S. Bank Platinum Business Checking Package - Product Name Only might be a decent choice if you regularly make up to 500 transactions per month and maintain a high account balance. Otherwise, you might have to deal with monthly service fees or excess transaction fees.

How U.S. Bank works

US Bank has more than 2,000 branches across 26 states. Locations are available in: 

• Arkansas
• California
• Colorado
• Idaho
• Illinois
• Indiana
• Iowa
• Kansas
• Kentucky
• Minnesota
• Missouri
• Montana
• Nebraska
• Nevada
• New Mexico
• North Carolina
• North Dakota
• Ohio
• Oregon
• South Carolina
• South Dakota
• Tennessee
• Texas
• Utah
• Washington
• Wisconsin 
• Wyoming

The bank offers ATMs across 40 states and is part of the MoneyPass ATM Network, which provides access to over 37,000 ATMs.

If you have questions about bank products or services, visit the FAQ page on the bank's website. Customer service representatives are also available over the phone 24/7.

The bank's mobile app received 4.7 out of 5 stars in the Google Play Store. In the Apple Store, it has 4.8 out of 5 stars.

U.S. Bank is FDIC insured. Up to $250,000 is protected in an individual account, and $500,000 is secure in a joint bank account. 

U.S. Bank trustworthiness and BBB rating

The Better Business Bureau rates businesses on how they handle customer issues and whether they have transparent business practices. The BBB gave U.S. Bank an A- rating due to government action against the business.

In 2022, U.S. Bank paid $37.5 million in a settlement with the Consumer Financial Protection Bureau. The CFPB claimed that the bank opened consumer bank accounts, lines of credit, and credit cards without informing customers.

U.S. Bank has been involved in a couple of other recent controversies.

In 2020, U.S. Bank, Nationstar Mortgage, and PNC Bank paid $74 million in an agreement with the Department of Justice. According to the press release, the Department of Justice said the three mortgage services didn't follow bankruptcy regulation and had service errors that impacted borrowers.

The government also required U.S. Bank to pay $200 million in a settlement that said the bank approved FHA loans for home insurance even when the borrowers didn't qualify.

U.S. Bank vs. Axos

We've compared the US Bank Silver Business Checking Package to another free business checking account: the Axos Basic Business Checking Account.

Max. free monthly transactions from checking 125	Max. free monthly transactions from checking Unlimited
Standout feature Up to U.S. Bank Silver Business Checking Package - Featured Reward Value cash bonus	Standout feature Unlimited ATM fee refunds
US Bank Silver Business Checking Package	Axos Bank Basic Business Checking Account

You'll favor the Axos Bank Basic Business Checking Account if you plan to make more than 125 transactions per month.

The Axos Bank Basic Business Checking Account also might be a better option for avoiding ATM fees and domestic wire transfer fees. The Axos checking account lets you make two free domestic wire transfers per month and provides unlimited domestic ATM fee reimbursements.

Both banks offer cash bonuses when you open a business checking account right now. At US Bank, you can get up to U.S. Bank Silver Business Checking Package - Featured Reward Value bonus on a US Bank Silver, Gold, or Platinum Business Checking Account. Get $350 bonus by depositing $5,000 into an account during the first 30 days of account opening and maintain your balance for 60 days. Get U.S. Bank Silver Business Checking Package - Featured Reward Value by depositing $25,000 into an account during the first 30 days of account opening and maintain your balance for 60 days.

Axos Bank has a bonus of Axos Bank Basic Business Checking Account - Ongoing Bonus. The requirements for the two bank account bonuses are the same — you must open a new business bank account using the promo code "NEWSBC" by September 30, 2023, and $25 will be earned for each statement cycle during which the average daily balance in your account must be at a minimum $5,000 or greater. A maximum of four payouts can be earned during the five statement cycles and the bonus will be deposited into your Small Business Checking account within 10 business days following the end of the statement cycle in which the balance requirement was met.  

U.S. Bank vs. NBKC 

U.S. Bank and NBKC both have free business checking accounts that are available throughout the US. See how the two banks compare.

Max. free monthly transactions from checking 125	Max. free monthly transactions from checking Unlimited
Standout feature Up to U.S. Bank Silver Business Checking Package - Featured Reward Value cash bonus	Standout feature No minimum opening deposit required
US Bank Silver Business Checking Package	NBKC Business Checking Account

NBKC will likely be more appealing if you're searching for a hassle-free business checking account. The NBKC Business Checking Account stands out because there's no limit on monthly transactions, and you may open an account with $0.

If you would like to earn a cash bonus when opening a business checking account, you might lean more toward U.S. Bank. NBKC doesn't have any business checking account bonuses right now.

Frequently asked questions

What's needed to open a U.S. Bank business checking account?

If you plan to open a business checking account at any financial institution, you'll need to bring a US ID, your social security number, and business documentation. You may also need an employer identification number (EIN) or tax ID.

Is U.S. Bank a good small business bank?

U.S. Bank has a solid free business checking account, and it could be an appealing option if you prefer brick-and-mortar banks to online banks.

The bank's free business checking account has a monthly transaction limit, so you'll want to consider how often you'll use an account before opening it. If you think you'll exceed the 125 monthly transaction limit, U.S. Bank has additional business checking accounts, but there are monthly service fees on these accounts unless you qualify to waive the fee.