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One of the most adaptable traditional business checking accounts is the Chase Business Total Banking SM account. There aren't many restrictions on your ability to do business, and you have access to a wide range of branches and convenient digital resources. In addition, you don't need a separate merchant service provider to begin accepting credit card payments.
Chase Business Checking Review – Our Verdict
Chase Small Business Checking Account division provides specialized banking services to commercial clients. We think Chase Small Business Checking Account is the best option for small businesses because of the way it combines the best of both worlds in its services, providing a huge branch network in addition to convenient online capabilities.
Concerned that it would lag behind its competitors in the digital banking industry, Chase Small Business Checking Account is providing a $300 incentive to new clients who create a Chase Small Business Checking account. When compared to other top business checking accounts, it comes in at number four. However, it ranks highly when it comes to the best business banks in Virginia.
- A wide selection of banking products and services
- Easily accessible (in 29 states)
- Superb credit cards for Businesses
- Connecting numerous accounts might increase your interest rates & provide other perks
- Offering a range of plans suited to various company sizes
- Credit cards & loans are simple to get for entrepreneurs
- The interest rates they provide on savings accounts are lower
- In-person account opening
- There’s a $15 monthly charge
Chase Business Checking Banking at a Glance
When looking for a business bank account for a limited liability company, Chase Total Checking account stands out as a top choice. This company account combines the advantages of the virtual and physical worlds. In addition to convenient online banking features, customers may take advantage of access to any of Chase's 16,000 ATMs or 4,700 physical locations throughout the United States.
The sign-up bonus is only the beginning of the various perks that come with opening the Chase Small Business Checking account. Chase is now running a campaign that rewards new clients with a $300 incentive if they register a Chase Total Checking account, make a deposit of $2,000, maintain the account open over 60 days, and do one of five predetermined activities within 90 days of promotion registration.
In any case, Chase Business Checking accounts require no initial investment whatsoever, so even if you can't afford to keep the minimum amount required for the incentive, you may still create an account there. The benefits and perks enjoyed are more than those already mentioned.
In addition to unlimited cash back returns of 1.5% on all transactions, Chase Bank rewards new clients who open a business credit card with a one-time cash bonus of $750. To qualify, you need to make $7,500 in purchases over the initial three months following account creation.
Who Chase Business Checking Is Best For
This account is tailored to meet the needs of company proprietors who need the ability to communicate with a real person, gain access to a broad range of ATMs located in a variety of cities around the country, and make use of user-friendly mobile and online banking capabilities.
If your company conducts a high volume of transactions but is concerned about incurring excessive per-transaction costs, you may want to look into the Chase Total Checking account, which offers limitless online transactions.
Chase Small Bank Business Account doesn't give interest on most of its accounts, so it isn't a suitable choice for people searching for a way to generate money from their money. You need to physically visit a Chase branch to create a Chase Business Total Banking account, so we wouldn't suggest it if you'd rather avoid making a trip just to get your account started.
There are three Chase Small Business Checking accounts (Chase Business Complete Checking Banking, Performance Chase Small Business Checking, and Chase Platinum Business Checking), but we'll focus on the latter two for this analysis.
We've analyzed the key features of the three Chase Business Checking account levels to help you make sense of the pricing structure.
|Chase||Chase Business Complete Banking||Chase Performance Business Checking||Chase Platinum Business Checking|
|Monthly Fee||$15 or $0 monthly fee if you maintain $2,000 minimum daily balance||$30 or $0 monthly fee if you maintain $35,000 combined average beginning day balance||$95 or $0 monthly fee if you maintain $100,000 combined average beginning day balance|
|Cash Deposit Fee||Fee-free at $5,000 in cash deposits per statement cycle||Fee-free at $20,000 in cash deposits per statement cycle||Fee-free at $25,000 in cash deposits per statement cycle|
|Mobile and Online Banking|
|Multiple User Accounts|
|Accept Card Payment|
|Fraud Prevention Services|
|Fee-free Incoming Wires|
|Cash Management Support|
|Platinum Business Customer Service|
Types of Chase Business Checking Accounts
Chase has many price points available. When you open a Chase Business Complete Checking account, you get a full suite of business banking services for a reasonable monthly fee, perfect for startups and small enterprises. The Platinum plan, on the other hand, is reserved for larger, more stable businesses.
Chase Business Complete Banking Review
The Chase Business Complete Checking account has no opening deposit, costs $15 monthly, and offers a variety of useful features for businesses.
- Make an initial deposit of $300 into your new Chase Business Complete Checking account.
- There should be other approaches to removing charges. There are a number of ways to avoid paying the Chase Ink® Business credit card's monthly service fee, including making a certain number of transactions or maintaining a certain minimum daily amount.
- Automatic credit card processing. Chase QuickAcceptSM is a card processing service that allows you to accept payments from customers anywhere in the United States at any time.
- QuickAccept allows for same-day deposits. Get the cash flow your company needs without breaking the bank by making a deposit the same day.
- Notifications on account activities to help you keep tabs on things.
- Chase Business online and the Chase Mobile® app provide simple account administration.
- Deposits using Chase QuickDepositSM and ACH are unlimited.
- There are around 4,700 physical locations and over 16,000 ATMs available to customers.
Chase Performance Business Checking
If your business deposits an average of $35,000 per month with Chase, you can get the Performance Chase Small Business Checking for free.
Chase's performance account features:
- 250 monthly transactions
- Deposits & wire transfers may be received electronically without any limits
- It's possible to make two domestic wire transfers free of charge per month
- Positive Pay and Reverse Positive Pay are free of charge
- The fee is $30 monthly, plus a $25 initial deposit
Chase Platinum Business Checking
If your company's deposit and investment balances total at least $100,000 on a daily basis, you can get Chase Platinum Business Checking for free.
Included in Chase's Platinum package are also:
- Every month, 500 deals are made
- Deposits of $25,000 monthly in cash
- Incoming wire transactions are free of charge, as are the top four monthly outbound wire transfers
Chase Specialized Business Checking Accounts
In the same way that other analysis checking accounts provide you with bonus points depending on your balance, so do it's analyzed checking accounts. Your account costs will be reduced by the amount of the credit. Thus, checking account analysis might provide a lot of benefits if you routinely maintain a sizable amount in your account. (But with smaller sums, the fees may really add up.)
Chase also provides an interest-bearing variant of their analytical checking. Gaining interest of 0.14 percent comes at the cost of missing out on earnings credits. You'll have to foot the bill for the costs involved instead. Think carefully at the numbers before putting any money into this account.
What about escrow services offered by Chase? You merely have to be assured that they follow all the necessary rules. In addition, you don't need to worry about these accounts if you aren't already familiar with them and how they function.
Chase Savings Accounts
Chase also offers many different types of savings accounts, including two different types of basic savings accounts and certificates of deposit, in addition to its checking accounts (CDs).
Keeping a balance of $1,000 in your savings account will prevent you from being charged the low monthly cost. There must be some other way to avoid paying that price. Joining a Total Savings account with a Total Chase Small Business Checking account. Simply said, it's not hard at all. Complete Savings does accrue some interest, but the annual percentage yield (APY) is rather low.
Premier Savings offers a chance at a better (although still modest) annual percentage yield. Your annual percentage yield (APY) in this account will increase in proportion to the amount of money you deposit. To avoid paying the monthly service charge, your account balance must be relatively high. You may avoid the charge by maintaining a $25,000 average amount or by linking your account to a Performance Chase Small Business Checking, Analysis Business Checking, or Platinum Business Checking account.
Chase's Total Savings and Premier Savings accounts have a six-transaction-per-cycle restriction. Regulation D, a federal regulation, used to put certain restrictions on savings accounts. Chase, despite the new legislation, has not lifted its cap.
Are you down to your last savings option? Certificates of deposit issued by Chase. Yet, the annual percentage yield (APY) on them isn't very high. The initial APY is low, and the maximum APY is much lower than what can be found at other financial institutions. Keep in mind that throughout the duration of your term, which may range from 1 to 60 months, you’ll not be able to make any changes to your investment.
Chase Bank Business Account Features
The Chase Small Business Checking account offers many amazing features, and the fact that they’re available in the basic package is only one of them. You'll find a rundown of its primary characteristics below.
Mobile & Online Banking
Online bill payment, fraud prevention, SMS banking, account notifications, and Chase QuickPay with Zelle are just some of the convenient services available via Chase's mobile and online banking platforms. You also have the ability to utilize collection and cash-flow services, set up numerous users to access your account, and download account activities to financial software.
The chance to receive a bonus when opening a Chase Small Business Checking account is now available. If you join up for Chase Business Complete Checking Banking and make a deposit of $2,000 within 20 days, keep that deposit amount for 60 days, and perform five of the qualifying activities, such as transactions made using a debit card and Chase QuickAccept deposits, you will get $300.
Unlimited Electronic Deposits
Electronic deposits, such as those made through Chase QuickDeposit, ACH transfers, ATM withdrawals, transactions made using a debit card, internal transfers, and so forth, are completely unrestricted. Like many online business checking accounts, this allows you a great deal of leeway when it comes to making payments electronically.
Integrated Credit Card Processing
When it comes to Chase's Business Checking Accounts, only Business Complete gives you access to Chase QuickAccept, which allows you to take credit card payments using the Chase mobile app. Use a mobile card reader and this integrated credit card processing service on a pay-as-you-go basis to accept tap, swipe, and dip payments.
As funds from transactions are sent straight into your bank account, you won't even need to download a banking or shopping app to manage your finances and transactions. The cost of processing a payment using a keyed transaction is 3.5% plus 10 cents, while the cost of processing a payment using a tapped, dipped, or swiped method is 2.6% plus 10 cents.
No Minimum Opening Deposit
There’s often a starting balance requirement when opening a Chase Business checking account at a traditional bank. Yet, one of the few accounts that doesn't is the Chase Business Complete Checking BankingSM account. A Chase Business Complete Checking BankingSM account may be opened with zero dollars if absolutely necessary.
Wide Range of Products & Services
Credit cards, loans, merchant services, and cash management tools are just some of the financial services offered by Chase that may help your company better manage its money.
Security & Fraud Protection
For the purpose of keeping your business accounts safe, Chase utilizes a variety of cutting-edge security methods, like fraud monitoring and two-factor authentication.
Where Chase Business Checking Falls Short
Although Chase Small Business Checking is favored by many entrepreneurs, it isn’t without flaws. The disadvantages of using Chase Small Business Checking might include the following:
- Monthly Fees: The $15 monthly cost for Chase Business Complete Checking might be a bitter pill to chew. If you don’t believe that, you’ll be able to keep a daily balance of $2,000 or fulfill one of the other requirements in order to avoid paying the monthly fee. You may wish to investigate the possibility of opening a free business checking account.. The Silver Chase Small Business Checking Package from the U.S. Bank features a $400 welcome bonus, up to $2,500 in cash deposits, and no monthly service fees (terms apply). Also, unlike some traditional bank accounts, online business checking accounts often don’t charge monthly maintenance fees or impose limitations on the number of transactions or deposits.
- Transaction Fees: Chase may impose transaction fees for operations including making wire transfers, withdrawing money from non-Chase ATMs, and depositing cash or checks.
- Minimum Balance Requirements: The need that company owners have a certain minimum amount in their account each month in order to avoid fines might be difficult to meet for companies with limited financial resources.
- Limited Free Transactions: The Chase Small Business Checking account allows for unlimited electronic deposits, but just 20 in-person transactions each month without incurring a charge (40 cents is added to the total for each subsequent transaction). If you often write paper checks or do business entirely in person, you may want to open a different kind of business bank account. For instance, the monthly fee for a Capital One Spark Business Basic Checking account is similar to the fee for Chase Business Complete Banking, however, the Spark account allows for a limitless number of transactions both in-person and online at no extra charge.
- Customer Service: Several company owners have complained about the poor quality of Chase's customer service, including the lengthy wait periods and the inability to have their problems fixed.
- Limited Branch Locations: While Chase has a widespread branch network, its locations may not be accessible to all business owners, particularly those in outlying or rural regions.
You should weigh the pros and cons of any financial product you're considering, and look around for the best choice that meets your company's unique requirements, before making a final selection.
Alternatives to Chase Business Checking Account
If you're still unsure about whether a Chase Small Business Checking Account is right for your company, we've compiled a list of some of the most viable alternatives.
If you're looking for an alternative to Chase Bank, Bluevine is a great option. You may avoid paying monthly fees while still making bill payments, applying for modest loans, and earning a respectable interest rate. An account can be opened in a matter of minutes, with no minimum deposit required, making it a preferable option to Chase for companies of all sizes.
In addition to the ability to make limitless purchases, account members who fulfill a monthly activity threshold of 1,000 transactions will receive 1.5% interest on their balance, up to and including $100,000.
- Business checking account with no or minimal maintenance fees
- There’s no required minimum balance
- Funds that accumulate interest
- Accounts that issue physical checks
- Transactions with no limits
- Banking-integrated billing & invoicing
- There are no available methods of savings
- High costs associated with putting money into an account
- There are no actual locations for this bank
- No weekend support for customers
Novo is another excellent alternative for companies of any size. In contrast to Chase Small Bank Business Account, the mobile-only bank has no monthly fees, refunds ATM costs, and has an application that can be completed in under 10 minutes.
At Novo, ACH transfers are free of charge. Paying bills, sending money, funding payroll, or transferring money to your personal account may all be done in a matter of seconds after signing into your app on your mobile device. Unfortunately, Novo has two major flaws: first, being a digital bank, it doesn’t enable you to deposit cash, and second, it doesn’t let customers set up regular payments.
- There are never any recurring or minimum balance fees
- There are no limits on the number of transactions you can make, and no outgoing or incoming wire transfer costs
- Worldwide refunds of all ATM service costs
- Free print check ordering and limitless online bill paying are just two of the perks of banking online
- Compatibility with well-known enterprise software packages such as QuickBooks, Xero, Stripe, and Shopify
- Get access to exclusive pricing on business-related software and services
- No cash deposits allowed
- Cannot initiate a local or international wire transfer, nevertheless, international wires are possible via the Wise integration
- Bill pay doesn't support recurring payments
- For returned payments due to inadequate amounts or monies that weren’t collected, there’s a $27 cost
Axos is an example of a virtual bank since it solely provides online business banking and isn’t supported by physical facilities. Unlike other rivals, however, it doesn’t rely on a third-party banking institution. The establishment qualifies as a bank on its own. Axos's many perks and features have earned it a spot on several best business checking accounts lists.
Axos was designed from the ground up as an internet bank, making it more user-friendly than more conventional financial institutions. It takes great satisfaction in providing a fantastic digital presence and experience for its consumers, making it a fantastic choice for startups or online ventures. With a $5,000 minimum amount, the most annual percentage yield (APY) you may earn with a checking account is 0.20%.
- Support for clients available around-the-clock
- New client incentive bonus (terms apply)
- There are no fees paid each month, and there’s no initial deposit required
- Put money into your account with MoneyPass or AllPoint ATMs
- Transactions with no limits and are free
- All ATM withdrawal costs will be refunded automatically (domestic)
- Absence of any physical offices
- Only a few integrations
- Not the best APY available
Chase Business Checking Account – Frequently Asked Questions
We've included your top concerns regarding a Chase Small Business Checking Account below.
Do I Need a Chase Business Checking Account?
In order to keep your company funds distinct from your own personal funds, Chase Small Business Checking accounts are a must-have for business owners. Having a Chase Small Business Checking account has several benefits, including increased professionalism, better bookkeeping, and easier tax filing. Another benefit of having a Chase Small Business Checking account is that it may provide you with access to a business credit card or line of credit, and it can protect your personal assets from any lawsuits or debt collection proceedings that may be filed against your company.
Is Chase a Good Business Account?
When it comes to personalized care and convenient internet banking, Chase Small Business Checking Account is a great option for small business owners. You may deposit cash, use any of their fee-free ATMs located all across the nation, and even visit any of their branches if you need to, or you can just manage your account from the convenience of your own smartphone.
What Are the Most Important Features of Chase Small Business Checking
The most significant aspects of a Chase Small Business Checking account, like those of any other financial product, will depend on the kind of your company, the services you provide, and your own banking preferences. Integration with other accounting systems, online shopping and payment processing, debit card security features, and ATM charge refunds are all business-specific features to think about.
Bottom Line on Chase Business Checking Account
Overall, Chase Bank has a lot to offer small company owners, particularly if you need to make a cash deposit, require in-person support, or wish to use fee-free ATMs without giving up the convenience of having an internet bank in the palm of your hand.