U.S. Bank Silver Business Checking Fees
Is U.S. Bank Silver Business Checking really free? Here are all the fees you need to know.
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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.
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.
Silver Business Checking account - $400 Bonus
Promo code Q4AFL24 MUST be used when opening a U.S. Bank Silver, Platinum, or Business Essentials (Available in AZ, NV, CO, NM, OH, IN, KY and TN) Business Checking account. Limit of one Business Checking bonus per business. A $100 minimum deposit is required to open one of the referenced accounts.
Earn your $400 Business Checking bonus by opening a new U.S. Bank Silver Business Checking or Business Essentials (not available in all markets) account between 10/1/2024 and 1/15/2025. You must make deposit(s) of at least $5,000 in new money within 30 days of account opening and thereafter maintain a daily balance of at least $5,000 until the 60th day after account opening.
New money is considered money that is new to U.S. Bank. Funds must come from outside U.S Bank and cannot be transferred from another U.S. Bank product or a U.S. Bank Affiliate. Checking account fees (e.g., monthly maintenance, paper statement fee, etc.) could reduce the qualifying daily balance, therefore you must make deposit(s) to cover the fees to maintain the daily balance during the qualifying period to be awarded the bonus. Refer to the Business Pricing Information or Business Essentials® Pricing Information Document for a list of fees.
The business checking bonus will be deposited into your new eligible U.S. Bank Business Checking account within 30 days following the last calendar day of the month you complete all of the offer requirements, as long as the account is open and has a positive available balance.
Offer may not be combined with any other business checking account bonus offers. Existing customers (businesses) with a business checking account or customers (businesses) who had an account in the last 12 months, do not qualify.
All regular account-opening procedures apply. For a comprehensive list of checking account pricing, terms and policies, reference your Business Pricing Information or Business Essentials® Pricing Information and YDAA disclosure. This document can be obtained by contacting a U.S. Bank branch or calling 800.872.2657.
Bonus will be reported as interest earned on IRS Form 1099-INT and recipient is responsible for any applicable taxes. Current U.S. Bank employees are not eligible. U.S. Bank reserves the right to withdraw this offer at any time without notice. Member FDIC.
Keep reading for a full detailed breakdown of common fees you may encounter.
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.
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 card | Free |
You can access more than 4,500 U.S. Bank ATMs across the country 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.
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 |
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.[3]
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 orders | 50% 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.
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 |
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 Workstation | Free |
| 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 orders | Free |
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
- ^ U.S. Bank. Business Pricing Information (Effective January 3, 2023), Retrieved 10/04/2023
- ^ U.S. Bank. Silver Business Checking Package Disclosures, Retrieved 10/30/2023
- ^ 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.
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