Money

US Bank Small Business Banking Review – Is It The Right Bank For You?

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Updated on November 6, 2022 by

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The U.S. Bank offers a lot of banking services. You will get dozens of different services from the U.S. Bank, such as checking accounts, credit cards, and even merchant accounts. You'll be able to open a simple business checking account for your business with no fees if you open a personal checking account. This bank also offers several good credit cards for small businesses. It has tens of thousands of branches in the United States, but the online and mobile banking experiences in the U.S. Banks are extensive and easy to use.

Fee

The U.S. Bank also provides a variety of different checking and also savings accounts with different fees. Silver Business Checking doesn't have service charges and other fees. You can make up to 50 free transactions every month. There are 12 transactions that you can make every month for free, and you can make up to 25 free cash deposits in any given month.

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It's cheaper to keep paying fees when you go up a tier to a higher tier. Gold accounts have a $20 service fee every month, which is pretty bad if you're collecting checks and other money. If you pay $20 a month for this service, you will only be able to make 300 transactions per month and keep 100 cash deposits.

The Average Household Income in the...
The Average Household Income in the United States

You may qualify for a fee-free membership for your Platinum and Gold accounts if you have an average of three outstanding business checks and two outstanding business credit balances. Included are the average checks that are paid and an aggregated average amount of money that was owed to the bank.

Physical Locations and ATMs

If there is ever a time when U.S. banks are vulnerable to the bad side of the banking system, this will be it. U.S. Bank only has sporadic physical branches throughout the U.S. They have branches all over the Midwest and in the Southeast, but there aren't any U.S. Bank locations on the East Coast and sporadically in the Southeast.

Some customers may find it difficult to find a US Bank branch in their area, but ATMs are pretty widespread. You do not pay a fee to use ATMs in the MoneyPass Network, because a surcharge will not apply to the use of MoneyPass ATMs. MoneyPass is the country's leading ATM network, with 37,000 ATMs in Puerto Rico and in the U.S.

App

U.S. Bank compensates for not being physically located in some regions with a robust online and on-the-go banking experience. U.S. Bank's banking apps are easy to use on Android and iOS devices. What's even more impressive is that the U.S. Bank app gets 4.8 stars from both Google app and Apple stores.

You will also find a well-organized and easy-to-use interface in the U.S. Bank app. You'll be able to view the balances on most of the major accounts that you open with U.S. Bank, like checking, loans, and savings. Any other service that you may need can be arranged using the U.S. Bank app, like bill pay and checking deposits. U.S. Bank now allows customers to have their accounts protected by the ability to unlock their accounts using just their face.

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Other Services

The U.S. Bank is a strong financial institution for people who want to manage all their business finances in one place. You can choose from a wide variety of different products from U.S. Bank, such as:

  • Checking accounts for business
  • Saving accounts for business
  • Credit cards for small business
  • Money market and CDs accounts for business
  • Credit lines for business
  • Loans for business
  • Loans for SBA
  • Services for payroll and cash management
  • Services for merchant

U.S. Bank has the business products and services you require. It offers a wide range of banking services to help you run your business. They offer a number of different kinds of bank accounts, credit cards, and other banking products to help you live the life you want to live. There are many bank accounts and credit cards available, as well as other financial services. U.S. Bank makes auto, mortgage, and home equity loans.

Customer Services

U.S. Bank has a fairly good online help center and provides a number of ways to talk to a U.S. Bank customer service representative, which includes:

  • Calling 800-872-2657 (toll-free).
  • Visiting the branch of the U.S. Bank.

The U.S. Bank received an A in the J.D. Power 2021 U.S. Small Business Banking Satisfaction Study. The U.S. Bank is ranked number one in its region for the West, with scores that are nearly 10 points better than the region average. This marks a significant improvement from its ranking in 2020, which put the U.S. Bank under the average in the Midwest and West regions. At the same time, several other banks scored lower than the national average in some regions.

The U.S. Bank scores about 40 percent higher than the region average in most places, although it did score less than the average for a few categories. It also scores very poorly on the website of the Consumer Financial Protection Bureau, where reviews are generally negative. The bank  earns only 1.5 out of 5 stars on the Consumer Affairs website. But, it's important to note that there were only 38 reviews for this product, and therefore a sample size of 38 reviews isn't very big.

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