Chase Business Checking Accounts Review
If you’re looking for a place to keep your business’s capital liquid but safe, it’s essential that you open a business checking account for your business.
There are a lot of different options out there so figuring out which one is right for your business can be difficult. You probably know about Chase for their top-notch business credit cards and personal finance tools. They also offer some of the best business bank accounts in the industry. Even within Chase though, there are three different options you have when it comes to a business checking account, so we’ll review all three of them for you here to help you potentially choose one.
The 3 Chase Business Checking Accounts
Chase has three options when it comes to their business checking accounts. We’re going to review all three of them, but one thing to keep in mind as we do is that each one is good for a different business type.
The Chase Business Complete checking account, formerly known as Chase Total Business Checking, is great for small and growing businesses, Chase Performance Business Checking is good for mid-size businesses, and Chase Platinum Business Checking is best for large businesses.
Option #1: The Chase Business Complete Checking Account
The first checking account we’ll review is the Chase Business Complete checking account, formerly known as Chase Total Business Checking, which is best suited for businesses that are small and still growing.
With smaller fees and transaction caps, this Chase business checking account option is also the most affordable option.
Chase Business Complete Checking Account Details
Here are the details you need to know about this Chase business checking account.
With this Chase business checking account option, you’ll have to pay a monthly service fee of $15, although there are multiple ways to waive it. If your daily balance hits $2,000 or above, Chase waives this fee.
Chase also offers military benefits and waives this fee for veterans. Military members should know, however, that they must visit a Chase location in the U.S. to open an account and receive these benefits.
The fee will also be waived if you have a linked Chase Private Client Checking account, receive $2,000 in deposits from Quick Accept transactions or other eligible merchant services solutions, or make Chase Ink Business credit card purchases of at least $2,000.
This checking account option allows you to perform 20 paper or teller transactions per month without a fee. After that threshold, you’ll have to pay a fee of $0.40 per transaction. With this account, you get access to free unlimited non-wire electronic deposits and 24/7 customer service support.
Chase’s new business checking account allows $5,000 in cash deposits every statement cycle 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.
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.
Basically, if your business is performing multiple wires per month, then you might want to consider business checking accounts that allow for a higher wiring volume.
Option #2: 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 you run a mid-size company looking for a happy medium when it comes to fees and thresholds.
This Chase business banking account is best for medium-sized businesses that perform more transactions and can afford a slightly higher monthly service fee than those using Chase’s new business checking account.
Chase Performance Business Checking Details
Is the Chase Performance Business Checking right for you? Here are the key details you need to know.
This checking account comes 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.
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 $0.40 per transaction. You’ll also be able to access unlimited electronic deposits and incoming wires.
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.
The Chase Performance Business Checking account comes with two outgoing domestic wires at no cost every month, and you’ll be able to perform international wires for an additional standard wiring fee.
If you’re sending more wires than this every month for your business, then look into business checking accounts with higher monthly wiring volume allowances.
Option #3: 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.
This Chase business checking account is the best option for larger businesses because if you have more than $100,000 in average daily balance, the $95 monthly service fee is waived.
Chase Platinum Business Checking Details
Here are the key features you need to know about the Chase Platinum Business Checking.
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.
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 $0.40 per transaction.
That’s double the 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.
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.
You’ll be able to make up to four outgoing wires every month for no fee. Beyond these four wires, you’ll have to pay standard wiring fees.
If your business is performing a higher volume of wires each month, then this Chase business checking account is probably better suited for you than your other two options.
What the Chase Business Checking Accounts Have in Common
When you sign on to a Chase business checking account, you’re signing on to work with Chase, no matter which of the three options you decide to go with, and that comes with perks.
No matter which of the three 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 and 5,000 branches. You’ll also get access to account alerts and mobile banking with your Chase business account.
Remember though, there are fees associated with the business accounts though these fees can be waived if you’re a qualifying customer.
What to Keep an Eye out for
While Chase is known for having some of the best checking accounts out there, there are a few things to keep in mind when deciding whether or not to go with them.
A blanket, catch-all fee that the bank charges your business for having a checking account with them will be called a “service fee.”
This fee can range from small to hefty, depending on which checking account you choose to go with. Plus, many business checking accounts will come with an automatic service fee waiver that will set in once your account reaches a certain balance.
Thresholds for Waivers
Which brings us to these thresholds—before you choose a business checking account, you’re going to want to check in to see what account balance the checking account requires in order to waive your service fee.
If your business checking account comes with a threshold account balance and you reach that account balance then you could potentially bank for free.
Most business checking accounts will come with a limit to the amount of non-electronic transactions you can make for free with your account each month.
After you surpass the checking account’s designated number of free monthly transactions, you’ll have to pay a small fee for every transaction you make with your account. Make sure that the account’s monthly free transaction allowance is more or less aligned with how many transactions you need to make for your business each month.
Generally speaking, accounts with more free monthly transactions will also come with higher service fees, so ensure that the money you’re saving on avoided transaction fees will offset what you’ll be paying in extra service fees.
There will almost always be a limit to the amount of cash you can deposit into your business checking account for free each month. After this threshold, you’ll have to start paying standard fees for the cash you deposit into your business checking account.
Be sure to find a business checking account with a correspondingly high allowance for free monthly cash deposits.
While some business checking accounts will allow a certain number of domestic and foreign wires each month, some might not allow wires of any kind at all.
Plus, even those with a monthly allowance of free wires will likely begin to charge you wiring fee for each one you perform beyond this allowance every month.
If your business relies heavily on sending and receiving wires, then be sure to read up on the fine print regarding a business checking account’s policy toward wires.
How to Apply for a Chase Business Checking Account
You can start your application for a Chase business checking account online.
Chase will set different application requirements based on the type of business you own. Here’s how it breaks down:
- Sole Proprietorship: If you run a sole proprietorship, here’s what you’ll need to show: the owner there in person, two forms of personal identification (one government-issued), business tax ID number, and business documentation (a DBA, for instance).
- Partnership: If your business is structured as a partnership, here’s what you’ll need to show: all partners there in person, two forms of personal identification (one government-issued), business tax ID number, business documents (partnership agreements, joint venture agreements, etc.).
- Unincorporated Business Association or Organization: If this is your business structure, here’s what you’ll need: An authorized representative at signing, two forms of personal identification (one government-issued), business tax ID number, business documentation (articles of incorporation, charter documentation, etc.—depending on your EIN status).
- Corporation: Corporations will need the following: An authorized representative at signing, two forms of personal identification (one government-issued), business tax ID number, business documentation (certified articles of incorporation with your state, certificate of good standing, etc.), and assumed name certificate.
- LLC: As an LCC, you’ll need the following: All members or managers associated with the LLC at signing, two forms of personal identification (one government-issued), business tax ID number, and business documentation (certified articles of organization and assumed name certificate).
The Top Alternatives to Chase Business Checking
With all their virtues, the Chase business checking accounts still come with some notable downsides. Namely, you’ll only be able to use these accounts for free if you maintain a certain average balance and you’ll have to visit a Chase branch in order to open an account.
Let’s check out some of the top alternatives:
BlueVine Business Checking
For an alternative to Chase that doesn’t require a monthly service fee or that you visit a branch to open an account, you might consider BlueVine business checking.
With BlueVine business checking, you can apply for an account quickly and easily online and get access to unlimited transactions, no monthly fees, no NSF fees, no incoming wire fees, and no minimum deposit or monthly balance.
In addition, BlueVine gives you the ability to earn 1% interest on any account balance over $1,000. That said, this account also allows you to withdraw cash fee-free at over 38,000 ATMs around the U.S., as well as deposit cash at over 90,000 Green Dot locations—something many online-based business checking accounts cannot accommodate.
Plus, BlueVine business checking offers two free checkbooks, the ability to send wire payments ($15 fee), mobile check deposit, as well as 24/7 online and mobile banking. You also have access to a range of online payment options—including electronic transfers, ACH transfers, and domestic wire transfers.
Overall, BlueVine is a great option for accessibility, flexibility, and affordability—especially if you’re looking for digital tools and the ability to earn interest on your funds.
Bank of America Business Checking
There are two Bank of America business checking accounts, the first is the Business Fundamentals Checking, and the second is the Business Advantage Checking. This might seem like a logical step if you already have a Bank of America account for personal banking.
Both of the accounts come with online business baking, mobile banking, and business debit cards. The Fundamentals Checking comes with an $18 a month fee, but you can avoid paying it if you spend $250 on a business credit or debit card, or maintain a monthly balance of at least $5,000, or daily balance of $3,000. There are other fees associated with this account too like $15 per domestic incoming wire transfers, and $15 a month for account management.
The Advantage Checking account has a fee of $29.95 but that fee can be waived if you spend a minimum of $2,500 on a business credit card. Or if you maintain a monthly average of $15,000. But with this account, there’s no monthly fee for a second business checking account and no fee for incoming wire transfers, domestic or international.
NBKC Business Account
The National Bank of Kansas City, called NBKC, is another top alternative to the Chase business checking accounts, especially if you’re looking for an account that’s essentially fee-free and extremely accessible.
You can apply for an NBKC business account quickly and easily online and manage the whole of your account online or using the NBKC mobile app.
When you open an NBKC account, there’s no minimum opening deposit, no minimum balance requirement, and no ongoing account fees. In fact, NBKC doesn’t charge fees for:
- Transactions (there are also no transaction limits)
- Overdrafts or non-sufficient funds
- Mobile and online banking and bill pay
- Check deposits
- eStatements or Cashier’s checks
- Stop payments or returned items
- Incoming domestic wires
Additionally, your NBKC account also includes a free business debit card which will allow you access to over 32,000 MoneyPass ATMs throughout the U.S., completely fee-free. Moreover, if you do use an alternate ATM that charges you a fee, NBKC will provide up to $12 in monthly refunds to cover these fees.
Finally, the only two instances in which you’ll incur fees with this account are for outgoing domestic wires ($5) and sending or receiving international wires ($45).
Therefore, if you’re looking for a more digitally focused business checking account, with almost no-fees, NBKC is one of your best alternatives to Chase.
Which Chase Business Checking Account Is Right for You?
These Chase small business checking accounts might be great options for business owners who are okay with paying a monthly service fee, but 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 the three options should be on your shortlist for your business checking account, even if you don’t want to pay a service fee.
Whether your business is growing, mid-sized, or well-established, a Chase business checking account could be the perfect home for your business’s money.