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US Bank, the fifth largest US bank based on assets, offers an option you may want to consider if you need a bank account for your small business. The Silver Business Checking account is designed for smaller and/or newer businesses that are looking for a checking account with no monthly service fee.
If you’re interested in how this account compares to other small business banking options, here’s more on what US Bank Silver Business Checking offers and how it can help your business grow.
Account details and annual percentage yields (APYs) are accurate as of August 31, 2021.
US Bank Silver Business Checking
The US Bank Silver Business Checking account is a straightforward checking account option for small business owners and people who own newer businesses. It’s primarily designed for businesses that don’t have a high transaction volume each month.
For example, with this account you can make up to 25 cash deposits per month without incurring a fee. You can make up to 125 transactions per month without a fee, including deposits and other credits, checks paid and other debits. Once you hit that limit, each additional transaction comes with a $0.50 fee.
But there is no monthly maintenance fee for this account. That’s an advantage if you’re hoping to keep business banking fees to a minimum. You’ll pay a $5 fee for paper statements, but you can avoid that charge by enrolling in electronic statements via US Bank online and mobile banking. Mobile check deposit is free to use.
US Bank imposes these standard limits on transactions for business accounts:
- $500 per day for cash withdrawals via business ATM card
- $2,500 per day for business ATM card purchases
- $500 per day for cash withdrawals via business debit card
- $10,000 per day for business debit card purchases and/or cash advances at banks
- $3,000 per transaction and $10,000 per day for receiving money via business debit card
There’s a $100 minimum deposit required to open an account. You can apply online or you can visit your nearest US Bank branch to get the application process started. To open an account online, you’ll need:
- Your SSN, personal address and phone number
- Your business’s Employer Identification Number (EIN) or tax ID number
- Name, email address and phone number for any additional owners with 25% or more ownership in the company
- Articles of Incorporation, company charter, partnership agreement or similar legal document (not required for sole proprietors)
The low opening deposit could be attractive if you’re just starting out with your business and aren’t earning a lot of money from it yet.
Aside from these features, the US Bank Silver Business Checking account has a few other notable benefits. First, you can get a 50% discount on your first check order, up to $50. That can save you some money if you plan to use checks to pay bills or complete other transactions for your business.
US Bank extends overdraft protection to qualified Silver Business Checking customers. Qualified customers can get a Business Reserve Line of credit up to $5,000. This can help to minimize overdraft fees if your business checking account dips into the red.
You can also get a 50% discount on the personal Gold Checking Package monthly maintenance fee. Ordinarily, this fee ranges from $0 to $14.95 and it includes:
- Zero fees at US Bank ATMs
- Zero fees on your first two non-US Bank ATM transactions per month
- Overdraft protection
- Visa debit card
- Online and mobile banking access
- Up to two Easy Checking accounts with no monthly maintenance fee
If you’re also looking for a bank for personal checking accounts, you could use this feature to manage your business and personal finances all in one place.
Access on the Go
You can manage your Silver Business Checking account with online banking or the US Bank mobile app, which is rated 4.8 out of 5 stars on the App Store and 4.6 on Google Play.
Some of the things you can do online to manage your account include:
- Viewing account information
- Finding past checks, deposit slips and statements
- Creating account alerts
- Requesting a replacement debit card
- Opening a certificate of deposit account
If you also have a business loan with US Bank, you can use online and mobile banking to view your information, schedule payments and access your credit lines. You can also manage any US Bank business credit cards you may have.
If your business has employees, you can take advantage of Shared Access. This feature allows you to give trusted employees or other individuals the ability to view transactions or make payments from your account.
- No monthly maintenance fee or service fee
- Convenient online account opening
- Qualified customers can get overdraft protection of up to $5,000 with a Business Reserve Line
- Convenient and easy-to-use online and mobile banking app
- Manage your money at a branch or US Bank ATM
- Shared Access means employees can help manage and oversee account activity
- Other business checking accounts can offer more bells and whistles when it comes to features
- An additional fee applies if you exceed monthly transaction limits
- This is not an interest-bearing checking account
How US Bank Stacks Up
US Bank is a well-known name in banking and Silver Business Checking could be a good fit if you’re interested in a basic business bank account. You have the option to manage your accounts via online and mobile banking or to visit branches if needed, which is something you won’t get with an online-only bank.
The Silver Business Checking account is certainly fee-friendly, though it has fewer features and benefits than you might find with other business checking account.
Frequently Asked Questions (FAQs)
Is US Bank FDIC insured?
Yes, US Bank National Association is FDIC insured (FDIC# 6548). Your deposits are guaranteed for up to $250,000 per depositor, for each account ownership category, in the event of a bank failure.
Is this a free business checking account?
In terms of a monthly maintenance fee, yes, the US Bank Silver Business Checking account is fee-free. Other account fees may apply, however.
Are there other business checking options to choose from?
Yes, US Bank also offers Gold and Platinum business checking packages. Gold Business Checking is designed for growing businesses with higher transaction volumes, while Platinum Business Checking is geared toward businesses that maintain higher account balances.
Does US Bank also offer small business cash management and merchant services?
Yes, in addition to checking accounts, US Bank also offers a range of small business banking services to help with managing cash flow. US Bank issues business loans, lines of credit and credit cards as well, to help meet borrowing needs.
How can I get help with my account?
US Bank business customer support is available in person at your nearest branch or by phone at 844-579-7642. You can call customer support Monday–Friday, 8 am to 8 pm CT or Saturday, 8 am to 6:30 pm CT. Live chat support is not available.