Chase Platinum Business Checking 2020 Review

Is Chase Platinum Business Checking your business’s perfect fit? Find out here.

Chase Platinum Business Checking Review

Are you on the hunt for the perfect business checking account? If you need a business checking option that’s ideal for high-balance, high-activity finances, then the Chase Platinum Business Checking could be exactly what you’re looking for.

With the Platinum Business Checking, Chase caters to big businesses’ daily needs. Whether you’re performing a huge number of transactions every month, depositing hefty piles of cash, or all of the above, this could be the perfect business bank account for your larger business.

Chase Platinum Business Checking®Great for: Established business needing many free transactions, deposits, and wires
Open Account
On Chase's Website
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  • Sign-up Bonus
    $300
  • Minimum First Deposit
    $0
  • Monthly Fee
    $95
  • Balance to Waive Fee
    $100000

Chase Platinum Business Checking Details

What are the crucial logistics you need to wrap your head around in order to determine whether or not Chase Business Platinum is the right fit? Let’s take a look at the account details.

Service Fee

The monthly service fee for the Chase Platinum Business Checking account is $95 a month, which might outweigh the benefits the account can offer your business.

That said, there are ways to get this monthly service fee waived. For instance, if you’re able to get your average daily balance to $100,000 or more, then Chase will waive the monthly service fee.

Transactions

That service fee gets you 500 free transactions with Chase Platinum Business Checking every month. Once you’ve made the first 500 transactions in a month, you’ll have to pay a fee of $0.40 per each further transaction.

Cash Deposits

You’ll be able to deposit $25,000 in cash for free every month. If you end up depositing more than $25,000 of cash in a month, then you’ll have to pay $2.50 for each additional $1,000 you deposit beyond that cap.

Wiring

Chase Platinum Business Checking will allow your business extraordinary capacity for sending and receiving wires for free.

You’ll be able to receive an unlimited number of domestic and foreign wires for free every month.

Not to mention, you’ll be able to send four wires for free every month. Beyond those first four, though, you’ll have to pay fees at the following rates:

  • $25 for domestic wires sent through Chase.com
  • $35 for domestic wires sent through a Chase branch
  • $40 for international U.S. dollar wires sent through Chase.com
  • $5 for international foreign currency wires sent through chase.com (waived if wire is equivalent to $5,000 USD or more)
  • $50 for USD or foreign currency wire sent through a Chase branch

The Advantages and Disadvantages

Chase Platinum Business Checking Advantages

Whether or not the Chase Platinum Business Checking account is best for your business depends on your business needs and the account benefits. We’ll review the advantages of this account first.

Lots of Free Transactions

For a business checking account, 500 transactions—meaning non-electronic deposits and debits—per month is a lot for your business to work with.

If your business is high volume and has to perform its fair share of debits and deposits every month, then this higher cap on free transactions could seriously free up your business’s financial processes.

Lots of Free Cash Deposits

Similarly, Chase Platinum Business Checking offers you a remarkably large allowance for the amount of cash deposit you can make for free every month.

If your business is handling a good amount of cash every month, having access to $25,000 worth of fee-free cash deposits every month can be a serious game changer.

Free Wiring

Another of the big Chase Platinum Business Checking benefits is that it offers one of the most generous wiring allowances available in a business checking account.

Unlimited incoming wires—no matter if they’re domestic or foreign—can seriously ease any financial strain that transferring money can cause a business.

Additionally, four free outgoing wires will not only save your business from having to pay pesky fees, it will also make transferring money much more convenient.

Chase Platinum Business Checking Disadvantages

All that said, no business checking account can be perfect, and Chase Platinum Business Checking is no exception to that rule. What features might make you hesitate in choosing it as your business’s checking account? Here are some of the disadvantages that come with the account.

High Service Fee

Chase Platinum Business Checking fees are some of the most glaring drawbacks for some businesses.

If you consider this monthly fee on a long-term basis—even for just a year—it’s easy to balk at how pricey this business checking account can be. Granted, there are ways to get this fee waived, but if you’re not eligible for the waived fee, that’s some serious cash.

If you don’t want to pay a high service fee, you’ll need an account that doesn’t allow as many transactions, wires, or similar functionalities. If you’re willing to make this sacrifice for a low service fee, consider the Chase Business Complete Checking account for the lowest fee, or the Chase Performance Business Checking account for a higher fee than the Chase Business Complete Checking account but with more functionality.

High Account Balance Threshold for Waiving Service Fee

Which brings us to another downside that’s related to Chase Platinum Business Checking’s monthly service fee—the lofty account balance threshold necessary to waive the fee.

If you’re not running a huge, high-volume business, an average daily balance of $100,000 can be pretty difficult to reach. And the high service fee makes it pretty high-stakes if you aren’t able to reach this threshold for getting the fee waived.

In short, if you’re not sure you’ll be able to reach an average daily balance of $100,000, then Chase Platinum Business Checking probably isn’t the best fit for your business.

Limited Account Activity

Finally, though the caps for the number of transactions and cash deposits you can perform for free every month are pretty generous, they are still caps.

Meanwhile, a few business checking options other than Chase Platinum Business Checking will allow for unlimited free transactions per month and sometimes even unlimited free cash deposits per month.

If you’re looking for a business checking account that will put fewer limits on your business’s financial activity, then look beyond Chase Platinum Business Checking.

Top Alternatives to Chase Platinum Business Checking

Perhaps you’re not swayed by Chase Platinum Business Checking benefits, or it simply isn’t the right fit. Admittedly, its high fees aren’t really suited for smaller businesses that don’t meet the minimums for fee waive, so they might be a deal-breaker for your business.

If this is the case for your business you’ve still got some pretty stellar business checking options to choose from. Here are some of your top alternatives to Chase Platinum Business Checking.

BlueVine Business Checking

BlueVine Business BankingGreat for: Earning 1% interest and accessing best-in-class online banking features
Open Account
On BlueVine's Website
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  • Sign-up Bonus
    $0
  • Minimum First Deposit
    $0
  • Monthly Fee
    None
  • Regular APY
    1%

If you’re looking to avoid the high fees of the Chase Platinum account, but still access a similar level of flexibility, you might consider BlueVine business checking as one of your top alternatives.

The BlueVine business checking account is fee-free, can be opened quickly and easily online, and includes unlimited transactions.

In addition, this business bank account has no minimum opening deposit requirement, no NSF fees, and gives you the ability to withdraw cash fee-free at over 38,000 MoneyPass ATMs around the U.S. Moreover, unlike many other online-based business checking accounts, you also have the option to deposit cash through BlueVine’s partnership with Green Dot—you can deposit cash at over 90,000 Green Dot locations around the country.

On top of these benefits, the BlueVine business checking account includes two free checkbooks, mobile check deposit, and it also gives you the ability to pay vendors and bills using ACH transfer, wire payments, or checks. That said, this is also an interest-earning account—you can earn 1% on any account balance over $1,000.

Ultimately, BlueVine is a worthwhile alternative to Chase Platinum if you’re looking for unlimited transactions, no fees, and the added bonus of earning interest on your account.

Open a BlueVine Business Checking Account

Azlo Business Checking

Azlo Business Bank AccountGreat for: No-fee, 100% digital business checking account with built-in invoicing
Open Account
On Azlo's Website
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  • Sign-up Bonus
    $0
  • Minimum First Deposit
    $0
  • Monthly Fee
    $0
  • Balance to Waive Fee
    $0

If you’re looking for a business checking account that you can open online from the comfort of your home, then Azlo business checking is a better option for you than Chase Platinum Business Checking.

Azlo’s checking account is unique because you can open it completely online, and as long as you use in-network ATMs, you won’t have to pay any fees to use your Azlo account.

Granted, Azlo won’t be able to support cash deposits or money wires, because of its internet nature. That said, an Azlo business checking account will give you access to unlimited free electronic payments, which will could make up for its limitations.

Open an Azlo Account

NBKC Business Account

nbkc Business Checking AccountGreat for: Nearly fee-free, digital business checking account with cash deposit
Open Account
On NBKC's Website
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  • Sign-up Bonus
    $0
  • Minimum First Deposit
    None
  • Monthly Fee
    None
  • Balance to Waive Fee
    None

Another alternative to the Chase Platinum Business Checking account that won’t restrict your transactions or charge any monthly fees, you might want to consider a business bank account from NBKC.

Like Azlo, you can open an NBKC business account quickly and easily online and manage your entire account using your computer or mobile app. There is no minimum opening deposit for the NBKC business account, no minimum average balance requirement, and no transaction fees.

Additionally, NBKC won’t charge for returned items, overdrafts, non-sufficient funds, mobile check deposit, online or mobile banking, eStatements, Cashier’s Checks, stop payments, or incoming domestic wires. In fact, the only times that you’ll incur fees with this account are for outgoing domestic wires ($5) and for incoming or outgoing international wires ($45).

Moreover, NBKC allows you to access over 32,000 MoneyPass ATMs around the U.S. with no fee—and, if you use an ATM that does charge you a fee, NBKC provides up to $12 in monthly refunds to cover these fees.

Finally, NBKC also gives you the option to add ACH credits and debits or desktop deposit to your account for low monthly fees. Plus, you can open a business savings account through NBKC online as well and earn interest on your funds with no monthly fees or minimum deposit or balance requirements.

Open an NBKC Business Account

Chase Business Complete Checking

Chase Business Complete Banking℠Great for: New businesses looking to open an account with a traditional bank
Open Account
On Chase's Website
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  • Sign-up Bonus
    $300
  • Minimum First Deposit
    $0
  • Monthly Fee
    $15
  • Balance to Waive Fee
    $2000

If you’re looking for a business checking account that’s more suited for small business than Chase Platinum Business Checking, then we suggest you look to Chase Business Complete Checking.

Nevertheless, it has the low fees that smaller businesses need from a business checking account. Chase Business Complete Checking comes with a low monthly fee that can be waived multiple ways—including by maintaining the minimum daily balance.

Open a Chase Complete Account

Chase Performance Business Checking

Chase Performance Business Checking®Great for: Mid-sized businesses looking for more transaction and deposit allowances
Open Account
On Chase's Website
Read Full Review
  • Sign-up Bonus
    $300
  • Minimum First Deposit
    $0
  • Monthly Fee
    $30
  • Balance to Waive Fee
    $35000

On the other hand, if you’re looking for a business checking account that’s more suited for a mid-size business’s finances, then consider Chase Performance Business Checking.

The Chase Performance account is a middle of the road option that will come with features that can provide mid-size businesses with the balance they need between affordable fees and account activity capacity.

Chase Performance Business Checking comes with a monthly service fee of just $30 that you can get waived with an average daily balance of $35,000.

Plus, you’ll have a monthly allowance of 250 fee-free transactions, $20,000 fee-free cash deposits, unlimited free incoming wires, and two free outgoing wires.

All in all, if you’re running a business that’s too big for Chase Business Complete Checking, but you’re not quite willing to shell out the big bucks for Chase Platinum Business Checking, then Chase Performance Checking could be the perfect middle-ground for your business’s checking needs.

If you want to consider other checking account options with other large national banks, consider Bank of America business checking accounts or Capital One business checking accounts.

On the other hand, if you’re looking for a business checking account that’s more suited for a mid-size business’s finances, then consider Chase Performance Business Checking.

The Chase Performance account is a middle of the road option that will come with features that can provide mid-size businesses with the balance they need between affordable fees and account activity capacity.

Chase Performance Business Checking comes with a monthly service fee of just $30 that you can get waived with an average daily balance of $35,000.

Plus, you’ll have a monthly allowance of 250 fee-free transactions, $20,000 fee-free cash deposits, unlimited free incoming wires, and two free outgoing wires.

All in all, if you’re running a business that’s too big for Chase Business Complete Checking, but you’re not quite willing to shell out the big bucks for Chase Platinum Business Checking, then Chase Performance Checking could be the perfect middle-ground for your business’s checking needs.

If you want to consider other checking account options with other large national banks, consider Bank of America business checking accounts or Capital One business checking accounts.

Open a Chase Performance Account

The Bottom Line

What’s the bottom line for Chase Platinum Business Checking?

As the owner of the business in question, only you will know the best answer to this question. And after combing through this review of Chase Platinum Business Checking, you’re well-equipped with all of the pertinent information for making the very best decision possible on this business checking option.

Remember, if you’re running a high-volume, high-earning big business, this is one of the best account options for addressing your business’s checking needs.

Open a Chase Platinum Account
Contributer at Fundera

Nina Godlewski

Nina Godlewski is a former staff writer at Fundera.

Nina worked to help make complicated business topics more accessible for small business owners. At Fundera, she focused on complex topics ranging from payroll management to launching a business. She was previously a staff writer at Newsweek covering technology, science, breaking news, and culture. She has also worked as a reporter for Business Insider and The Boston Globe.

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