Everyone’s heard of JPMorgan Chase Bank. The New York-based institution has carved out quite a name for itself in the retail banking sector — especially when it comes to rewards credit cards and signup bonuses.
But as a small business owner, you need a little more from a bank than onboarding perks and physical branch access.
You need banking features that help your cash flow rather than slow it down, plus the support of an institution that understands how businesses operate.
Enter Chase for Business and its suite of business bank accounts.
I know firsthand that choosing the right account for your business can make your life a whole lot easier.
Keep reading to find out if a business checking account from Chase Bank is right for you.
What is a Chase Business Checking Account?
Chase customers have three different business checking accounts to choose from.
Each account is designed for a specific size of a business, ranging from small startups to large companies with an established presence.
In this post, we’ll take a close look at all three options.
Chase Business Checking Account Products
- Chase Business Complete Banking
- Chase Performance Business Checking
- Chase Platinum Business Checking
Chase Business Complete Banking
The Chase Business Complete checking account is the bank’s standard business account. It includes built-in card acceptance, same-day business deposits, and up to $5,000 worth of free cash deposits.
Chase QuickAccept is a convenient payment processing feature that lets you use the Chase mobile app to accept card payments from customers.
You can enter the card information manually or use a contactless mobile reader, and the best part is that you’ll have access to the accepted funds that same day.
Business Complete Banking comes with a $15 monthly service fee, but it’s waived if you meet one of the following conditions:
- Maintain a $2,000 minimum daily balance
- Make $2,000 in monthly purchases with your Chase Ink business credit card
- Receive $2,000 or more in QuickAccept deposits monthly
Chase Performance Business Checking
Performance Business Checking is designed for mid-size businesses and comes with a few added perks.
Customers can take advantage of 250 free transactions per month, unlimited deposits and incoming wires, and two free outgoing domestic wires per month. You’ll be able to deposit up to $20,000 in cash per month for free, and the account comes with Positive Pay and Reverse Positive Pay services included.
You can also turn Performance Business Checking into an interest-bearing checking account with APY earning, which you can discuss with your Chase banker.
To get around the $30 monthly fee, your only option is to maintain an average daily balance of $35,000 or more. If you open a linked Chase Business Savings account, the monthly fee for that account is waived.
Chase Platinum Business Checking
Platinum Business Checking is Chase’s highest-tier option for large businesses.
The account is basically a heightened version of Preferred and offers the same features at an elevated level. With Platinum, the number of free qualifying transactions goes up to 500, and you get $25,000 in free cash deposits.
You’ll also get your four most expensive outgoing wires waived each month, and incoming wires and unlimited electronic deposits are always free.
The monthly fee is hefty at $95, and you’ll need an average daily balance of $100,000 or more to avoid it.
Here are the top features that all customers can enjoy with any Chase business checking account.
- 4,700 Physical Branches: Chase Bank is one of the biggest financial institutions in the US, so it’s no surprise that it has more than enough physical locations to go around. If you’d like to work with a banker, it’s easy to schedule an appointment online with a Chase Business Specialist. And you can always pop into a Chase branch for help with your account when you need it.
- Online Banking: On top of its status as a leading traditional bank, Chase also offers an excellent online banking experience. Chase Online lets you manage your account activity from anywhere with an internet connection and access both your accounts and credit cards from a single log-in.
- Mobile App: The Chase mobile app is one of the best mobile banking platforms in the business, and it has the numbers to back it up. The app currently has a 4.4-star rating (out of 5) in the Google Play Store and a 4.8-star rating (out of 5) in the App Store.
- 16,000 Free ATMs: With more than 16,000 Chase ATMs, the bank has more branded options for fee-free withdrawals than any other bank.
Like most big banks, Chase isn’t shy when it comes to fees. Unfortunately, this tendency is even more present in business accounts than on the retail side.
No matter which business account you go with, there will be a fair number of fees to navigate, so buckle up.
The good news is that most of them are manageable, if not avoidable, so knowing how to navigate them should keep you in good shape.
Here’s a breakdown of the various fees you can expect to find with a Chase Business account.
Monthly Maintenance Fees
Each Chase business checking account comes with a monthly service fee attached, but all of them can be avoided through qualifying activities within each statement cycle.
To ensure that you don’t end up paying the fee, be sure to choose an account with requirements that you can meet. Otherwise, the fees add up in a hurry.
Looking at the numbers, here’s how much money you’ll be throwing away if you don’t meet the associated minimum deposit or transaction requirements:
- Chase Business Complete Banking: $15 monthly, adding up to $180 annually
- Chase Performance Business Checking: $30 monthly, adding up to $360 annually
- Chase Platinum Business Checking: $95 monthly, adding up to $1,140 annually. Whoa!
When you use Chase QuickAccept for customer payments, Chase charges a per-transaction fee of 2.6% plus $0.10 for each tap, dip, or swipe. This amount is on par with most major credit card processors.
If you enter the transaction manually, the fee goes up to 3.5% (plus $0.10).
Excessive Transaction Fees
Depending on which account you choose, you’ll have a certain number of debits and non-electronic deposits (ATM, ACH, Wire, and QuickDeposit) fee-free per month. If you go over, you’ll pay $0.40 per transaction.
Again, the key here is to choose the account that’s right for your business. If you find yourself paying fees every month, talk to your banker about migrating to an account that better fits your business — or look for a new bank.
Cash Deposit Fees
Chase also charges a fee if you exceed your account’s free cash deposit amounts of $5,000 for Business Complete, $20,000 for Performance Business, and $25,000 for Platinum Business.
If you deposit more than those amounts, you’ll pay a $0.40 per deposit fee thereafter.
Chase QuickDeposit Fees
Chase QuickDeposit is an optional add-on that comes with a scanner to help you deposit checks efficiently. A two-year contract is required for QuickDeposit, and there’s a $25 monthly fee for your rental of the scanner.
Wire Transfer Fees
Incoming wires are always free, and depending on your account, you’ll get a certain number of outgoing wires each month.
If you go over, here’s what you’ll pay:
- Outgoing Domestic Wire: $25 online, $25 in-branch
- Outgoing International Wire: $40 online, $50 in-branch
Whatever you do, avoid overdrafts with Chase.
With a Chase Business Checking account, overdrafts cost $34 for each occurrence, and you can pay this up to 6 times per day if numerous transactions occur.
The good news is that Chase offers free overdraft protection through a linked Business Savings account. These debits will count toward your monthly limit of savings withdrawals, so don’t make this a habit.
When you use your business debit card to get cash, you won’t pay any additional charge at a Chase ATM.
If you use one that’s out-of-network, there’s a $2.50 fee per withdrawal, plus whatever the ATM charges.
Ready to open your new Chase business account? Head to Chase.com or visit your local branch.
As with any business checking account opening, you’ll need to bring a few important documents.
The type of business you run affects which documents are required, but count on needing a government-issued ID, a secondary form of ID (e.g., a bill), a Tax ID number, and your Articles of Incorporation, if applicable.
Only sole proprietorships, corporations, or single-member LLCs are able to apply online. Any other business formation will have to make an in-person appointment.
As one of the largest financial institutions in the world, suffice it to say that Chase’s banking services are well-protected.
Here are just a few of the main ways that Chase keeps your money and business safe:
- Multiple authentication checks for account access
- Continuous suspicious activity monitoring
- Secure messaging
- 128-bit encryption technology
- FDIC insurance
By far, one of Chase’s best benefits is the level of customer support that it offers customers. Yes, there are some fees to watch out for — but as the saying goes, you get what you pay for.
When you need help with your account, you can schedule an in-person meeting with a banker, reach out online through Chase’s secure message center, or talk with a customer service rep over the phone. The Chase Business ServiceLine (1-800-CHASE38) is available 24/7.
Big banks aren’t typically applauded for a high level of service, but Chase is something of an exception, with a solid 3.7-star rating (out of 5) on ConsumerAffairs.
Pros & Cons
- Awesome customer support
- Industry-leading sign-up bonus
- Wide variety of business services
- Lots of fees
- Many business can’t apply online
- Low-to-no APY earning
What is the minimum balance for Chase Business Checking?
It depends on which account you go with. Chase Business Complete has no minimum deposit requirement, but you need at least $25 to open either a Performance or Platinum Business account.
The minimum balance requirement to avoid a monthly fee is between $2,000 and $100,000, depending on your account. Unfortunately, those amounts are going to be unachievable for many businesses.
Which bank is best for business checking accounts?
It depends on what you’re looking for. Big banks like Chase come with a ton of features and support, but they’re rarely the lowest-fee option.
If you want to look into online-only banking options that tend to steer clear of traditional banking fees, check out:
Does Chase Business Checking come with a debit card?
Yes, all of Chase’s business deposit accounts come with a debit card that you can use to make purchases and take out cash.
How much do you need to open a Chase business account?
Chase Business Complete Checking has no minimum opening deposit requirement. Performance Business and Platinum Business both require at least $25 to open an account.
Is A Chase Business Checking Account Right For You?
As you think about the right checking account for your business, there are three main questions that you should ask yourself:
- Will this account help my business run better?
- How much is this account going to cost me?
- Do I need all of these services?
If you feel good about your answer to all three questions, chances are you’ve found a winner.
The key is understanding your needs as a small business owner. Each account option suits varying business types. In other words, it’s not a one-size-fits-all scenario.
The good news is that with Chase, whether you’re just starting out or have been in business for 20 years, you’ve got options.
As you search for the perfect account, always remember the golden rule of BankBonus.com: Your bank should work for you and not the other way around.