U.S. Bank Business Checking Requirements
Opening a U.S. Bank business checking account can be fast and easy. Most allow online application and require fewer documents than other banks.
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- U.S. Bank Business Checking Account Requirements Checklist:
Planning to get a business checking account at U.S. Bank?
Whether it's your first time opening a business account or you've done it before, it's smart to prepare the requirements beforehand.
This guide will tell you exactly what you need to make the process easy.
Silver Business Checking Package - Up to $800 Bonus
Earn up to $800 bonus when you open a new, eligible U.S. Bank business checking account online with promo code Q3AFL24 and complete qualifying activities, subject to certain terms and limitations. Offer valid through September 30, 2024. Member FDIC. Complete these steps to earn the offer:
Earn your $300.
- Complete $5,000 in new money deposits within 30 days of account opening and maintain for 60 days after account opening.
Earn your $800.
- Complete $30,000 in new money deposits within 30 days of account opening and maintain for 60 days after account opening.
Gold Business Checking Package - Up to $800 Bonus
Earn up to $800 bonus when you open a new, eligible U.S. Bank business checking account online with promo code Q3AFL24 and complete qualifying activities, subject to certain terms and limitations. Offer valid through September 30, 2024. Member FDIC. Complete these steps to earn the offer:
Earn your $300.
- Complete $5,000 in new money deposits within 30 days of account opening and maintain for 60 days after account opening.
Earn your $800.
- Complete $30,000 in new money deposits within 30 days of account opening and maintain for 60 days after account opening.
Platinum Business Checking Package - Up to $800 Bonus
Earn up to $800 bonus when you open a new, eligible U.S. Bank business checking account online with promo code Q3AFL24 and complete qualifying activities, subject to certain terms and limitations. Offer valid through September 30, 2024. Member FDIC. Complete these steps to earn the offer:
Earn your $300.
- Complete $5,000 in new money deposits within 30 days of account opening and maintain for 60 days after account opening.
Earn your $800.
- Complete $30,000 in new money deposits within 30 days of account opening and maintain for 60 days after account opening.
What Are the Requirements to Open a Business Checking Account at U.S. Bank?
Here's a quick overview of requirements to open a U.S. Bank business checking account:[1]
| Sole proprietorship | More than one owner (Partnership/LLC/Corporation) | |
|---|---|---|
| Apply online | ✓ | ✓ |
| Personal information | ✓ | ✓ |
| Personal photo ID | ✓ | ✓ |
| SSN | ✓ | ✓ |
| EIN | - | ✓ |
| Business formation documents | - | ✓ |
| Initial deposit | ✓ | ✓ |
The above requirements apply to any of these three U.S. Bank business checking options: Silver, Gold, and Platinum.
Let's dive into the details.
SSN & EIN
US Bank requires your Social Security Number (SSN) plus the SSN of anyone else authorized to sign checks or make transactions on behalf of your business.
In addition, businesses with 2 or more owners need to provide your business' Employer Identification Number (EIN), too.
Here's what's required according to your business structure:
- Sole proprietor or single-member LLC: SSN
- LLC (more than 1 member): EIN & SSN of all authorized users
- Corporation: EIN & SSN of all authorized users
- Partnership: EIN & SSN of all authorized users
For non-US citizens, provide your Individual Tax Identification Number (ITIN) instead of SSN.
Your EIN could just be one of several requirements to open most business accounts. With a U.S. Bank business checking account, this is required if your company has 2 or more owners, along with an SSN, a government-issued photo ID, and any business document indicating when your business was formed.
Personal information
Just like opening other bank accounts, your basic details will be asked at the beginning of the application process. This includes:
- Your full name
- Email address
- Personal address
- Phone number
- Date of birth
The same information is also required for any additional owners with 25% or more ownership in your business or company.[2]
Photo ID
All business checking applicants must present a government-issued ID with a photo. It could be your driver's license or passport (for non-US citizens who are legal US residents).
Your co-signer/s on checks and/or authorized representatives must submit their ID as well.
Business documents
For businesses aside from sole proprietors, you will need to present a legal document that indicates when your company was formed.
This usually means:
- LLC - Articles of Organization
- Partnership - Partnership Agreement or Joint Venture Agreement
- Corporation - Articles of Incorporation
If your business goes by an assumed name, you should submit your DBA as well.
Applying for a U.S. Bank business checking account may take only several minutes online or in person. But the bank might need a few days to review your application before they approve it. This can be quicker if you have submitted all the required documents.
Initial Opening Deposit
All U.S. Bank business checking accounts require a $100 minimum deposit to open.[3] You can fund your account using any of the following methods:
- Deposit a check via the U.S. Bank Mobile App or visit a U.S. Bank branch or ATM.
- Complete an online transfer into your new U.S. Bank business checking account.
- Wire money from your old account into your new U.S. Bank business checking account.
This needs to be accomplished once your business checking account application is approved by U.S. Bank.
U.S. Bank Business Checking Accounts
U.S. Bank offers 3 main business checking accounts: Silver, Gold, and Platinum. Below is a quick overview of these accounts.[4]
| Silver | Gold | Platinum | |
|---|---|---|---|
| Monthly fee | $0 | $20 | $30 |
| Average collected balance to waive fee | $0 | $10,000 | $25,000 |
Free monthly transactions | 125 | 300 | 500 |
| Free cash deposits per month | $2,500 or 25 items (whichever comes first) | $10,000 or 100 items (whichever comes first) | $20,000 or 200 items (whichever comes first) |
Silver Business Checking
This is U.S. Bank's basic business checking account. It has $0 monthly fee and no balance requirements, so it's ideal for new or small businesses.
Gold Business Checking
This is U.S. Bank's mid-tier business checking account. There is a $20 monthly fee that can be waived with:
- U.S. Bank Payment Solutions Merchant Account, OR
- An average collected balance of $10,000 or an average collected checking balance on interest-bearing option of $25,000, OR
- A combined average collected business deposit balances of $20,000 or a combined average collected balance on interest-bearing option of $50,000, OR
- A combined average collected business deposits and outstanding credit balances of $50,000, OR
- A combined business deposit and outstanding business credit of $75,000
Platinum Business Checking
This is U.S. Bank's premium business checking account designed for those with heavy banking needs and larger balances. The $30 monthly fee can be waived with:
- An average collected balance of $25,000, OR
- A combined average collected business deposits and outstanding credit balances of $75,000
In addition, U.S. Bank also offers 2 specialty business accounts: a Nonprofit Checking Account (for nonprofit organizations) and a Premium Business Checking Account (for large businesses with more complex needs).
How to Open an Account
U.S. Bank makes it convenient for anyone to open a business checking account, allowing you to submit your application online. This is possible for both sole proprietors and businesses with 2 or more owners (Partnership, Limited Liability Company, or Corporation).
You can also schedule an appointment with a nearby U.S. Bank branch on weekdays from 8 AM to 6 PM CT, if you prefer to apply in person.
Silver Business Checking Package - Up to $800 Bonus
Earn up to $800 bonus when you open a new, eligible U.S. Bank business checking account online with promo code Q3AFL24 and complete qualifying activities, subject to certain terms and limitations. Offer valid through September 30, 2024. Member FDIC. Complete these steps to earn the offer:
Earn your $300.
- Complete $5,000 in new money deposits within 30 days of account opening and maintain for 60 days after account opening.
Earn your $800.
- Complete $30,000 in new money deposits within 30 days of account opening and maintain for 60 days after account opening.
Gold Business Checking Package - Up to $800 Bonus
Earn up to $800 bonus when you open a new, eligible U.S. Bank business checking account online with promo code Q3AFL24 and complete qualifying activities, subject to certain terms and limitations. Offer valid through September 30, 2024. Member FDIC. Complete these steps to earn the offer:
Earn your $300.
- Complete $5,000 in new money deposits within 30 days of account opening and maintain for 60 days after account opening.
Earn your $800.
- Complete $30,000 in new money deposits within 30 days of account opening and maintain for 60 days after account opening.
Platinum Business Checking Package - Up to $800 Bonus
Earn up to $800 bonus when you open a new, eligible U.S. Bank business checking account online with promo code Q3AFL24 and complete qualifying activities, subject to certain terms and limitations. Offer valid through September 30, 2024. Member FDIC. Complete these steps to earn the offer:
Earn your $300.
- Complete $5,000 in new money deposits within 30 days of account opening and maintain for 60 days after account opening.
Earn your $800.
- Complete $30,000 in new money deposits within 30 days of account opening and maintain for 60 days after account opening.
FAQS
How do I open a U.S. Bank account for an LLC?
You can submit your U.S. Bank business checking account application online or by scheduling a branch appointment. As an LLC, you need to submit your EIN, government-issued photo ID, SSN for all authorized users, and the Articles of Organization.
Does U.S. Bank charge for business checking?
U.S. Bank has a no-fee business checking account with their Silver Business Checking Account Package. Other U.S. Bank business checking options may have monthly fees, but they are waivable.
What bank accounts do I need for a small business?
You need a business checking account for managing your day-to-day finances. It's also good to have a business savings account to keep reserves for things like emergencies, business expansion, etc.
Do you need an SSN to open a US bank business account?
U.S. Bank requires an SSN when opening any business checking account. However, they accept your Individual Taxpayer Identification Number (ITIN) if you're a non-US citizen.
Can I be denied opening a business bank account?
Yes, it is possible for a bank to deny your application for a business bank account. Some reasons include submitting incomplete documents, providing false information, negative banking history, and high-risk nature of business, among others.
Bottom Line
U.S. Bank business checking account requirements are fairly easy and reasonable. Be sure to have everything prepared before you start your application. Though not guaranteed, the odds that you'll get approved are high if your documents are legit and complete.
References
- ^ U.S. Bank. Business Checking Accounts, Retrieved 9/26/2023
- ^ U.S. Bank. FAQ: How do I open a business checking account online?, Retrieved 11/19/2023
- ^ U.S. Bank. Business Pricing Information, Retrieved 11/19/2023
- ^ U.S. Bank. Compare business checking accounts, Retrieved 11/19/2023
Penelope Besana is a research analyst at CreditDonkey, a credit card comparison and reviews website. Write to Penelope Besana at penelope.besana@creditdonkey.com. Follow us on Twitter and Facebook for our latest posts.
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