How to Transfer Money from a Business Account to a Personal: Bank of America
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US Bank Silver Business Checking Review
US Bank is one of the country’s largest banking groups, and provides businesses with a range of account and payment management features. If you're a business owner looking for a reliable banking partner, the US Bank Silver Business Checking account might be one of the options you’re considering.
In this US Bank Silver Business Checking review, we look at the key features, fees, pros, and cons of the bank’s basic account offering for small businesses to help you determine whether it's the right fit for your business needs.
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US Bank Silver Business Checking Review: Quick Overview
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| Trustpilot rating for US Bank as a whole² |
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US Bank Silver Business Checking: Key Features
US Bank offers five types of business checking accounts:
- Silver Business Checking
- Gold Business Checking
- Platinum Business Checking
- Nonprofit Business Checking
- Premium Business Checking
The US Bank Silver Business Checking account is an online business checking account with features aimed at new or small businesses with limited transaction activity. The package offers a variety of value-added products and services to help business owners save time and money.
The account includes 125 free transactions per statement period, $2,500 of free cash deposits or 25 free cash transactions – whichever comes first – per statement period, and a 50% discount on your first check order with Deluxe up to $50. There are no US Bank Silver Business Checking minimum balance requirements or monthly service fees.³
All US Bank’s business checking accounts include a Visa debit card, online and mobile banking with bill pay to manage checks and wires all in one place, remote check deposit, check fraud prevention tools, and access to its EZ Switch kit to transition seamlessly to the new account. Businesses can also use the online and mobile banking services to manage their US Bank loans and credit cards.
Additional business checking account options include card payment processing to accept payments in person, online and on the go, cash management services, and overdraft protection on a Business Reserve line of credit. US Bank’s Shared Access feature allows business owners to give trusted employees or other individuals access to view transactions or make payments from the account.
Each additional transaction above the free limits incurs a $0.50 fee, so larger businesses may find US Bank’s Gold and Platinum Business Checking accounts more suitable. The Gold account is aimed at businesses with higher transaction volumes, while the Platinum account is designed for businesses that maintain higher account balances.
US Bank’s standard transaction limits for business ATM cards are $500 per day for cash withdrawals and $2,500 per day for purchases. Its transaction limits for business debit cards are $500 per day for cash withdrawals and $10,000 per day for purchases and/or cash advances at banks. It limits standard money transfers through debit cards to $10,000 per day.⁴
You can open a US Bank business checking account in person, online, or over the phone.
US Bank offers a range of easy-to-use payment processing services and features for small business owners:
- Remote deposit capture (RDC) to deposit physical checks electronically by taking pictures of them and sending the images to the bank.
- Point-of-sale (POS) options provided by US Bank and talech Mobile for card payments.
- Digital payments and money transfers including e-checks, bill pay, wire transfers, international electronic payments, and automated clearing house (ACH) transfers.
- US Bank’s treasury management service, SinglePoint Essentials to manage cash flow.
- US Bank’s EasyTax online business tax solutions to save time and money on tax payments.
- Payroll processing, US Bank Focus Card, and SinglePoint Essentials ACH.
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Customer Service
You can contact US Bank’s Business Service Center by phone or visit a physical branch. The Business Service Center is open Monday through Friday from 8am to 8pm CT and Saturday from 8am to 6:30pm CT.⁷
Positive reviews on Trustpilot (an independent review site) state that US Bank has efficient, friendly and knowledgeable customer service employees who are quick to solve problems and help verify or dispute transactions. Reviewers also note that the bank offers easy ways to deposit funds.⁵
Some negative reviews from Trustpilot mention that US Bank put their fund transfer or entire account on hold, which may give business owners pause as this can disrupt their basic operations.⁶ However, it should be noted that this may be due to necessary security requirements.
US Bank Silver Business Checking Fees⁸ ⁹
- Transactions above statement period limits: $0.50
- Basic paper statements: $6
- Incoming domestic wire transfers: $14
- Outgoing domestic wire transfers: $40
- Outgoing voice wires: $35
- Incoming international wire transfers: $15
- Outgoing international wire transfers: $75
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US Bank Silver Business Checking Pros and Cons
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What are the Benefits of US Bank’s Silver Business Checking Account?
US Bank’s Silver Business Checking is designed for freelancers, entrepreneurs and small businesses that have low transaction volumes and want an account without a monthly service fee.
The account offers 125 free transactions each month and access to US Bank’s range of business services, including payment processing options, loans, credit cards and lines of credit.
What are the Drawbacks of US Bank’s Silver Business Checking Account?
US Bank charges a per-transaction fee for cash deposits over $2,500 in the Silver account, which is a lower limit than some of its competitors provide.
The Silver Business Checking account may not be a good fit for businesses that need to process wire transfers regularly. Outgoing domestic wire transfers cost $40, and international wires cost $75 – which is more than what many other business checking account providers charge.
Conclusion: Is US Bank Silver Business Checking the Best Choice for Your Business?
Ultimately, whether the US Bank Silver Business Checking account is the right choice for your business will depend on your specific financial needs and preferences.
For small businesses with a limited number of monthly transactions, the account features may be sufficient and come with the advantage of having no monthly fee. US Bank offers a range of features for small businesses, such as payment processing and lending products.
However, for businesses that make frequent international payments, high wire transfer fees could make the account an expensive option.
While US Bank’s Silver Business Checking account has its merits, it's important to assess your business's specific needs and explore alternative options to make an informed decision.
Save Time and Money On Overseas Payments With Wise Business
Wise Business can help you save big time on international payments.
Wise is not a bank, but a Money Services Business (MSB) provider and a smart alternative to banks. The Wise Business account is designed with international business in mind, and makes it easy to send, hold, and manage business funds in currencies.
Signing up to Wise Business allows access to BatchTransfer which you can use to pay up to 1000 invoices in one go. This is perfect for small businesses that are managing a global team, saving a ton of time and hassle when making payments.
Some key features of Wise Business include:
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Mid-market rate: Get the mid-market exchange rate with no hidden fees on international transfers
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Global Account: Send money to countries and hold balances in multiple currencies, all in one place. You can also get major currency account details for a one-off fee to receive overseas payments like a local
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Access to BatchTransfer: Pay up to 1000 invoices in one click. Save time, money, and stress when you make 1000 payments in one click with with BatchTransfer payments. Access to BatchTransfer is free with a Wise Business account
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Auto-conversions: Don't like the current currency exchange rate? Set your desired rate, and Wise sends the transfer the moment the rate is met
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Free invoicing tool: Generate and send professional invoices
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No minimum balance requirements or monthly fees: US-based businesses can open an account for free. Learn more about fees here
| Read the guide to see if you can use Wise as a business account |
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Sources:
¹ Business Checking Accounts | Small Business Banking | U.S. Bank
² U.S. Bank Reviews | Read Customer Service Reviews of usbank.com
³ Silver Business Checking Account Package | U.S. Bank
⁴ Your Deposit Account Agreement & General Terms & Conditions Electronic Transfers Funds Availability
⁵ Trustpilot
⁶ Trustpilot
⁷ Business Banking customer service
⁸ Compare business checking accounts | U.S. Bank
⁹ How much does a wire transfer cost?
Sources checked November 14, 2023.
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*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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