U.S. Bank Silver Business Checking Account Package
The U.S. 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 U.S. Bank online and mobile banking. Mobile check deposit is free to use.
U.S. 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 $100minimum deposit required to open an account. You can apply online or you can visit your nearest U.S. 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 U.S. 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.
U.S. Bank extends overdraft protection to 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.
If you’re also looking for a bank for personal checking accounts, U.S. Bank offers several options so you can manage your business and personal finances all in one place.
