Guide to U.S. Bank business checking accounts

If you have a business or are starting one, you need a business checking account. Business checking accounts and other deposit products are offered by U.S. Bank National Association, Member FDIC. If you’re a fan of U.S. Bank or are considering it as a place to park your money, their business checking account is a good option.

U.S. Bank is the fifth-largest bank in the country and offers five distinct business checking accounts tailored to meet a wide range of business needs. With a comprehensive suite of business solutions and deposit products designed for businesses of all sizes, U.S. Bank likely has a business checking account that fits your requirements.

Types of U.S. Bank business checking accounts

If you’re looking for a U.S. Bank business checking account, you have five tailored options to choose from. U.S. Bank offers a diverse range of business accounts designed to meet the unique needs of small businesses, nonprofits, and high-volume enterprises alike. These business bank checking accounts often come with promotional sign-up bonuses, though these offers can change frequently, so it’s best to verify current details when you apply.

The account opening process for each option is straightforward, allowing businesses to get started quickly and efficiently.

Here’s an overview of the types of U.S. Bank business checking accounts that may suit your needs.

U.S. Bank Business Essentials

Who should consider getting this business checking account: Small business owners with specific business needs. There is no monthly maintenance fee, and in general, this is structured more for the sole proprietor or perhaps a mom and pop retailer versus the multi-million dollar corporation. (As a heads up, U.S. Bank Business Essentials replaced the old U.S. Bank Silver Business Checking account.)

Some account highlights include:

• $0 monthly maintenance fee
• Unlimited digital transactions
• 25 free teller and paper transactions per statement cycle
• A free mobile card reader with $0 software fee
• Free same-day access to funds
• Features designed to help small businesses manage cash flow efficiently, such as real-time account management and mobile banking

U.S. Bank Gold Business Checking Package

Who should consider getting this business checking account: Medium-sized business owners. For starters, there’s a monthly maintenance fee of $20, although you can avoid it if you keep a required minimum balance in your checking account, which is great for a medium-sized business but maybe not realistic for a startup or any business that routinely carries lower balances.

Some account highlights include:

• $0 monthly maintenance fee when you meet requirements, such as maintaining a $10,000 average balance in your checking account
• 350 free transactions per statement cycle ($0.45 fee for each additional transaction)
• 125 free cash deposit units per statement cycle

U.S. Bank Platinum Business Checking Package

Who should consider getting this business checking account: This account is designed for larger businesses. It carries a $30 monthly maintenance fee; however, this fee can be waived if your business meets specific criteria.

Some account highlights include:

• $0 monthly maintenance fee when your business meets requirements, such as having an average checking account balance of $25,000
• 550 free transactions per statement cycle (and then $0.40 fee for each additional transaction)
• 250 free cash deposit units per statement cycle

Premium Business Checking Package

Who should consider getting this business checking account: This account is well-suited for corporations. It carries a $33 monthly maintenance fee, designed to support larger businesses with more complex banking needs.

Some account highlights include:

• You can reduce or eliminate transaction and deposit fees through a competitive earnings credit rate
• Group multiple earning credit and checking accounts for a snapshot of balances and services
• 24/7 live support

Nonprofit Business Checking Account

Who should consider getting this business checking account: Anyone who runs a nonprofit, big or small. All you need to open up a U.S. Bank nonprofit business checking account, along with proper documentation for your nonprofit, of course, is $100 to deposit into the account.

Some account highlights include:

• $0 monthly maintenance fee – and no minimum balance restriction
• 1,800 free transactions per calendar year ($0.50 fee for each additional transaction)
• 300 free cash deposit units per calendar year
• Option to earn interest
• Integration with popular accounting software like QuickBooks and Xero makes it easier for nonprofits to manage their accounting and bookkeeping by automatically importing transactions and streamlining financial management

Smartly Checking Account features and benefits

If you’re not interested in a U.S. Bank business checking account, the Smartly Checking Account, a U.S. Bank personal account, might be more your speed.

Since U.S. Bank is just about everywhere – well, not everywhere, but it’s in a lot of places: over 2,000 branches in 26 states – you’ll have access to a vast network of branches and ATMs, along with the usual online banking.

There is a monthly fee of $12, but you can likely get the charge waived, provided you follow a few of their provisions, such as direct deposits of over $1,500 hitting the account every month. Or you can have it waived if you keep a monthly average account balance of at least $1,500.

You can also earn interest with the Smartly Checking Account, which is pretty rare for a personal checking account.

How to Open a U.S. Bank checking account

To open a U.S. Bank checking account, it’s a pretty straightforward process, especially if it’s for your personal use.

You need to be 18 years or older with a U.S. address. You can visit a branch or go online to USBank.com or use the U.S. Bank mobile app. You can also apply online for a deposit account, making the process convenient and accessible. Provided you have a government-issued ID, proof of your address, your Social Security number, and $25 (what you need for a minimum opening deposit), you should be granted an account with no problems.

Opening a U.S. Bank business checking account involves a few more steps compared to personal accounts. You’ll need to meet certain U.S. Bank business account requirements, which may include providing business formation documents. For personalized assistance tailored to your specific business banking needs, consulting a business banker is recommended.

While you might only need your Social Security number or ITIN (Individual Taxpayer Identification Number) in some cases, it’s quite common to require additional documentation. For example, if your business is an LLC, you may need to provide proof of formation, such as articles of organization. Other typical documents include a government-issued business license or proof of your registered business name. Approval for certain accounts or services may also be subject to standard

If you have a nonprofit, you may need something similar, such as a business license, a letter from the Secretary of State, or certified articles of organization. (It isn’t that you need a recommendation from your state’s Secretary of State, but that’s generally the office that will issue a certificate of good standing, letting the bank know that your business or nonprofit can legally operate in your state.)

You’ll need a minimum deposit of $100 to open a U.S. Bank business checking account. U.S. Bank offers a range of deposit accounts for businesses, including checking and savings options, each with specific features and benefits.

Understanding U.S. Bank checking account fees

Before you sign up at any bank, you want to understand its fees. U.S. Bank’s checking account fees are pretty similar to any other bank. Generally, you’re going to find the following:

• Monthly maintenance fees
• Overdraft fees
• ATM fees
• Wire transfer fees
• Stop payment fees

The monthly maintenance fees, overdraft fees, and ATM fees are probably the most common charges you’re likely to run into. The monthly maintenance fees can usually be avoided by having direct deposits go straight to your checking account, overdraft fees can be avoided by keeping your account positive, and ATM fees will be a nonstarter if you take cash out of an ATM in the U.S. Bank’s network.

U.S. Bank checking account features compared to competitors

So how does U.S. Bank’s business checking account stand up to some of its competitors? Well, the fact that it has a free checking account is impressive. Sure, other banks have free checking and business checking accounts, but it’s still somewhat of a rarity, especially among bigger banks. Many banks will offer free business checking accounts – provided you keep a serious amount of money, like $5,000, in the account at all times, and so it’s hard to really call those accounts “free checking.”

When comparing U.S. Bank to competitors, it’s also important to consider their business credit offerings, including business credit cards. Some competitors provide business credit cards with robust rewards programs, cashback options, and seamless integration with business banking, which can be valuable for managing business expenses and supporting business growth.

You will also want to look at other factors, such as U.S. Bank’s fee-free cash deposit limits. Generally, many banks, including competitors like Chase Business Complete Banking and Wells Fargo Initiate Business Checking, allow you to deposit up to $5,000 per month without incurring fees. In comparison, U.S. Bank permits fee-free cash deposits up to $2,500 per month.

Some banks won’t charge for wire fees, and U.S. Bank does, anywhere from $30 to $70, depending on whether it’s domestic or international. If your business is likely to have a lot of wire fees, you may want to look elsewhere.

Is U.S. Bank a good choice for your checking account?

Yes, U.S. Bank is a strong choice for many businesses. Could there be banks better suited to your specific needs? Possibly. It really depends on what you’re looking for. If you’re a small business that doesn’t make frequent cash deposits and prefers the flexibility to maintain low or even zero balances without incurring fees, U.S. Bank could be an excellent fit. They also offer a suite of digital tools and personalized support designed to help you manage your business finances efficiently.

However, if your business regularly deposits more than $2,500 in cash each month, you might want to consider a business checking account with higher cash deposit limits.

There’s a lot to appreciate about U.S. Bank—access to over 4,500 ATMs nationwide, and through the MoneyPass ATM Network, you actually get fee-free access to more than 37,000 ATMs. If you’re located in a state where U.S. Bank operates, you can also visit branches to meet with tellers and managers in person, which is a valuable resource for resolving issues or building a stronger banking relationship. And, of course, their free business checking account is a significant advantage for smaller businesses that don’t maintain high balances.

Frequently asked questions about U.S. Bank checking accounts

What documents do I need to open a U.S. Bank checking account?

If you’re opening a U.S. Bank business checking account, you may need documents like your EIN letter or proof that your business is registered with your state’s Secretary of State. When applying online, through the app, or at a branch, you’ll provide these to verify your business.

For personal accounts, usually just a government-issued ID is required.

Business accounts might also ask for your Social Security number or ITIN. LLCs may need formation papers or a business license.

Nonprofits need similar documents, like a business license or certified articles of organization.

Can I open a U.S. Bank checking account online?

Yes, as with most, if not all, banks these days, you can open a U.S. Bank checking account online. You need to be 18 years or older and a legal U.S. resident. You’ll need to provide your Social Security number and be willing to put in $25, which you can pay with a credit or debit card, or you can transfer it from another account at U.S. Bank or any other financial institution.

How long does it take to get approved for a U.S. Bank checking account?

Typically, you’ll know instantly, but it can sometimes take a few days. You’ll likely need to wait a week or so before certain documents, or a debit card, are mailed to you.

What’s the difference between Smartly Checking and other account types?

U.S. Bank’s Smartly Checking offers more perks than most personal checking accounts. You earn variable interest and rewards based on your balance. For example, with $0 to $4,999.99, you get 50% off your first box of checks and up to $1,000 off closing costs on your first mortgage loan.

Does U.S. Bank offer free checking accounts?

Yes, notably U.S. Bank’s Smartly Checking, a personal account, and U.S. Bank Business Essentials. You can have $0 in the account, and you won’t be charged a monthly maintenance fee.

How many U.S. Bank ATMs are there nationwide?

There are 4,500 ATMs across the country, though, because it is a member of the MoneyPass ATM Network, you actually have access to over 37,000 fee-free ATMs.

Can I link my U.S. Bank checking account to external accounts?

You can – and you’ll even get an “all-in-one view of your finances,” as the U.S. Bank website puts it, when you connect your accounts from other financial institutions to U.S. Bank.

What happens if I overdraft my U.S. Bank checking account?

It may vary depending on what type of account you have, but at least with U.S. Bank’s Smartly Checking, a personal account, and U.S. Bank Business Essentials, if you go into overdraft up to $50 or less, you won’t be charged an overdraft fee that day. If you go over $50, you’ll be hit with a $36 overdraft fee.