December 21, 2023

U.S. Bank Silver Business Checking Fees

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Is U.S. Bank Silver Business Checking really free? Here are all the fees you need to know.

U.S. Bank Silver Business Account Package is a fee-free option perfect for startups and small businesses.

But, there really is no such thing as a free lunch. It still has fees for excess transactions and other banking activities.

Read on to learn what it may actually cost you to keep this account.

Have you incurred a fee with U.S. Bank Silver Business Checking that you were initially unaware of?

U.S. Bank Silver Business Checking Monthly Fees & Minimums

U.S. Bank Silver Business Checking Account Package has no monthly fees and minimum balances. It can be a good option for new and smaller businesses who don't want to worry about maintaining a certain balance.

There are also zero fees for: [1]

  • Online & mobile banking
  • Mobile check deposits
  • ATM fees at U.S. Bank ATMs
  • Online, email, and mobile text alerts
  • Electronic statements

However, note that if your account has no activity, there's a $5/mo dormant account fee.

Keep reading for a full detailed breakdown of common fees you may encounter.

Which fee associated with U.S. Bank Silver Business Checking do you consider the most burdensome?

Transaction & Cash Deposit Fees

US Bank's transaction limits and fees per statement cycle are:

  • 125 free transactions (then $0.50 each)
  • $2,500 of free cash deposits or 25 free cash transaction, whichever comes first (then $0.33 per unit)

A cash deposit unit is computed by dividing the cash deposit amount by 100, then rounding to a whole number. For example, a cash deposit of $300 = 3 units. Any amount below $150 is automatically considered as 1 unit.[2]

The Silver Business Checking has low transaction limits, so it may not be the right choice for moderate and large businesses.

Overdraft Fees

Overdraft Paid Fee$36 (up to 6 a day)
Overdraft paid $5 or less$0
Overdraft Protection Transfer$12.50 (per day)
Returned Check$16 per item
Redeposited Item$9 per item

U.S. Bank charges $36 per overdraft, and you can be charged up to 6 overdraft paid fees per business day (for up to $216/day total).

It does not charge an overdraft fee if the overdrawn amount is $5 or less.

You can also link your U.S. Bank Silver Business Checking account to an eligible U.S. Bank business deposit account, U.S. Bank credit card, or business reserve line. An overdraft protection transfer fee of $12.50 is usually charged.

How many times can U.S. Bank charge overdraft fees?
The U.S. Bank Silver Business Checking can charge an overdraft paid fee up to 6 times per day. On the other hand, an overdraft protection transfer fee is charged per day, not by occurrence.

ATM / Debit Card Fees

Non-U.S. Bank ATM transaction$2.50
Mini-statement at U.S. Bank ATM$1
Full statement at U.S. Bank ATM$1.50
Debit card cash advance fee$2
International processing (USD and non-USD)3% of transaction amount
Express delivery of cardFree

U.S. Bank lets you access their 4,000+ ATMs nationwide for FREE. You can also use approx. 40,000 MoneyPass ATMs surcharge-free, though the ATM owner may charge a fee. When that happens, you can contact U.S. Bank for a refund.[3]

Transactions involving ATM withdrawals and debit card purchases outside the US will be charged a fee equivalent to 3% of the transaction amount.

Wire Transfer Fees

Domestic wire transfer
Incoming wire$14
Outgoing wire (U.S. Bank branch)$40
Outgoing wire (online non-repetitive)$30
Voice wires$45
Internal wire debits/credits$7
International wire transfer
Incoming wire$16
Outgoing wire$75
Other wire fees
Wire transfer monthly maintenance$8
Wire advice by mail/fax$12
Wire advice by phone$40

Calling a branch over the phone is not considered a Voice wire. Voice wire is initiated by a business customer with a Wire PIN set up so they can call the wire transfer department to process their request.

Additional fees may be deducted from the transfer amount by other financial institutions involved in the payment process.

Incoming wire transfers in foreign currency are automatically converted to U.S. dollars before they are credited to your account. The exchange rate will include the bank's profit, fees, costs, and changes.[4]

How can I transfer money without wire fees?
You can go for digital wallets like PayPal or money transfer apps like Wise to avoid excessive fees associated with wire transfers. For small amounts, you can use a digital payment network like Zelle, which is usually integrated with many banks at no extra cost.

Other Business Checking Fees

Here are some fees for other banking services you may use:

Check orders50% discount on first check order with Deluxe™ (up to $50)
Paper statement$6
Paper statement w/image$9
Service analysis statement$6
Snapshot statement$11
Returned check$16 per item
Redeposited item$9 per item
Additional copy of withdrawn/deposited check$2
Cashier's check$10 per check
Counter checks$2 per check
Negative balance closing$30
Returned statement$5 per occurrence
Deposits requiring non-routine handling$25 per hour
Legal charges (tax levy/garnishment)$100
Stop payment$35 per request
Dormancy$5 per month

The above list of fees may also apply to U.S. Bank Gold Business Checking and U.S. Bank Platinum Business Checking accounts.

How do you typically avoid fees with your U.S. Bank Silver Business Checking account?

Optional Services

Below are optional services for a U.S. Bank Silver Business Checking account and their fees.

Cash and coin services:
Need small bills and coins for making change? Place your cash and coin orders through your U.S. Bank business banker.

Coins & Currency Orders
Currency ordered$0.85 per strap
Loose currency ordered$0.25 per $100
Loose coin ordered$14 per bag
Rolled coin ordered$0.25 per roll (or $8 per box)
Coins & Currency Deposits
Coin deposited$0.20 per roll
Fed-ready coin deposited$4 per bag
Loose mixed coin deposited$12 per bag
Supplies
Disposable deposit bag$0.30
Locking deposit bag$35
Non-locking zippered deposit bag$9

Cash management services:
SinglePoint® Essentials gives you access to U.S. Bank cash management services in one secure place with the convenience of multiple user controls.

Previous day summary and detail monthly maintenance$17.95 (up to 3 accounts)
ACH monthly maintenance$12 per customer
ACH transactions$0.40 per item
Positive pay fraud protection monthly maintenance$20 per customer
Wire transfer monthly maintenance$12 per customer
Domestic wire$16
International wire$32
Outgoing real-time payment$0.75 per payment

What is U.S. Bank SinglePoint Essentials?
U.S. Bank SinglePoint Essentials is an all-around tool that allows businesses to manage their checking, wire transfers, ACH transactions, and real-time payments. You can view account balances and transaction details, download statements, and transfer funds between U.S. Bank accounts, among other activities.

U.S. Bank Deposit Express:
Deposit checks into your U.S. Bank Silver Business Checking using a mobile device, web browser, or a scanner.

Deposit Express monthly maintenance$38
First Scanner WorkstationFree
Additional Scanner Workstation$25 each
Deposited checks (via Deposit Express)50 free; $0.25 per item after
Mobile Check Deposit (via Deposit Express)$0.35 per item
Check Scanner$325
Check Scanner warranty upgrade$75
Monthly maintenance (Mobile Deposit Express)$5
Mobile check deposit (via Mobile Deposit Express)$0.40 per item

U.S. Bank Business Savings Sweep:
Maximize earnings with automatic transfers from your U.S. Bank Silver Business Checking account to your U.S. Bank business savings account.

Savings Sweep one-time setup$50 per account
Business Savings Sweep monthly maintenance$30

Foreign check collection:
U.S. Bank can collect payment on your behalf on foreign checks deposited to your U.S. Bank Silver Business Checking account.

Courier fee$45 per check
Initiation fee$40 per check
Tracer fee$30
Returned check fee$30
Checks on Canadian banks (non-collection)$0.50
Checks on select countries/banks (non-collection)$8

Any additional fees assessed by foreign banks will be deducted from the check proceeds. Exchange rate adjustments will apply to each item at the time of processing.

Other foreign currency-related services:
Buy (or sell) foreign currency or request foreign drafts conveniently using your U.S. Bank online banking or U.S. Bank mobile app.

Foreign Currency
Admin fee$10
Next-day priority delivery$15
Foreign Draft Purchase
Next-day priority delivery$15
Foreign exchange fee$25
Stop payment ordersFree

Bottom Line

U.S. Bank Silver Business Checking may be free from monthly fees, but some transactions come at a cost.

But since most of them are for optional services, this account remains a great choice for those with limited budgets.

References

  1. ^ U.S. Bank. Business Pricing Information (Effective January 3, 2023), Retrieved 10/04/2023
  2. ^ U.S. Bank. Silver Business Checking Package Disclosures, Retrieved 10/30/2023
  3. ^ U.S. Bank. What is a MoneyPass ATM, Retrieved 10/30/2023
  4. ^ U.S. Bank. How Much Does A Wire Transfer Cost?, Retrieved 10/30/2023

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.

Note: This website is made possible through financial relationships with some of the products and services mentioned on this site. We may receive compensation if you shop through links in our content. You do not have to use our links, but you help support CreditDonkey if you do.

US Bank
Member FDIC

U.S. Bank Smartly® Checking and Standard Savings - Up to $700 Bonus

Earn up to $700 when you open a new U.S. Bank Smartly® Checking account and a Standard Savings account and complete qualifying activities. Subject to certain terms and limitations. Offer valid through June 27, 2024. Member FDIC.

Earn up to $500 with a new Bank Smartly Checking account. Complete the following within 90 days of account opening:

  • Enroll in online banking or the U.S. Bank Mobile App
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Earn up to $200 with a new Standard Savings account.

  • Make new money deposit(s) totaling $15,000 or more by July 17, 2024
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Offer may not be available if you live outside of the U.S. Bank footprint or are not an existing client of U.S. Bank or State Farm.

Expires 6/27/2024
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