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Chase Business Checking Accounts: Compare 3 Options

Meredith Wood

Meredith Wood

Editor-in-Chief at Fundera
Meredith is Editor-in-Chief at Fundera. Specializing in financial advice for small business owners, Meredith is a current and past contributor to Yahoo!, Amex OPEN Forum, Fox Business, SCORE, AllBusiness and more.
Meredith Wood
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Being a small business owner comes with a lot of important financial decisions. And, one especially crucial juncture in your small business decision-making is deciding where you’ll put your business’s money.

Every business checking account comes with its own advantages and disadvantages, and it’s important to be familiar with all the ins and outs of all your options before you make this big decision.

In your search, you’ll most certainly encounter Chase’s three business checking account options. If you’re considering opening a business checking account with Chase, take a look at the pros, cons, and nitty-gritty details of all three of their most popular options below. 

Chase Business Checking Accounts: The Fundamentals

To start, let’s take a look at the basics: What do all 3 of the Chase business checking accounts have in common?

Obviously, when you sign on to a Chase business checking account, you’re signing on to work with Chase, no matter which of the 3 options you decide to go with, and that comes with perks.

For starters, no matter which of the 3 Chase business checking accounts you choose, you’ll get unlimited access to online banking through Chase.com. Through their website, you’ll be able to pay bills and bank online at any time of any day.

You’ll also get free business debit cards with your Chase business checking account. These business debit cards will give you free access to Chase’s 16,000+ ATMs. Additionally, you’ll get access to account alerts and mobile banking with your Chase business account.

That said, you’ll only be able to access these perks by paying the monthly fees that Chase business checking accounts come with. These fees will vary based on which of the 3 Chase business checking accounts you choose and how much money your account will hold, but none of these 3 accounts are completely free.

Your 3 Chase Business Checking Account Options

How do Chase’s small business checking accounts stand out from one another? Let’s iron out all the details of each Chase business checking account options to see which is the best for your business:

Option #1: The Chase Total Business Checking

First up, the Chase Total Business Checking account is the best Chase business checking account option for businesses who are still growing.

With smaller fees and transaction caps, this Chase business checking account option will be the most affordable option.

Service Fee

With this Chase business checking account option, you’ll have to pay a monthly service fee of $12 if you opt for paperless statements. If you opt for paper statements, you’ll have to pay a $15 service fee. If your daily balance hits $1,500 or above, Chase will waive this service fee.

Transactions

This checking account option will allow you to perform 100 transactions per month without a fee. After that threshold, you’ll have to pay a fee of 40 cents per transaction. You’ll also gain access to free, unlimited non-wire electronic deposits.

Cash Deposits

Chase Total Business Checking allows $5,000 in cash deposits every month without a fee. If your business deposits are more than $5,000 in cash in a month, then standard cash deposit fees will apply to all your deposits after this $5,000 threshold. 

Wires

With this Chase small business checking account option, both international and domestic wires are possible, but they’ll always come with a standard wiring fee.

Option #2: The Chase Performance Business Checking

The next Chase business checking account option is Chase Performance Business Checking. This checking account is a great home for your business’s money if it’s a mid-size company looking for a happy medium when it comes to fees and thresholds.

Let’s take a look at what this Chase small business checking account has to offer:

Service Fee

This checking account will come with a monthly service fee of $30. Once your business is able to maintain business deposit balances of $35,000, this fee will be waived.

Transactions

With this checking account, you’ll be able to make 250 transactions per month with no fee. After that threshold, you’ll have to pay 40 cents per transaction. You’ll also be able to access unlimited electronic deposits and incoming wires.

Cash Deposits

You’ll be able to make up to $20,000 in cash deposits each month without a fee with this Chase business checking account. Beyond $20,000 of monthly cash deposits, you’ll have to pay a standard cash deposit fee for each cash deposit you make.

Wires

The Chase Performance Business Checking account comes with two outgoing domestic wires for free every month, and you’ll be able to perform international wires for an additional standard wiring fee. 

Option #3: The Chase Platinum Business Checking

The third and final Chase business checking account option is the Chase Platinum Business Checking account. This checking account is ideal for big businesses who perform a high volume of transactions and deposits.

Let’s take a look at what makes this Chase business checking account the best option for big business spenders:

Service Fee

For this Chase business checking account, you’ll have to pay a $95 monthly service fee, but this monthly fee will be waived once you maintain $100,000 in business balance deposits every month.

Transactions

Chase Platinum Business Checking allows 500 free transactions per month along with unlimited electronic deposits and incoming wires. But after your first 500 monthly transactions, you’ll have to pay a fee of 40 cents per transaction. 

That’s double a number of monthly transactions you can access with the Chase Performance account. If you’re making a lot of business debit card transactions every month for your business, this is probably the best Chase business checking account for you.

Cash Deposits

You’ll be able to make $25,000 in no-fee cash deposits each month with this Chase business checking account option. If your business requires that you make more than $25,000 in cash deposits each month, then you’ll have to pay a standard cash deposit fee beyond that threshold.

Wires

You’ll be able to make up to 4 outgoing wires every month for no fee. Beyond these 4 wires, you’ll have to pay standard wiring fees. 

What You Need to Apply for a Chase Business Checking Account

So, if one of these checking account options seems like an ideal home for your business’s money, it’s time to start thinking next steps.

Here are some of the things you need to take care of when opening a Chase small business checking account:

  1. First and foremost, you’ll need to open your Chase business account by providing all of the necessary paperwork according to your business’s entity types.
  2. Next, you’ll need to enroll in Chase online banking and download their mobile app.
  3. If you’re switching to your Chase business checking account from another business checking account, you’re going to want to transfer all of your automatic payments over to Chase. From payroll to bill pay, you’ll need to make sure you’ve covered all of your recurring activity.
  4. Finally, before closing your old account, you’ll need to make sure all of your pending transactions and checks have cleared through your old account.
  5. After switching all of your business’s finances to their new home, you can close your old business checking account.

Whether you’re switching from another bank or starting from scratch, be sure to cover these steps to ensure you’re getting the most out of your new Chase business checking account.

Ready to take on step #1? Open your Chase business checking account here.

Which One of These Right for You?

While you might be ready and eager to take the next steps towards moving your business’s finances to Chase, you also might be having some hesitations.

While these Chase small business checking accounts might be great options for business owners who are okay with paying a monthly service fee, a free business checking account might be more appealing to other business owners.

That said, if you’re confident in your business’s ability to reach the account thresholds that waive the monthly service fees, then one of these 3 options should be on your shortlist for your business checking account, even if you don’t want to pay a service fee.

All in all, whether your business is growing, mid-sized, or well-established, banking with a Chase business checking account could be the perfect next move for you.

Ready to make the next step? Open your Chase business checking account today.

Editorial Note: Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and have not been reviewed, approved, or otherwise endorsed by any of these entities.
Meredith Wood

Meredith Wood

Editor-in-Chief at Fundera
Meredith is Editor-in-Chief at Fundera. Specializing in financial advice for small business owners, Meredith is a current and past contributor to Yahoo!, Amex OPEN Forum, Fox Business, SCORE, AllBusiness and more.
Meredith Wood

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