Our reviewers evaluate products and services based on unbiased research. Top Consumer Reviews may earn money when you click on a link. Learn more about our process.
Thursday, October 6th
US Bank has more than $8.6 trillion in assets and manages $244 billion in assets globally. It is a very large bank that has a lot of customers and advanced banking features for business owners. Unfortunately, after a review of the maze of fees and limitations, and the highly-negative customer reviews, we cannot recommend US Bank to anyone wanting to grow their business financially without hassles.
US Bank has three different business checking account packages. Silver is for new or small businesses and has a $0 monthly maintenance fee, 125 free transactions per month, and a $0.50 fee for each additional transaction. Gold is for growing businesses. It costs $20 in monthly maintenance fees, gives you 300 free transactions per month, and has a $0.45 fee for each additional transaction. Platinum is for mature businesses. It has a $30 monthly maintenance fee, 500 free transactions per month, and a $0.40 fee for each additional transaction.
Specialty business accounts
There are also two specialty accounts: Non-profit and Premium Business.
Fees can be waived
Fees can be waived for Gold, Platinum, and Premium Business checking accounts. But it's somewhat complicated. For Gold, you can get fees waived if you have any of the following: a US Bank Payment Solutions Merchant Account, $10,000 average collected checking balance or $25,000 average collected checking balance on interest-bearing accounts, $20,000 in combined average collected deposit balances or $50,000 in combined average collected balance on interest-bearing accounts, or $50,000 combined average collected business deposits and outstanding business credit balances.
Waivers for Platinum qualify with either a $25,000 average collected checking balance or a $75,000 combined average collected business deposits and outstanding business credit balances.
For Premium Business, as an analyzed account, fees can be offset by an earnings credit based on the account balance.
There is a $5 paper statement fee for Silver accounts, but all other accounts get free paper statements.
US Bank has its own ATMs and also participates in the MoneyPass® network. There is no fee at Non-U.S. Bank ATMs. However, non-US Bank ATM owners may charge their own fees unless they are part of the MoneyPass® network.
No Interest-bearing Checking on Most Accounts
Only Gold and Premium accounts are interest-bearing at rates that change without notice.
QuickBooks Accessible Accounting
You can use QuickBooks with US Bank by importing your transaction data, reconciling downloaded transactions with your online software register, and scheduling and paying bills.
Transfer Money Through the Website or Mobile
US Bank transfers can be done through the website or mobile app as one-time transfers, scheduled in advance, or recurring transfers. They can be done, inbound or outbound, between US Bank accounts without fees or externally at other financial institutions.
Automated Bill Pay
To use Bill Pay on a US Bank business checking account, you can access it through online banking, the mobile app, or SinglePoint® Essentials. Once you log in, you can pay bills quickly or on a recurring schedule without writing physical checks or visiting multiple vendor websites. You can even pay bills in advance of their due dates. Through SinglePoint® Essentials you get additional functionality such as domestic and international wire transfers as well as integration with QuickBooks, Quicken, and Excel.
Minimum Deposits and Qualifying Transactions
US Bank requires a $100 minimum deposit when opening a Silver, Gold or Platinum account. You must also complete 5 qualifying transactions (debit card, deposit, ACH, wire, mobile check deposit, or bill pay) within 60 days of the account opening or it will be closed as abandoned.
Lots of Limits on Monthly Transactions
Cash deposits for Silver are limited to 25 per month. Silver accounts have 100 deposits per month, and Platinum has 200 per month. As described earlier, Silver, Gold, and Platinum accounts are limited to, respectively, 125, 300, and 500 free combined transactions per month.
Customer Service Failure
Customers are pretty unhappy with their US Bank experiences. A huge number of users, the largest of all the banks reviewed, rated it very low. They complain about poor customer service, unauthorized withdrawals, holds placed on checks for no reason, credit score deductions, having longstanding accounts suddenly unjustly flagged as fraudulent with no way to get the account back, and much, much more. You may want to leave US Bank off your list of choices for your business banking.
The answer to this question depends on a lot of factors. How mature is your business in terms of growth and revenue? How do your customers pay you? How do you pay your vendors? Do you expect to earn interest on the money you hold in your checking account? Can you afford to pay fees on transactions?
Access to cashflow is a big part of running your business. Without cashflow, you can't operate. So being able to deposit or withdraw money quickly, with the least amount of hassle, will partly determine whether you're successful in your entrepreneurial endeavors. For example, if you can't make payroll happen in the timeframe your employees expect, they will complain or even quit. Or, if you can't pay your bills on time, you'll be assessed fees and fines that put a dent in your bottom line.
When looking for a business bank account, you will want as many convenience options as you can find. You want a bank that works for you and improves your financial success, not one that makes you feel like you are working for the bank and that they keep taking your money.
We've broken down this review of business banking into several key criteria to compare between options. Not every bank has every option available, but these are among the most common we've found:
TopConsumerReviews.com has reviewed and ranked the most popular providers of business bank accounts available today. We hope this information helps you choose a bank that will make it easy and affordable to manage your money!
Select any 2 Business Bank Accounts to compare them head to head
Gov. Lamont meets with embattled bank's CEO: 'I will be holding M&T ...
Ned Lamont met Tuesday with the chief executive officer of M&T Bank, which is facing significant scrutiny from elected officials for customer-account issues and employee ... Paul Schott is a business ...
Wed, 05 Oct 2022