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Business bank account review

U.S. Bank Business Essentials

Branch bank business checking with a $0 monthly fee, unlimited electronic transactions, 25 teller and paper transactions a cycle and 25 units of cash deposits a cycle, then $0.35 per $100 of cash.

By U.S. BankParent company: U.S. Bank National Association

RTC SCORE

6.4

#4 of 13 with enough data

U.S. Bank also offers: Card processing

What we like

  • $0 monthly fee with no minimum balance, and electronic deposits, ACH, transfers and debit card purchases are unlimited at $0.
  • Takes cash at branches and at U.S. Bank ATMs: 25 units included each cycle, then $0.35 per $100, with no published monthly cap.
  • The requirements checklist accepts an SSN or an ITIN from the applicant.

What to watch

  • Only 25 teller and paper-check transactions a cycle are included; each one after that costs $0.50.
  • Each cash deposit is counted in whole units and any deposit under $150 is one unit, so frequent small deposits use the allowance faster.
  • Paper statements are on by default and cost $6.50 a cycle until you switch to paperless.

How the score breaks down

RTC Score6.4out of 10

Methodology v1.0.0

Data completeness84%

We could verify 84% of the scoring data

Strongest points
12-month cost (reference restaurant), Cash deposit limit, Owner with an ITIN and no SSN
Weakest point
12-month cost (reference restaurant)

Score by criterion

  • 12-month cost (reference restaurant)Weight 32%StrongestWeakest4.1 out of 10

    $357 over 12 months

  • Where you can deposit cashWeight 10%8.0 out of 10
  • Cash deposit limitWeight 10%Strongest10.0 out of 10
  • Owner with an ITIN and no SSNWeight 10%Strongest10.0 out of 10
  • Fee to close the accountWeight 10%No data
  • How easy the monthly fee is to avoidWeight 8%10.0 out of 10
  • Accounting software it connects toWeight 6%No data
  • Open onlineWeight 5%10.0 out of 10
  • Outgoing domestic wire feeWeight 5%1.4 out of 10
  • Mobile check depositWeight 4%10.0 out of 10

All the data, with sources

Each value links to its source. "Not published" means the vendor doesn't disclose it; "Unconfirmed" means we looked and couldn't confirm it. Data points we have for fewer than four vendors are left out until we can compare them.

Fees
Data pointValue
Monthly fee$0/moSource: U.S. Bank (opens in a new tab)
How to avoid the monthly feeNo monthly feeSource: U.S. Bank (opens in a new tab)
Transactions included a month25Source: U.S. Bank (opens in a new tab)Only teller transactions and paper checks count. Electronic deposits and withdrawals, ATM transactions, ACH, transfers and debit card purchases are $0 and unlimited. Several items on one deposit slip count as one teller transaction.
Each transaction over the included ones$0.50 one-timeSource: U.S. Bank (opens in a new tab)
Outgoing domestic wire$30 one-timeSource: U.S. Bank (opens in a new tab)Sent online. At a branch it costs $40; by phone, $45 to $50.
Minimum opening deposit$25Source: U.S. Bank (opens in a new tab)
Other feesCash beyond the 25 included units costs $0.35 per $100 unit, at a branch or a U.S. Bank ATM. Paper statements cost $6.50 a cycle and the account starts enrolled in them; switching to paperless online avoids it. Non-U.S. Bank ATMs: $3.00 per transaction. Overdraft paid: $36.00 per item over $5. Stop payment: $35.00. Dormant account: $5.00 a month. Outgoing ACH: $1.00 ($3.00 same day). Coin deposited: $0.28 per roll. Money Service Business fee: $150.00 a cycle.Source: U.S. Bank (opens in a new tab)
Cash deposits
Data pointValue
Accepts cash depositsYesSource: U.S. Bank (opens in a new tab)
Where you deposit cashBank branch, The bank's own ATMsSource: U.S. Bank (opens in a new tab)Partner ATMs that show the U.S. Bank logo count as U.S. Bank ATMs. The same 25-unit allowance covers branch and ATM cash.
Cash deposited free each month$2,500/moSource: U.S. Bank (opens in a new tab)25 units of about $100 each. Each deposit is rounded to whole units and any deposit under $150 is one unit, so many small deposits use the 25 units faster.
Cash deposit limitNo published monthly capSource: U.S. Bank (opens in a new tab)The pricing disclosure charges per unit beyond the allowance and publishes no monthly cap on cash deposits.
Most cash a monthN/ASource: U.S. Bank (opens in a new tab)
Bank and deposit insurance
Data pointValue
Who holds the moneyThe bank itself (FDIC member)Source: U.S. Bank (opens in a new tab)
Bank that holds the depositsU.S. Bank National Association, Member FDICSource: U.S. Bank (opens in a new tab)
Most FDIC coverage offeredNo data
Requirements to open
Data pointValue
What the owners must giveThe requirements checklist asks the applicant for a Social Security number (SSN) or Individual Taxpayer Identification Number (ITIN), legal name and home address, and the business's Taxpayer Identification Number (an EIN for LLCs and corporations). A government-issued ID may be required. The product page also lists an SSN for everyone authorized to sign.Source: U.S. Bank (opens in a new tab)The product page says: "Government-issued photo ID and Social Security number for you and anyone else authorized to sign checks or make transactions". The two pages don't say the same thing; the checklist says requirements vary by business type and that applying at a branch may have different requirements.
Owner with an ITIN and no SSNThe bank publishes that it accepts an ITINSource: U.S. Bank (opens in a new tab)Published on the requirements checklist, not as a promise of approval; the product page lists an SSN for signers.
Open onlineOnlineSource: U.S. Bank (opens in a new tab)To apply online you must be a business owner (requirements checklist).
Day to day
Data pointValue
Mobile check depositYesSource: U.S. Bank (opens in a new tab)
ATM withdrawalsNo fee at U.S. Bank ATMs, including partner ATMs with the U.S. Bank logo. At other ATMs U.S. Bank charges $3.00 per transaction, and the owner may add a surcharge; surcharges at MoneyPass ATMs are refunded if you call.Source: U.S. Bank (opens in a new tab)
Accounting software it connects toNo data
Interest on the checking balanceNo data
Account agreement and closing
Data pointValue
Fee to close the accountUnconfirmedSource: U.S. Bank (opens in a new tab)Neither the pricing disclosure nor the deposit account agreement lists a closing fee; the disclosure says it does not include all possible charges, and the agreement warns that emptying the account without telling the bank may result in additional fees.
Minimum termMonth to monthSource: U.S. Bank (opens in a new tab)The agreement sets no minimum term: you close the account by telling the bank.
Closing clauseYou close the account by telling the bank; emptying it to $0 is not enough notice and may cause additional fees. Leave funds for pending items. The bank can close the account for any reason. An account with a zero balance and no activity for four months closes automatically, along with its payment processing.Source: U.S. Bank (opens in a new tab)
Right to change feesThe bank may change any term or add a new one with reasonable notice; the agreement says 30 days' written or electronic notice is reasonable. Keeping the account after the change means you accept it. The pricing disclosure says fees are subject to change without notice.Source: U.S. Bank (opens in a new tab)
Language
Data pointValue
Business pages in SpanishNo data
Support in SpanishNo data

More about U.S. Bank Business Essentials

How we score