U.S. Bank; Member FDIC Review

U.S. Bank; Member FDIC Visit U.S. Bank

Advantages Over Traditional Banks 

Earn up to an $800 bonus when you open a new, eligible U.S. Bank business checking account online with promo code Q3AFL23 and complete qualifying activities], subject to certain terms and limitations. Offer valid through January 8, 2024. Member FDIC.

Earn your $500.

• Make a deposit of at least $5,000 in new money within 30 days of account opening and maintain the balance until the 60th day after account opening.
• Enroll in U.S. Bank business online banking or the U.S. Bank Mobile App within 60 days of account opening.

Earn your $800.

• Make a deposit of at least $15,000 in new money within 30 days of account opening and maintain the balance until the 60th day after account opening.
• Enroll in U.S. Bank business online banking or the U.S. Bank Mobile App within 60 days of account opening.

Cutting-Edge Banking Services 

By downloading US Bank’s mobile app, you can use smart insights to track your spending habits and set savings goals. US Bank makes it simple to transfer funds to friends and family through the mobile app thanks to its partnership with Zelle. Best of all, US Bank offers 24/7 customer support and allows you to schedule virtual, phone, or in-person appointments through its website.

U.S. Bank has recently rolled out its Overdraft Fee Forgiven program, which gives customers the ability to waive overdraft fees if they meet specific conditions once their account goes into overdraft. All U.S. Bank consumer checking accounts qualify for this new program, excluding the Safe Debit Account. 

Some other highlights include:

• Online and mobile banking with bill pay: Manage check, wire and ACH accounts all in one place with SinglePoint® Essentials
• Card payment processing: Accept payments in person, online and on the go
• Check fraud prevention: Minimize the risk of fraud with our PCI compliance and check fraud prevention tools
• Mobile check deposit: Save time by skipping trips to the bank and help improve cash flow
• Email and text alerts

Traditional Banking Services

US Bank offers traditional banking services including home loans, investment accounts, savings accounts, and checking accounts. Additionally, US Bank features 9 different credit cards, including rewards cards and secure cards. It maintains 2,900 physical locations across 26 states* and 4,700 ATMs nationwide. 

Interest Rates and Fees

With US Bank, you can choose between 3 different checking accounts. Each one requires a minimum opening deposit of $100 and offers a unique set of terms and conditions. While some accounts charge monthly maintenance fees, most accounts provide a fee waiver, and some do not charge a fee at all. All accounts offer a certain amount of free transactions and other attractive benefits. 

Silver Business Checking Acount

• Monthly maintenance fee: $0
• Free transactions per month: 125. $0.50 fee for each additional transaction

Gold Business Checking Account

• Monthly maintenance fee: $20
• Requirement to waive maintenance fee:
  • Open a U.S. Bank Payment Solutions Merchant Account OR
  • $10,000 average collected checking balance or $25,000 average collected checking balance on interest-bearing option OR
  • $20,000 in combined average collected deposit balances or $50,000 in combined average collected deposit balance on interest-bearing option OR
  • $50,000 combined average collected business deposits and outstanding business credit balances OR
  • $75,000 in combined business deposit and outstanding business credit
• Free transactions per month: 300. $0.45 fee for each additional transaction
• Additional features: 
  • 50% discount on first check order up to $100
  • Free front check image on your monthly checking account statement

Platinum Business Checking Account

• Monthly maintenance fee: $30
• Requirement to waive maintenance fee: 
  • $25,000 average collected checking balance OR
  • $75,000 combined average collected business deposits and outstanding business credit balances
• Free transactions per month: 500. $0.40 fee for each additional transaction
• Additional features: 
  • 50% discount on first check order up to $100
  • Free mobile check deposit
  • Free front and back check images on your monthly checking account statement

Customer Service and Online Experience

Navigating US Bank’s website is simple. All of the information is intuitively laid out, and the site features Support and FAQs links where you can get answers to most general questions. If you need immediate assistance, customer service is available by phone 24/7 at 800-872-2657. Alternatively, you can book a future virtual, phone, or in-person appointment online in just a few minutes. 

Mobile App  

US Bank’s mobile app is available for Android and iPhone devices through the Apple Store or Google Play. With US Bank’s mobile app, you can keep track of your spending habits and set savings goals. It’s easy to set travel notifications on your cards when you’re going out of town to avoid spending delays. For people who need to send money on the go, US Bank offers mobile check deposits and speedy money transfers with Zelle. 

Security 

All of US Bank’s checking accounts are FDIC-insured and protected with SSL encryption. Its mobile app offers numerous security features including facial and fingerprint recognition, 1-time passcodes, and visual pattern locks. For added protection, you can sign up for security alerts that send you a text whenever your account information changes. If you believe you have been the victim of fraud, US Bank’s Fraud Liaison team is available 24/7 at 877-595-6256 to answer your questions and help you secure your account. 

Summary

US Bank provides numerous banking services and products including 3 business checking accounts. These accounts offer different features such as free monthly transactions, ways to waiver monthly fees, and more. Its mobile app makes it easy for you to track your spending, set savings goals, and transfer or deposit funds. Additionally, it offers 24/7 customer support and a simple yet effective online banking experience.

Methodology

This review was created based upon information available on US Bank’s website and customer and 3rd-party reviews.

U.S. Bank; Member FDIC Visit U.S. Bank