December 28, 2023

U.S. Bank Silver Business Checking Minimum Balance

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Does U.S. Bank Silver Business Checking have a minimum balance? Nope! Sounds great, but see if it checks all your boxes.

Small business owners and entrepreneurs can always use a break when it comes to expenses. This makes the U.S. Bank Silver Business Checking account a great option with no monthly fee.

Plus, new customers can even snag a large sign-up bonus.

But what's the catch? Read on to find out.

Does U.S. Bank Silver Checking have a minimum balance?

U.S. Bank Silver Business Checking does not have a minimum balance requirement or monthly fee.

U.S. Bank is one of the few large traditional banks to have a free business checking option. This makes it great for new and small business owners.

However, you must have a balance or deposit/withdrawal activity to keep your account open. It will automatically close if it has a zero balance and no activity for 4 months straight.[1]

Have you ever incurred a fee for not meeting the minimum balance in your business checking account?

What is the Minimum Deposit?

U.S. Bank Silver Business Checking does require an initial deposit of $100 to open this account (and most U.S. Bank business checking accounts). But after this initial deposit, there's no minimum balance required.[1]

What is U.S. Bank Silver Business Checking?

U.S. Bank Silver Business Checking is an entry-level business bank account for small businesses and startups with low to medium banking activity.

Here are the main features of this business checking account:[2]

  • 125 free transactions per statement cycle
  • $2,500 of free cash deposits or 25 free cash transactions per statement cycle (whichever comes first)
  • Access to 4,000+ U.S. Bank ATMs & 40,000+ MoneyPass ATMs
  • 50% discount on first check order with Deluxe™ up to $50
  • Online and mobile banking with bill pay
  • Remote check deposit
  • Check fraud prevention tools
  • Access to business EZ switch kit if you're transitioning from another bank

In addition to the above, it comes with optional services such as overdraft protection, card payment processing, and cash management.

What is the most important feature you look for in a business checking account?

Other U.S. Bank Silver Business Checking Fees

The U.S. Bank Silver Business account may not have any monthly fees or minimum balance. But there are other fees you may encounter:[1]

  • $0.50 per transaction (after surpassing the free 125 transactions) per statement cycle
  • $0.33 per $100 for cash deposits (after surpassing the free units) per statement cycle
  • $36 per overdraft (maximum of 6 charges per day)
  • $2.50 at non-U.S. Bank ATMs
  • $30 returned check fee
  • $14 for incoming domestic wires; $16 for international
  • $40 for outgoing domestic wires at branch; $30 digital
  • $75 for outgoing international wires

Is U.S. Bank Silver Business Checking Worth It?

The U.S. Bank Silver Business Checking is worth considering if you are looking for a basic, free business checking account. You don't have to worry about maintaining minimum balances, which can add to the stress of growing a business.

It's also good if you prefer banking with a traditional bank. U.S. Bank has over 2,200 branches and a wide ATM network.

It's best for small business owners with low activity, since you only get 125 free transactions per month. And the cash deposit limit is low, too. If you need more, you may be better off with the mid-tier U.S. Bank Gold Business Checking Account Package.

If you're considering this account, the U.S. Bank often offers a limited-time signup bonus. So grab it before it ends.

How often do you typically need to visit a physical bank branch for your business banking needs?

How U.S. Bank Silver Business Checking Compares

Here is a comparison of minimum balances for entry-level business checking accounts of other banks.

Chase and Bank of America both have monthly fees (with ways to waive), while U.S. Bank doesn't.

However, they both have higher transaction limits per month. For example, both offer free electronic deposits. And they both allow for a higher amount of cash deposits, too.

So if you need more transactions and can meet their minimum requirements, Chase or Bank of America could be better for you.

How to Open an Account

Here are the general steps to opening a U.S. Bank Silver Business checking account.

  1. Open online or visit a nearby U.S. Bank branch.
  2. Have your government-issued ID and SSN and/or EIN (including that of your check co-signer and/or authorized representative).
  3. Gather business documents.
  4. Fund your account with at least $100.

Documents generally required to open a business checking account include:

  • Articles of Organization (for LLCs)
  • Articles of Incorporation (for corporations)
  • Partnership Agreement (for partnerships)
  • DBA if applicable

Bottom Line

U.S. Bank Silver Business Checking makes for a great budget-friendly business checking account, having no minimum balances and no monthly fees.

While it's nice not to worry about keeping a minimum balance, there are catches, like the limited monthly transactions and cash deposits.

However, for new and small business owners, this account could be a great choice. Before jumping in, check first if this account is a right fit for your business needs.

References

  1. ^ U.S. Bank. Business Pricing Information, Retrieved 11/19/2023
  2. ^ U.S. Bank. Silver business checking account package, 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.

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.

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