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The Chase Business Total BankingSM account is considered to be one of the most helpful retail business checking accounts available. The account provides a large branch network and easy-to-use online tools, so customers can enjoy the benefits of both options without being confined by numerous transaction limits. What's more, it’s possible to accept credit card payments without having to buy extra merchant services.
Chase Business Checking Account Review – Our Verdict
Chase for Business, a service given by Chase Bank, is tailored to meet the banking requirements of businesses and companies. By offering a wide branch network and easy-to-use online features, Chase Bank brings together traditional brick-and-mortar banking with web banking, which is what we deem ideal for small businesses that require the best of both worlds.
Chase Bank, ranked as one of the best small business banks in California, evidently wants to compete with its digital banking competitors and attract customers, thus it’s offering new customers a $300 bonus when they set up a Chase Business Checking account. It’s placed fourth on the list of the leading business checking accounts available today.
- Exceptional corporate credit cards
- Readily available in almost half of the United States
- A selection of services tailored to the needs of businesses of any size
- By joining several accounts together, you can benefit from higher interest rates and other perks
- A financial institution that provides convenient access to both credit cards and business loans
- It’ll cost $15 every month
- The rates of interest they offer on their savings accounts aren’t as high as those of some competitors
- In order to open an account, it’s necessary to physically visit the site
Chase Business Checking Banking at a Glance
For LLCs, the Chase account is a compelling choice among the leading business bank accounts. This business account is advantageous because it allows users to take advantage of the best aspects of both physical and online banking, with access to 16,000 Chase ATMs and 4,700 locations across the US.
Additionally, there's a lucrative sign-up bonus available for those who open the account and make a $2,000 deposit, keeping the account open for at least 60 days and performing one of five required actions within 90 days of registration.
Even if you're unable to meet the initial deposit amount and obtain the bonus, you can still create a business account with Chase Bank, with no minimum required initial deposit. Moreover, there are additional benefits and advantages.
Chase Bank is offering a $750 bonus and unlimited 1.5% cash-back rewards to people who have recently been issued a corporate credit card. The only requirement is that they make purchases to the value of $7,500 in their first three months of having the account.
Who Chase Business Checking Is Best For
This account is especially helpful for entrepreneurs who require on-site support, have access to numerous ATMs across the country, and utilize convenient mobile and online banking services.
If your business carries out numerous transactions and you wouldn’t like to pay for each one since electronic transactions are free, then you may think about starting a Chase Business Total Banking account.
Since Chase Bank doesn’t give out interest on the majority of its accounts, the Chase Business Total Banking account isn’t the best option for people who are searching for a way to make money from their banking accounts. Additionally, since you must personally go to a Chase branch to open a Chase Business Total Banking account, we wouldn’t recommend this account for those who don’t want to make a physical trip to open an account.
Chase Bank provides three business checking accounts, namely the Chase Business Comprehensive Banking, Chase Performance Business Current, and Chase Platinum Business Checking accounts. In this analysis, we focused our attention on the Chase Business Comprehensive Banking account, as we think it‘s the best choice for proprietors of small businesses.
We looked into the key features of all three accounts to provide an accurate and comprehensive picture of the associated fees and charges of the business checking account.
|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
There are a variety of costs involved with using Chase's services, which the company must bear. They provide a business checking account called the Business Comprehensive Checking account as a cost-effective means of getting started for new and small businesses. Their most costly plan, which they refer to as the "Platinum plan," is intended for businesses who have been operating for some time and have a steady stream of new revenue coming in.
Chase Business Complete Banking
The Chase Business Comprehensive Checking account necessitates a $15 fee per month, there’s no need to deposit an initial sum to open the account, and it comes with the following advantages:
- Rewards: When you initiate a Chase Business Comprehensive Checking account, you’ll be qualified for a $300 cash reward if you qualify for the requirements for newly opened Chase Business Checking accounts.
- Restrictions: There are a few different things you may do to get out of making the standard payment for your Chase Ink® Business credit card, such as maintaining a lower average daily balance or limiting the number of transactions you make under a set limit.
- QuickAccept: Chase QuickAccept provides convenience with its integrated credit card acceptance feature, allowing customers to gain access to clear pricing regardless of where they are located in the United States when they are accepting payment by credit card.
- Alerts: You’ll receive alerts that’ll provide you with information about any activity that occurs with your account.
- Usage & Interface: It’s straightforward to oversee your Chase Business accounts with the help of the Chase Mobile® app and the Chase Business website.
- ACH Transfer Limit: There’s no limit to the number of ACH transfers, digital deposits, or deposits made through the Chase Quick Deposit (SM) service.
- ATMs: There are over 4,700 physical branches and 16,000 ATMs available in convenient locations.
Chase Performance Checking
There’s a monthly cost of $30 associated with the Chase Performance Business Checking account, however, this price may be eliminated if the user maintains an average daily total of $35,000 across all of their relevant business deposit accounts. This balance has to be maintained across the numerous accounts that qualify as business deposits.
The Chase Performance account consists of the following components:
- There are no additional costs involved with Positive Pay and Reverse Positive Pay
- There’s no limit to the number of wire transfers and electronic payments that can be received.
- A transaction total of two hundred and fifty every month
- Every month requires a payment of $30 and an initial payment of $25.
- Customers are able to complete two inter-bank money transfers within the same country at no cost on a bi-monthly basis
Chase Platinum Checking
If your company keeps a daily average of $100,000 or over in qualifying deposit or investment accounts, then you’re eligible for the Chase Platinum Business Checking package. This package can be obtained for a monthly fee of $95, or it can be obtained for free if your company meets the requirements.
In addition, the Chase Platinum card offers:
- A sum of $25,000 put into a bank account every month
- One needs to pay $95 every month in addition to a one-time $25 fee when initially subscribing
- For the four most significant outgoing wire payments each month, there’s no need to pay any fees, and incoming wire transfers are also free of charge
- There are a total of 500 transactions that take place on a monthly basis
Chase Specialized Business Checking Accounts
Analyzed checking accounts from Chase are similar to other accounts in that you get a credit depending on how much is in your account, which can help cover the cost. This is especially beneficial for people with a large balance, though accounts with smaller amounts might be hurt by the fees.
The company now also offers an interest-bearing option, but there’s no opportunity to receive earnings credits as compensation, you’re solely responsible for covering the cost. It’s important to do the math before opening this type of account.
As for the Chase escrow accounts, they abide by all necessary laws, if you’re not educated on these accounts or how they work, they aren’t applicable to you.
Chase Savings Accounts
One has the option of two standard savings accounts, certificates of deposit (CDs), and other savings accounts provided by Chase in addition to its checking accounts. Keeping a $1,000 account balance on a Complete Savings account will be enough to avoid the minimal monthly maintenance cost.
Additionally, if one connects a Total Business Checking account to a Total Savings account, the fee can be waived. The APY for Total Savings is relatively low even though it yields some returns. Superior Savings will be a better option if one desires a greater APY since it increases with the amount saved.
The monthly service cost can be waived if one has an average balance of $25,000, or one can link the account to a Platinum Business Checking, Performance Business Checking, or Analysis Business Checking account.
Be conscious that Chase's Total Savings and Premier Savings accounts are subject to the regulation of no more than six transactions per monthly cycle. This restriction was previously explained by Regulation D, a federal law, however, Chase has kept the rule even after the legislation was altered. Consequently, if you utilize your Chase savings account more than six times in a month, a fee of $5 will be administered.
If you’re still looking for a way to save money, Chase's certificates of deposit could be an option. Though, the APY isn’t entirely satisfactory, with even the highest rate being lower than what you can get at other financial institutions and the starting APY rather low. Additionally, be aware that you won't be able to add or withdraw money during the length of the term, which can vary anywhere from 1 to 60 months, depending on the timeframe you select.
Chase Bank Business Account Features
The Chase Business Checking account is considered an exceptional selection due to the numerous advantages it provides, particularly with its lowest-tier version. These are the primary features.
Mobile & Online Banking
When you use Chase's mobile and online banking facilities, you get access to a broad range of features. These features include Chase QuickPay with Zelle, online bill payment, fraud protection, SMS banking, account alerts, etc. You also have full permission to take advantage of the collection and cash-flow services, and you can manage a large number of users, add other people to your account, and download account activity to financial software.
When you create a Chase Business Comprehensive Banking account, you have the opportunity to get extra funds if you’re looking for a bank account that offers a sign-up bonus. To be eligible for the $300 incentive, you’ll need to make a deposit of $2,000 within 20 days, keep that amount in your account for 60 days, and participate in five qualifying activities. These activities include making purchases using a debit card plus making deposits via Chase QuickAccept.
Unlimited Electronic Deposits
There are a variety of different types of electronic deposits that you’re able to make to your account, including deposited items, ACH transfers, ATM buys, debit card purchases, internal transfers, and mobile deposits made using Chase QuickDeposit. When it comes to making payments online, this gives you a significant amount of freedom, much like many of the business checking accounts that are offered via the various online platforms.
Integrated Credit Card Processing
To use the Chase mobile app to accept payments through credit cards, you have to have a Business Complete Checking account.
This is the only business checking account that Chase offers, and it’s the only one that provides access to the QuickAccept function. QuickAccept is an integrated credit card processing system that connects to a mobile card reader. This way, you can complete tap, dip, and swipe transactions, and the payments are done on a pay-as-you-go basis.
Since the funds will be deposited directly into your checking account, you won't need to switch to a separate app to handle banking or sales activities now that you have this. For every transaction that’s tapped, dipped, or swiped, a fee of 2.6% plus 10 cents is charged. As for financial transactions that require to be manually entered, a 3.5% plus 10 cents fee is applied.
No Minimum Opening Deposit
Most business checking accounts require a minimum initial deposit in order to open the account. However, Chase Business Total BankingSM is one of the few that doesn’t need any extra funds for setting up a Business Comprehensive BankingSM account.
Wide Range of Products & Services
Chase offers a broad selection of financial services and products, such as business debit cards, business loans, merchant services, and cash flow management tools, which could help your firm better handle its money.
Security & Fraud Protection
Chase implements state-of-the-art security tools, including monitoring for fraudulent activity and two-step verification, to secure your commercial accounts.
Where Chase Business Checking Falls Short
Although Chase Business Checking is a favored decision for the majority of small business proprietors, there are certain drawbacks. Here are a few of the difficulties associated with Chase Business Checking:
- Monthly Fees: It could be difficult to get used to the idea of having to pay Chase Business Complete Banking's monthly fee of $15. If you’re unable to maintain a daily balance of $2,000 or fulfill one of the other requirements for avoiding the monthly cost, you should seriously consider creating a business checking account that doesn’t charge a monthly fee. The Silver Business Checking Package offered by US Bank comes with a $400 incentive, waived monthly maintenance costs, and the potential for up to $2,500 in cash deposits (with certain conditions). In addition, the vast majority of online business checking accounts don’t charge any fees for transactions and don’t assess any monthly fees, nevertheless, some of these accounts don’t allow cash deposits.
- Transaction Fees: In addition to the periodic fees, Chase could impose additional charges for certain activities such as transferring money electronically, depositing cash or checks, or utilizing an ATM operated by an entity other than Chase.
- Minimum Balance Requirements: Companies may need to retain a particular sum in their bank account to dodge fees charged on a monthly basis, which can be a challenge for organizations with limited financial resources.
- Limited Free Transactions: You’re permitted to make an unlimited number of electronic money transfers into this Chase Business Checking account, however, you’re restricted to a maximum of twenty free in-person transactions each calendar month (each extra transaction is 40 cents). If you often use paper checks and do face-to-face transactions for business, you may want to think about switching your business bank accounts.
For instance, despite the fact that the monthly charge for the Capital One Spark Business Basic Checking® account and the Chase Business Comprehensive Banking account are both the same, the Spark account provides unlimited in-person and online transactions at no additional cost.
- Customer Service: Entrepreneurs have expressed grievances regarding Chase's customer service, such as extended waiting times and difficulty in resolving issues.
- Limited Branch Locations: Despite Chase having a vast network of branches, it may be challenging for certain business owners, especially those in isolated or remote areas, to access these facilities.
Prior to making a decision, it’s essential to carefully consider the pros and cons of each financial product and to evaluate your options in order to identify the best ones that fulfill your organization's special needs.
Alternatives to Chase Business Checking Account
We've picked out the best options if you're uncertain if the Chase Bank Business account is the best fit for your business. there are other alternatives available.
Bluevine is giving Chase Bank a run for its money, as it doesn’t require users to pay any monthly fees. This platform allows people to pay bills, apply for small loans swiftly, and gain a worthwhile rate of interest. Unlike Chase Bank, it takes only a few minutes to establish an account with no minimum deposit, which makes it suitable for businesses of all sizes.
In addition, users of this account can carry out unlimited transactions, and if they meet a certain monthly activity level, they can obtain 1.5% interest on their balance up to and including $100,000.
- It’s not mandatory to maintain a particular balance
- The process of accounting for money transactions within the banking system
- A bank account for small businesses with no or only a few charges
- No restrictions on dealings
- A bank account that accrues interest over time
- An account that requires the use of tangible paper checks for transactions
- No other options for savings exist
- Absence of physical locations
- There are expensive costs associated with making money deposits
- Client service isn’t available on weekends
Small businesses may find Novo a great option. In contrast to Chase Bank, the mobile-only bank offers a user-friendly interface, a rapid 10-minute application process, refunds for ATM fees, and no monthly charges.
Novo makes ACH transfers costless. Logging into your app via a mobile device is straightforward. In a flash, you may settle bills, transmit money, finance payroll, or transfer funds to your individual account. Unfortunately, it isn’t possible to initiate recurring payments, and even though it’s a digital bank, cash deposits aren’t allowed.
- By signing into your account, you may be eligible to receive discounted rates on numerous services and programs that are used by businesses
- No requirement for a certain amount of money to be kept in the account, and no charge for account maintenance
- Online banking with unrestricted invoicing and payment processing, plus the complimentary dispatch of physical checks
- All the charges incurred for using ATMs will be reimbursed around the globe
- There’s no cap on the number of transactions you can perform, and there are no charges for incoming wire transfers or ACH transfers
- Integration with renowned business programs such as Shopify, Stripe, QuickBooks, and Xero.
- If the money isn’t enough or if it’s not collected, the fee charged is $27
- It’s possible to send international funds transfers via Wise, but it’s not possible to send domestic wires to locations outside of the country
- At this time, it’s not possible to put money into an account using cash
- Paying bills with this system doesn’t allow for automated payments to be set up
Axos operates as a virtual bank, meaning that it doesn’t have any physical offices and only provides digital banking services. It’s an independent financial institution and doesn’t rely on any other banking service. This makes it a popular choice for many businesses due to its favorable terms and wide range of services, which is why it often appears on the "Best Business Checking Accounts" lists.
Axos is a great option for small or digital companies due to its simple navigation and user-friendly online presence. However, the only downside to Axos is that it only offers an APY of 1.01% for interest checking and 0.20% for basic checking, provided that the user maintains a minimum balance of $5,000.
- Constant customer assistance available around the clock
- All expenditures associated with using an ATM within the same country are returned without needing to be requested
- No limits to the number of transactions and no extra expenses incurred
- There’s no required amount for the initial deposit, and no fees to pay on a regular basis
- Depositing money into a bank account using an Allpoint or MoneyPass ATM.
- A special offer for first-time customers with certain restrictions in place
- No physical offices
- Only a minimal number of integrations are available
- Not the most advantageous annual percentage yield
Chase Business Checking Account – Frequently Asked Questions
Here’s a list of the most frequently asked questions about Chase Bank Business accounts.
Do I Need a Business Checking Account?
If you manage a business, a business checking account allows you to differentiate your private funds from your business funds. Having this type of account can enhance the credibility of your enterprise, make it easier to keep track of financial records, and facilitate filing taxes. It can also provide access to a company credit card or a line of credit. What's more, it can help shield your individual possessions from any legal issues or debt collection related to the business.
Is Chase a Good Business Account?
Chase Bank has a wide range of features for entrepreneurs who desire access to online banking and personal assistance. With Chase, you can make deposits in cash, take advantage of the numerous free ATMs distributed all around the country, visit a branch if needed, or simply utilize your smartphone to keep track of your account.
What Are the Most Important Features of a Business Checking Account?
The selection of a business checking account is a highly individualized decision that must take into account the particular needs of the company, the preferences of the owners, and their typical banking habits. Considerations include how well it integrates with other accounting software, the options it provides for online commerce and payment, the security measures built into its debit cards, and any ATM fee refunds it might offer.
Bottom Line on Chase Business Checking Account
Chase Bank provides several benefits for business owners, specifically for those who would prefer to deal with someone face-to-face, need access to ATMs without incurring a fee, or need to deposit cash but still desire the convenience of a digital banking platform.