Chase Business Checking Review 2022

Chase is one of the largest business banking players in the industry, and – while everyone is aware of their credit and loan products – not everyone knows about their three offerings for business checking accounts. 

What can you expect? All of the qualified Chase business checking accounts offer the ability to manage your account from anywhere in the world, but the bank also gives you 5,000 physical branches for that face-to-face contact you might need from time to time. ATM access is generous there are 16,000 machines available within the network. Debit cards are available for employees and you to use anywhere they are accepted.

Mobile banking makes it easy to deposit checks on the go; deposit an unlimited number of electronic deposits through the mobile app – subject to your monthly account deposit limits. Overdraft fees are currently $34.

Start your Chase business checking account with just $1, then follow the minimum monthly balance guidelines to keep your account free. Chase frequently offers a $200 sign-up bonus for qualified accounts. You’ll also have 24/7 service once the account is opened, and Chase military banking perks for those who have served, as well. 

For the savvy business who needs coverage, convenience, and competitive fees on the most popular services, Chase has a good balance of the essentials. By keeping your account balance well above the minimums and making use of the cloud-based banking features, you can free up more time and money through Chase’s versatile checking account offerings. 

Here are the three tiers they currently offer for qualified businesses. 

Chase Business Complete Banking℠ Details

Solopreneurs, freelancers, and smaller businesses may find the Chase Business Complete Banking account account to be the best fit. 

  • Earn $300 when you open a new Chase Business Complete Checking account
  • Can use Chase QuickAccept to accept credit card payments
  • $15 maintenance fee, or $0 when waived with qualifying activities
  • Free cash deposits up to $5,000 per statement cycle
  • Access to 16,000 ATMs and nearly 4,900 Chase branches
  • Chase has business specialists at your local branch to help with your business needs
  • Account Alerts are a great way to stay on top of your account’s activity and enhance security
  • 20 electronic deposits at no charge each month, including Chase QuickDepositSM, ACH and ATM

For the average single-person business, this offers incredible value and all of the functionality of bigger accounts.

Chase Performance Business Checking Details

For mid-sized businesses who do a bit more volume, the Chase Performance business Checking service is more suitable. With a monthly service fee of just $30 a month – or $0 if you maintain a minimum daily balance of $35,000 or more in qualifying business deposit accounts – you can save by keeping your account healthy. 

You’ll get 250 transactions per month for free, plus unlimited electronic deposits and incoming wire transfers. You’ll pay no fee on your first $20,000 in cash deposits to your account per statement cycle. You pay nothing for incoming wire transfers; two outgoing domestic wire transfers per month are free, as well. 

Chase Platinum Business Checking Details

For small business owners with a large volume of transactions, the best choice is the Chase Platinum Business Checking account. It has no monthly service fee, provided you keep a minimum daily balance of $100,000 in your qualified business account. The fee for going under that amount is a $95 monthly fee.

You are allowed up to 500 transactions per month with no additional charge, excluding unlimited electronic deposits and incoming wire transfers. You can also deposit up to $25,000 in cash deposits per statement cycle without an additional fee. Your four most expensive outgoing wires are also done for no charge.

With the three different business checking accounts Chase offers and its easy online banking, it’s easy to see that one benefit of the Chase business checking account is its versatility. You can feel confident that, as your business grows, there will be an account options to meet your needs. 

Chase Platinum Business Checking Account Pros

The Chase Platinum Business Checking account has a lot of advantages. First, members get up to 500 transaction fees waived each month. The account also allows you to make up to $25,000 per month in cash deposits without paying a fee. This perk could be great for businesses that need to manage a lot of cash. Chase QuickDeposit allows you to make deposits using the Chase mobile app for free, as well. There’s also no minimum deposit requirement at account opening.

Furthermore, you don’t have to pay for an incoming wires, and the charge is waived for the four most pricey outgoing wires. You’ll also get a business debit card with any Chase business checking account. 

Chase Platinum Business Checking Account Cons

There are a few things to consider with this Chase business bank account, as well. The account is not cheap — you’ll pay a $95 monthly maintenance fee unless you meet the average daily balance requirement of $100,000 in your account. This fee structure may only be workable for large businesses.

One of the other biggest drawbacks could possibly be that Chase is a large bank and not located in every state. For those who prefer a local, small-town feel, this may not be it. The large ATM network and ability to waive the monthly maintenance fee, however, makes it a tremendous value for those who maintain a minimum balance and don’t need to know their banker by name. There is also no annual percentage yield (APY), which is the interest rate earned on your account. There are also no rewards like cash back, like on some business credit cards.

Chase Performance Business Checking Account Pros

The Chase Performance Business Checking Account has a lot going for its banking services, including the fact that you get up to $20,000 in cash deposits each month for free. You also get 250 free transactions each month. Incoming wires and two outgoing wires are free each month, as well. And there’s no minimum opening deposit.   

Chase Performance Business Checking Account Cons

This account is also not free, but it’s more affordable than the Chase Business Platinum account at $30 per month. You can waive this maintenance fee by keeping an average daily balance of $35,000 in your checking account. If you can manage to keep this balance in your account, the perks may make it worth it. 

FAQs

Do you still have questions about opening one of these Chase small business checking accounts? See answers to the most-asked topics here:

Does having an account for your business help in getting a Chase business credit card?

While there are no advertised policies on this, it’s possible that those who use Chase for their checking may also have the chance to build goodwill toward future business loans or credit card approvals. Chase is known for valuing customer relationships. 

Can I open a Chase business account online?

While you can access your Chase business checking account online once opened, you must visit a branch in-person to open your account. Choose from 5,000 branch locations near you.

Is it free?

Similar to many of the account services that credit unions offer, Chase business checking bank accounts all offer the ability to pay no monthly fees, provided you stay under the transaction, deposit, and transfer limits. You’ll also need to keep a minimum daily balance, which varies based on account type. 

What states does Chase operate in?

Chase has bank locations in the following states: Arizona, California, Colorado, Connecticut, Delaware, Florida, Georgia, Hawaii, Idaho, Illinois, Indiana, Kentucky, Louisiana, Maryland, Massachusetts, Michigan, Minnesota, Nevada, New Jersey, New York, North Carolina, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, Texas, Utah, Virginia, Washington, Washington, D.C., West Virginia, and Wisconsin.

What are the Chase business account requirements?

Depending on the type of business you own, there will be different requirements to meet when you sit down with the banker in person. At a minimum, you’ll need all the owners and authorized trustees to be present, each with two forms of ID, preferably a driver’s license or passport. You’ll also need your Tax Identification Number (TIN), Employer Identification Number (EIN), or each individual’s Social Security Number (SSN).

Provide documentation of your business that clearly shows the name or DBA, trust certifications, and documentation about when your business started, address, phone numbers, and where you operate. Bring some projections about how much volume you’ll do as well; this will help you pick the right account type for the price. 

Is there an advantage for having a checking account?

While many consumers these days don’t frequently write checks, there is a significant advantage to owning a business checking account. In addition to paying for items that your business needs, from places that might not accept credit cards, having a checking account makes your business appear more professional and offers you an additional way to pay employees, put deposits on merchandise, and keep your business transactions tracked and managed.

Your employees can make debit card purchases with ease, and you can often earn with an interest-bearing checking account promotion. Combined with the merchant services banks like Chase offer, owning a checking account is necessary for a well-rounded financial toolkit. 

Find Business Banking That Works for You

If you’re on the hunt for a business checking account that offers low fees and the right banking services, Nav can help. Our marketplace uses your business data and matches you to the best checking account, credit card, or small business loan options for you. Compare the best business checking accounts.

This article was originally written on April 26, 2022.

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