Chase vs. Bank of America Business Account: Which Is Right for Your Business?

There are a variety of business bank account options out there, each with their own set of specific and benefits to business owners. If you’re exploring different business checking accounts and you’ve narrowed it down to Chase vs. Bank of America, we can help you make your final decision.

We’ll break down the differences between the Chase and Bank of America business accounts, discussing their respective account types, fees, transaction allowances, and more, so that you’ll have a better idea of which account might be right for your business.

Overview of Chase vs. Bank of America Business Accounts

Before we dive deep into the specifics of the Chase vs. Bank of America business account options, let’s briefly go through the important features to look for when choosing a business checking account. Ultimately, the factors that you prioritize are going to depend on your business needs—and you may have already thought this process out—however, here are some considerations to keep in mind:

First, you’ll want to think about how you’re going to open your account—do you want to be able to open your business bank account online or would you rather go to a branch location to open it? Similarly, consider how much physical branch and ATM access you need? If your business deals mostly in cash, you’ll want a business checking account that has easy ATM access.

Another thing to consider? The fees associated with the account you choose. Some accounts have larger monthly service fees than others, and some have a variety of ways in which you can get your fee waived. Furthermore, you’ll want to know how many transactions are included with your checking account (and what the associated transaction fees may be), what the deposit and wiring allowances are, and if there are any perks you can receive for signing up.

Keeping these factors in mind will help you as you compare the Chase vs. Bank of America business account options. That being said, both Chase and Bank of America have multiple business checking account offerings with unique features, generally designed for businesses of different sizes. Chase has three business checking account offerings:

1. Chase Total Business Checking
2. Chase Performance Business Checking
3. Chase Platinum Business Checking

Bank of America, on the other hand, only has two options:

1. Bank of America Business Fundamentals Checking
2. Bank of America Business Advantage Checking

Both the Chase Total Business Checking and Bank of America Business Fundamentals Checking accounts are designed for small and growing businesses, whereas the Chase Performance and Bank of America Advantage are both a level up—for businesses that need a little more and can afford higher monthly fees. Finally, the Chase Platinum account is made for larger businesses that make a significant number of transactions and deposits each month.

Chase vs. Bank of America Basic Checking Accounts

Now that we’ve gone through what to keep in mind when comparing the Bank of America vs. Chase business account offerings, let’s break down the specifics of their checking account options and how they compare against one another.

As we mentioned, the business checking accounts geared toward smaller and growing businesses are the Chase Total Business Checking account and the Bank of America Business Fundamentals Checking account. Both of these options are the most basic bank accounts that these financial institutions offer for small businesses.

Chase Total Business Checking

The Chase Total Business Checking account is the most popular Chase business banking product, and with low fees and great transaction options, it’s not much or a surprise. Although you can start your application online, to be approved for a Chase Total Business checking account, you’ll have to visit one of the nearly 5,000 Chase branches across the country.

You do not need a minimum deposit to open your account, and once you’re approved you’ll have access to Chase’s network of 16,000 ATMs as well as 24/7 access to your business bank account with chase.com or the Chase mobile app. Chase charges a monthly fee of $12 if you enroll in paperless statements or $15 for paper statements—you can get this fee waived if you maintain a minimum daily balance of $1,500.

Your Chase Total account will give you unlimited electronic deposits plus 100 free transactions (debits and non-electronic deposits)—after that, you’ll have to pay $0.40 per transaction. You’ll also be able to make up to $5,000 in cash deposits each month without paying a standard cash deposit fee. Additionally, if you want to use wire payments with this account, you’ll be able to do so, but you will have to pay a standard wiring fee for any wire you send or receive. Your Chase Total Business checking account will also allow you to write checks and obtain Chase Business Debit Cards, for both you and for your employees.

Moreover, the Chase Total Business Checking account includes access to Chase Online and Mobile banking, as well as 24/7 customer service.

Open a Chase Total Account

Bank of America Business Fundamentals Checking

Like the Chase Total account, the Bank of America Business Fundamentals Checking account is very popular, especially with business owners who already bank with BofA. To open a Business Fundamentals Checking account, you can apply online, call Bank of America’s service line, or visit one of the 4,600 BofA financial centers around the U.S.

There is a monthly service fee of $15 but there are four different ways that you can have this fee waived:

• Spend $250 in net new purchases on a business debit or credit card
• Maintain an average monthly balance of $5,000 or more
• Maintain a daily minimum balance of $3,000
• Maintain a combined average monthly balance of $15,000 or more in linked BofA accounts

Additionally, the Business Fundamentals Checking account gives you 200 free transactions per month, as well as up to $7,500 in cash deposits. After your free transactions, you’ll pay $0.45 per transaction and $0.30 for every $100 for cash deposits. Bank of America does not charge a fee for electronic deposits. Like with the Chase Total account, this BofA account will allow you to send and receive wire transfers, but again, you’ll have to pay a standard wiring fee ($15 incoming, $30 outgoing for domestic transfers). Furthermore, the Bank of America Business Fundamentals Checking account will grant you access to over 16,000 ATMs nationwide, as well as online and mobile banking. You will also be able to write checks and get business and employee chip-enabled debit cards.

As you can see, there are many similarities between these two basic business checking accounts. Bank of America offers more free transactions (2x the amount of Chase) and cash deposits. If you go over your free monthly transactions, however, you’ll pay more per transaction with Bank of America than you will with Chase. 

In addition, although Bank of America’s monthly fee is higher than Chase’s monthly fee with paperless statements, BofA offers not one, but four different ways to have the fee waived. Bank of America also lets you completely apply for their Business Fundamentals Checking account online. With Chase, on the other hand, you’ll also receive 24/7 customer service, the ability to connect your account with some of the best business credit cards on the market, and the option to upgrade to either of their mid-tier accounts as your business grows.

All of this being said, either of these business checking accounts make a great option for small businesses that want low fees, accessibility, and flexibility with their bank account.

Chase vs. Bank of America Mid-Tier Accounts

The Chase Performance Business Checking account and the Bank of America Business Advantage account are the “mid-level” accounts offered by Chase vs. Bank of America. In comparison to the previous accounts, these business checking options offer higher monthly allowances for transactions and deposits, but also have higher monthly service fees. If you have a small business that’s growing quickly or need more than the Total or Fundamentals accounts include, you might consider these two.

Chase Performance Business Checking

As we mentioned, the Chase Performance Business Checking account offers a little more than the Total Checking account, and therefore might be a better fit for certain businesses—especially those that want higher activity allowances and free wiring capabilities. This Chase account includes 250 fee-free transactions every month, as well as fee-free cash deposits of up to $20,000 monthly. After these thresholds have been reached, you’ll pay $0.40 per transaction and $2.50 for every $1,000 deposited in cash. Additionally, with the Performance account, unlike the Total account, you’ll be able to accept unlimited incoming wires (domestic or international) with no associated fees. If you want to send outgoing wires, you’ll have two free every month, and then you’ll pay a standard wiring fee depending on how and where you send the wire.

With these expanded capabilities you’ll face a higher monthly service fee: $30. Whereas it only takes a $1,500 daily balance to waive the Total Business Checking account fee, it will take a minimum average daily balance of $35,000 to waive the Performance account service fee. Other than these differences, the remainder of the Performance account features are the same as the Chase Total account. Just as you get with the Total checking account, the Performance checking account gives you access to: Chase ATMs, online and mobile banking, and free business debit cards.

Open a Chase Performance Account

Bank of America Business Advantage Checking

Just like the Chase Performance Business Checking account, the BofA Business Advantage Checking account might better suit the needs of businesses that need more monthly allowances as well as included wiring capabilities.

On again, like the Chase Performance account, the Bank of America Advantage account has more free transactions and a greater cash deposit allowance than the Fundamentals account. With Advantage Checking, you receive 500 free transactions per month and up to $20,000 in cash deposits. The post-free transaction fees are the same as the Fundamentals account: $0.45 per transaction and $0.30 per $100 cash deposit. Additionally, the BofA Advantage account will give you the ability to accept incoming wires (domestic and international) at no cost. Outgoing wires, on the other hand, will cost $35 for domestic and $45 for international.

For these functionalities, Bank of America will charge you a $29.95 monthly service fee. However, just like with the Fundamentals account, BofA offers you four ways to waive this fee:

• Spend $2,500 in net new purchases on a business credit card
• Maintain an average monthly balance of $15,000 or more
• Maintain a combined average monthly balance of $35,000 or more in linked BofA accounts
• Actively use either (or both) Bank of America’s Merchant Services or Payroll Services

The Bank of America Advantage Checking account also gives you access to BofA ATMs, online and mobile banking, business and employee debit cards, as well as seamless QuickBooks integration at no extra cost. Furthermore, if you want to open a Bank of America Business Advantage Savings account or second checking account, you can do both with no additional monthly fee.

Once again, there are many comparable features when considering these two Bank of America vs. Chase business checking account options. Bank of America still offers 2x the amount of free transactions. Additionally, although both Chase and Bank of America have essentially the same service fee for these accounts, BofA offers four ways to waive the fee, compared to Chase’s one.

However, with the Performance and Advantage accounts, Chase and BofA have the same free cash deposit threshold as well as incoming wire policy. In terms of outgoing wires, Chase provides Performance account holders with two free per month, whereas Bank of America does not. Moreover, Chase’s transaction and cash deposit fees after you’ve used your free allowances are both lower than Bank of America’s. All things considered, however, Chase Performance Business Checking and Bank of America Advantage Checking are both viable bank account options for businesses that require more transaction allowances than the Total and Fundamentals accounts.

Chase Platinum Business Checking

As we mentioned earlier, Bank of America only has two checking account offerings whereas Chase has three. Therefore, when comparing Chase vs. Bank of America Business account options, the Chase Platinum Business Checking account stands alone.

The Chase Platinum Business Checking account is designed for larger businesses that need an even higher monthly allowance of transactions and deposits. The service fee for this account is the highest out of all of these checking accounts: $95. To waive this fee, you’ll have to maintain an average daily balance of $100,000 or more. With this higher service fee, however, you’ll receive 500 free monthly transactions and up to $25,000 per month for cash deposits. The fees you’ll incur for transactions or deposits over your free monthly allowance will be the same as the other two Chase accounts.

Additionally, the Chase Platinum account gives you more flexibility with wire transactions. Not only will you be able to receive an unlimited amount of domestic wires (as you can with the Performance account), but you’ll be able to receive free unlimited international wires as well. This checking account will also allow you to send four free wires every month. Once again, the remaining features of the Chase Platinum account are the same as the Total and Performance accounts.

Open a Chase Platinum Account

Although Bank of America does not have a third business checking account that lines up with the Chase Platinum account, it’s worth comparing the Chase Platinum account and the Bank of America Advantage account. The Chase Platinum account offers lower post-allowance fees, more wire capabilities, and more overall allowances—except when it comes to free transactions. The BofA Advantage account gives you 500 free transactions, the same as the Chase Platinum account, for a much lower service fee (with more available options to waive). Depending on the size of your business and your specific bank account need then, you might actually consider the Bank of America Advantage Checking account as an alternative to the Chase Platinum Business Checking account.

The Bottom Line

At the end of the day, it’s difficult to make a decision when comparing the Chase vs. Bank of America Business account options because they’re incredibly similar. Even when breaking down the individual offerings from each financial institution and comparing them directly, each pair has pros and cons. This being said, however, here are some key points to keep in mind:

• Chase has three checking account options and Bank of America only has two.
• With their mid-tier accounts, Chase will give you access to a specific amount of free outgoing wires, whereas you’ll always face a fee with these types of transactions with Bank of America.
• Chase has lower fees for transactions and deposits over the monthly allowance.
• Bank of America has four ways to waive the service fee for their two accounts, whereas Chase only offers one way for all three of their accounts.
• Bank of America consistently offers more free transactions than Chase.
• Bank of America allows you to completely apply for and open their checking accounts online.

All things considered then, the right business checking account will depend on the size of your business, what particular capabilities you need, and what bank account features you value most. Luckily, when considering the Chase vs. Bank of America Business account offerings, you have five great business checking account options that could each provide a substantial benefit to your business.