U.S. Bank Silver Business Checking Account 2023 Review
Business owners should always keep their business and personal finances separate. This gives owners accurate financial information about their business. It can also protect a business owner’s personal assets if they properly structure their business.
Finding the right business checking account can be frustrating and depends on your business’s unique needs. Each bank often has a handful of business checking accounts with several fees.
Here’s what you should know about the U.S. Bank Silver Business Checking Account to see if it is a good fit for your business.
U.S. Bank Silver Business Checking Account Pros & Cons
No Monthly Maintenance Fee
The U.S. Bank Silver Business Checking Account doesn’t charge a monthly fee. This is extremely rare in the business checking account space.
It is a major positive feature for smaller businesses that don’t want to worry about keeping a minimum balance in the account.
125 Free Monthly Transactions
This account comes with 125 free transactions each month. These include deposits, other credits, checks paid, and other debits. It also includes ACH and deposited items, as well as signature and PIN-based debit card purchases.
After you reach the 125 free transaction limit, each additional transaction incurs a $0.50 fee.
25 Free Cash Deposit Units per Month
This account gives you 25 free cash deposit units or 25 free cash deposit transactions each month, whichever comes first. A cash deposit unit divides the cash deposited by 100 and rounds to the nearest whole number. All cash deposits of under $150 count as one unit.
After you reach your free cash deposit limit, additional cash deposits cost $0.30 per $100 deposited.
Other Account Fees - U.S. Bank Silver Business Checking Account
|Zelle for Business||2.50% of received transaction amount with $0.25 minimum and $15.00 maximum|
|Paper statement with no check images||$5.00 per month|
|Paper statement with front & back check images||$8.00 per month|
|Currency ordered (per strap)||$0.85|
|Loose currency ordered||$0.25 per $100|
|Rolled coin ordered||$0.25 per roll|
|Coin deposited||$0.20 per roll|
|Dormant account fee||$5.00 per month|
|Overdraft paid or overdraft returned fee||$36.00|
|Extended overdraft fee (overdrawn for 8 consecutive days)||$36.00|
|Non-U.S. bank ATM fee||$2.50|
|Incoming wire transfer (domestic)||$14.00|
|Branch outgoing wire transfer (domestic)||$40.00|
|Digital outgoing wire transfer (domestic)||$30.00|
|Incoming wire transfer (international)||$16.00|
|Outgoing wire transfer (international)||$75.00|
Note: U.S. Bank does not provide a business fee schedule on its website. The fee schedule varies by state. Call U.S. Bank to have a fee schedule emailed to you. The below fees are for Kentucky, Indiana, Ohio, Tennessee, and North Carolina as of January 1, 2021.
Other Features of the U.S. Bank Silver Business Checking Account
This account comes with other features businesses may like. Online and mobile banking, including bill pay and remote check deposit, are included with your account.
If your business wants to add extra services, some are available. You can add card payment processing, enhanced cash management services, and overdraft protection if you’re willing to pay the applicable fees.
How to Open a U.S. Bank Silver Business Checking Account
You can start the U.S. Bank Silver Business Checking Account opening process online or by making an appointment at a local branch. U.S. Bank says you need the following documents ready to open an account:
- Business employer identification number (EIN) or tax identification number (can be Social Security number for sole proprietors)
- Articles of organization or incorporation, charter, or similar legal business formation document (not applicable for sole proprietors)
- Government-issued ID and Social Security number for you and other check signers or transaction makers for your organization
Choosing the Best Business Checking Account
As a business, it makes sense to want a business checking account that best fits your business’s unique needs.
Unfortunately, there are an overwhelming number of business checking account options that all target different customers.
You can start the process by identifying your needs. In particular, figure out the following:
- Amount of monthly cash deposits
- Number of monthly transactions
- Amount you can keep in the account for minimum balance requirements
The above information can give you a rough idea of some of the most common fees to expect with each account. That said, many non-fee factors could also be important.
Here are a few ideas of bank account features you may want to prioritize when looking for a business checking account.
Monthly maintenance charges
Most business checking accounts charge a monthly maintenance fee. Understand what it is and what features you get for the fee.
Minimum requirements to waive maintenance charges
If a business checking account has a monthly maintenance fee, you may be able to get it waived. This requires you to meet certain qualifications at most banks.
Free transactions per month
Understand how many free transactions you get each month and what qualifies as a transaction. Also, be aware of excess transaction fees.
Free cash deposits per month
Examine free cash deposit limits and costs for excess cash deposits.
Costs for wire transfers
If your business makes wire transfers, understand what type of transfers you make and how much they’ll cost. Some banks may offer a limited number of free wire transfers based on your account type.
Branch locations and hours
Businesses that plan to use in-person banking services should carefully consider where branches are located. Make sure those branches are open when you or your employees plan to visit a bank.
ATM network and fees
If your business would rather use ATMs, understand where they’re located and what fees must be paid.
Online and mobile banking, along with mobile check deposit and bill pay, are all convenience features that can make banking easier. Consider these and other convenience features that could save you time and money.
Card processing services and fees
Most banks offer card processing services or partner with a company that does. This allows you to deposit money from card transactions directly into your bank account, but the fees can add up quickly.
Your bank account may be able to integrate with accounting software and other software you use to run your business. This can save you or your employees a lot of time versus manually importing important banking information.
Other bank accounts, loans, and services
A checking account may be a convenience feature rather than the main reason you choose to work with a bank. In this case, the other accounts, loans, products, and services the bank offers may be the main consideration.
Other U.S. Bank Business Checking Accounts to Consider
U.S. Bank offers several business checking accounts your business could open. Depending on your needs, the Silver Business Checking Account may not be the best fit.
U.S. Bank Gold Business Checking Account
The U.S. Bank Gold Business Checking Account charges a $20 monthly maintenance fee that can be waived. To waive this fee, you must use U.S. Bank Payment Solutions Merchant Bank or have an average collected balance of $10,000 or more. Other options also exist.
This account offers 300 free transactions per statement cycle. Additional transactions incur a $0.45 fee. You get 100 free cash deposit units, with each additional $100 of cash deposited incurring a $0.30 fee.
Paper statements without check images are free with this account.
U.S. Bank Platinum Business Checking Account
The U.S. Bank Platinum Business Checking Account is the next step up. It has a $30 monthly maintenance fee that can be waived with a $25,000 average collected balance or with other qualifications.
This account gives you 500 free transactions with additional transactions costing $0.40 each. You get 200 free cash deposit units with additional units incurring a $0.30 per $100 fee.
This account offers free paper statements with front and back check images.
U.S. Bank Premium Business Checking Account
The U.S. Bank Premium Business Checking Account charges a $23 non-waivable monthly maintenance fee. This account charges fees for every transaction and cash deposit, but these fees can be offset by earnings credits.
This account is for very large businesses that plan to have earning credits offset a large portion of their fees.
The no monthly maintenance fee U.S. Bank Silver Business Checking Account could be a good fit for small businesses getting started. You don’t have to maintain a minimum balance and you get a fair number of free transactions and cash deposits.
Fees can start to add up as your business grows and requires more services. At that point, you may want to consider another U.S. Bank Business Checking Account type.