How does PayPal Business Work? An Overview
Understand how Paypal Business works, a powerful tool for managing payments, invoicing, and financial transactions for your enterprise.
Every business is different, but there’s one thing they all have in common: they all need a bank account that’s well suited to their own particular demands. That’s the case whether you’re a sole trader working out of your spare bedroom, or working for a huge multinational corporation.
That’s why banks take business accounts seriously. Many offer a variety of options, hoping to attract businesspeople from companies at all stages of development. U.S. Bank is no exception to this, with several carefully graded business checking accounts on offer to potential customers.
This article will introduce you to what U.S. Bank’s business checking accounts have on offer. They’re available to businesses of varying sizes, with an emphasis across the Midwest and Western areas of the country: you will need to make sure U.S. Bank operates where you work.
Before you get started, a word.
Banks often charge hefty fees for foreign and multi-currency accounts. And if you’ve already tried managing multiple accounts in multiple countries, you know it’s rarely simple.
Wise could help. With Wise, it’s free to open a borderless multi-currency account with no monthly fees. There, you can manage and send dozens of different currencies all from the same account. All around the world. (Likely, for a lot cheaper than your bank.)
Give it a try. Check out Wise today.
Now, back to what you came here to read.
At U.S. Bank, customers have the choice of 5 business checking accounts:²
We’ll go through each of them in detail later on, explaining the different features of these 5 accounts.
There are also business savings accounts on offer, for businesses able to put some money aside and earn some extra interest.³
Before we get specific with the U.S. Bank business account details, here are some tips for how to make sure you end up with a business bank account that really works for you and your company. They’ll also come in useful when you’re choosing between the different levels of U.S. Bank accounts that are on offer.
There are 5 different U.S. Bank small business checking accounts, but you’ll need to show the same documents to get any one of them. This is what you’ll need to show them:⁴ ⁵ ⁶ ⁷ ⁹
U.S. Bank’s business account requirements change a little if you’re a sole proprietor: you can use your own Social Security number instead of the tax ID number, and you don’t need to show the Article of Incorporation or other foundation document. For the Nonprofit account, the Article of Organization or charter also needs to show your organization’s officers.⁹
You’ll also need an appointment. You can book one online via their website if you select a place and time, and give a few details about yourself. It’s possible to book a phone meeting too, but don’t be surprised if they need to meet you in person.⁸
Here’s an overview of the most important account fees and restrictions that come with a U.S. Bank business checking account.
As with many business bank accounts, with U.S. Bank you’re entitled to a certain number of transactions for free each month, and you’re similarly allowed to deposit cash a certain number of times without having to pay extra. With most account types there’s also a monthly maintenance fee, but if you meet certain conditions you can get out of paying it. There’ll be more information on how this works later on.
This isn’t a complete list of fees: further fees vary from state to state, so you’ll need to find out the full list of fees directly from your local branch. Also, the fees for the Nonprofit account are a little different, and are dealt with separately later on.
Fee or limit | U.S. Bank business account cost² |
---|---|
Monthly maintenance fee | $0-25 (can be waived) |
Average account balance needed to waive fee | $10,000 or more |
Free transactions per month | 150-500 |
Cost per extra transaction | $0.40-0.50 |
Free cash deposits per month | 25-200 |
These figures might not be quite right if you go for an Analyzed account, which you get with Premium: in that case, credits you earn might offset your various bank fees.²
Let’s take a look at the different account types one by one, so you can see which is best for your business.
All of them come with key features like online and mobile banking, the ability to process card payments, check fraud prevention, remote check deposit, and overdraft protection.⁴ ⁵ ⁶ ⁷ ⁹
If you’re just starting out or run a small-scale operation, the Silver package could be perfectly suited to you.⁴ It’s the U.S. Bank small business account for people at the beginning of their journey. There’s no monthly maintenance fee at all, so if you meet the criteria then it’s a great way to get started.
Fee or limit | U.S. Bank Silver Business Checking Package cost² |
---|---|
Monthly maintenance fee | $0 |
Free transactions per month | 150 |
Cost per extra transaction | $0.50 |
Free cash deposits per month | 25 |
Paper statement fee | $5 |
The Silver package is the only one which requires you to pay for paper statements: they cost $5 each time.
There are a couple of additional bonuses: you get a 50% discount on your first check order, up to $50. And also, 50% discount on Gold Personal Package monthly maintenance fee.⁴
Gold is for you if Silver’s limited number of monthly transactions would leave your business busting at the seams. One additional benefit is that there’s an “interest-bearing option:” if you want to, you can earn interest on your account balance.
Fee or limit | U.S. Bank Gold Business Checking Package cost² |
---|---|
Monthly maintenance fee | $20 |
Average account balance needed to waive fee | $10,000 or $25,000 (see below for more details and alternative options) |
Free transactions per month | 300 |
Cost per extra transaction | $0.45 |
Free cash deposits per month | 100 |
For the Gold package, you’ll have to pay $20 a month unless you meet one of certain criteria. You can get out of paying that:²
Additional benefits include 50% off your first check order up to $100, and a discount if you also want a Gold Personal Package to go alongside your business banking.⁵
This package is particularly designed for businesses with a lot of cash to deposit. There’s no interest-bearing option, but other features might tempt you nonetheless.
Fee or limit | U.S. Bank Platinum Business Checking Package cost² |
---|---|
Monthly maintenance fee | $25 |
Average account balance needed to waive fee | $25,000 (or $75,000 combined collected business deposits and outstanding business credit balances) |
Free transactions per month | 500 |
Cost per extra transaction | $0.40 |
Free cash deposits per month | 200 |
Like with Gold, you get 50% off your first check order up to $100. Additionally, mobile check deposit is free with Platinum: you get the service with all the accounts, but for Silver and Gold you have to pay for it.⁶
The Premium package is designed for larger businesses with complex financial needs. Fees can often be offset by credits on qualifying balances, so it’s not possible to be as precise about them as it is for the other packages. Here are a few of the benefits you get with Premium:⁷
If your organization is not for profit, there’s a special sort of account that might be better than the commercial options. Here’s an overview of some of the benefits.
Fee or limit | U.S. Bank Nonprofit Checking account cost⁹ |
---|---|
Monthly maintenance fee | $0 |
Free transactions per year | 1,800 (an average of 150 per month) |
Free cash deposits per year | 300 (an average of 25 per month) |
You can earn interest on the account if you want to, and you can also get a business debit card.⁹
U.S. Bank’s carefully tailored packages might be just what you’re looking for, but there’s a chance you need something a little different. Especially if you do a lot of business internationally, a Wise Business account could be the perfect way for you to hold money in multiple currencies, and send and receive payments abroad at the real mid-market rate. You even get account details in not just US dollars but also Australian and New Zealand dollars, British pounds and euros. You can also create and send your invoices by using our downloadable free invoice templates, and use our balance sheet template, income statement template, cash flow statement template or an independent contractor agreement template.
There’s no monthly fee, and many perks for businesses, including an open API so your business can automate payments and workflows yourself, and the ability to make batch payments with ease. It all works easily online, fees are kept to a minimum, and international payments you make could be up to 14x cheaper than if you use PayPal instead.
Whatever business account you end up going for, good luck, and make sure your bank account helps you run the business you’ve always wanted to.
Sources:
1.U.S. Bank business checking accounts page
2.U.S. Bank business checking accounts comparison page
3.U.S. Bank business savings accounts page
4.U.S. Bank Silver business checking account package
5.U.S. Bank Gold business checking account package
6.U.S. Bank Platinum business checking account package
7.U.S. Bank Premium business checking account
8.U.S. Bank business account appointment page
9.U.S. Bank Non-Profit business checking account page
Sources checked 22-23 May 2019
*Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.
This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.
We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.
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