The Chase Business Total BankingSM account stands out as a preferred option among the numerous business checking accounts presently accessible. It provides customers with the benefit of a vast branch network and user-friendly online services while imposing minimal restrictions on transactions.
Additionally, there’s no need for customers to seek external merchant services in order to handle credit card payments.
>> Get Started With Chase Business Checking Today >>
Chase Business Checking Review – Our Verdict
Chase Business Checking is the collective name given to the range of banking products and services provided by Chase Bank. They have combined physical branches with user-friendly web access in order to create a hybrid model that they consider to be an ideal solution for small businesses that require the advantages of both worlds.To stay competitive in the market and draw in new customers, Chase Bank is offering a bonus of $300 to those who open up a Chase Business Checking account. When compared to the other top business checking accounts, this offer puts Chase Bank in fourth place.
Pros
- A wide range of banking products and services to choose from
- Accessible in large numbers (in 29 states)
- Outstanding credit cards for commercial use
- A variety of products that are specifically customized to the various sizes of businesses
- Simple access to credit cards and loans for commercial enterprises
- Their interest rates for savings accounts aren't quite as high as those offered by some of their rivals
- Visits must be made in person to establish new accounts
- Cost of $15 per month
Chase Business Checking Banking at a Glance
The Chase Business Comprehensive Banking account is a strong candidate for the best choice of banking account for Limited Liability Companies (LLCs). You may access your money from any of the 4,700 Chase locations or one of the 16,000 Chase ATMs throughout the United States with this business checking account.The company owner can take advantage of several benefits when they utilize this checking account, the first of which is an opening deposit bonus.
If a customer opens a Chase Business Complete Banking account and makes a deposit of $2,000, they are entered into a potential drawing for a bonus of $300. To be eligible for the drawing, the customer must keep the account open for at least 60 days and complete one of the five required activities within a period of 90 days. If all of these conditions are fulfilled, they will be able to receive the bonus.
The Chase Business Comprehensive Banking account is a strong candidate for the best choice of banking account for Limited Liability Companies (LLCs). This business account provides a range of features for users in both online and offline environments, including the usage of 16,000 Chase ATMs and 4,700 Chase locations across the USA.
The owner of a company can take advantage of several benefits when they utilize this checking account, the first of which is an opening deposit bonus. When a person opens a Chase
>> Sign Up Now for Chase Business Checking >>
Who Chase Business Checking is Best For
For proprietors of companies who wish to have personalized help, access to multiple ATMs all over the country, and convenient mobile and banking services, the Chase Business Total Banking account is the ideal option.This account permits an unrestricted number of online transactions, which is great for companies that need to manage a large number of transactions but are worried about costly per-transaction fees. However, since Chase Bank does not provide interest on the majority of its accounts, this account isn’t a good selection for clients in search of earning money through their banking connections.
We cannot advise signing up for a Chase Business Total Banking account to those customers who aren’t willing to physically visit a Chase branch, as it’s necessary to do so for the account to be opened. Therefore, if you don’t want to make the trip, this account isn’t the best option for you.
Pricing
The business checking products offered by Chase Bank may be broken down into three distinct categories. These include Chase Business Platinum Business Checking, Chase Performance Business Checking, and Chase Business Complete Banking. For the aim of this review, we will focus mainly on Chase Business Complete Banking, which has been developed for small-business owners.We have investigated the main qualities of the three business checking accounts to give you a better understanding of the different pricing categories for business checking accounts.
| 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 |
>> Get Started With Chase Business Checking Today >>
Types of Chase Business Checking Accounts
Chase provides customers with a number of different price levels to choose from. The Chase Business Complete Checking account is a checking account that’s meant for new and small companies. It’s an entry-level checking account that comes at a cheap fee. Its top-tier "Platinum" plan, on the other hand, is designed for more established businesses that have a more stable cash flow.
Chase Business Complete Banking
The Chase Business Comprehensive Checking account requires no initial deposit of any kind to start it, has monthly maintenance costs of $15, and comes with perks such as the following:- When you establish a new Chase Business Comprehensive Checking account, you will get a $300 bonus. Customers who are new to Chase Business Checking and have qualifying actions are eligible.
- Other methods to avoid paying fees. There are a number of ways to avoid paying the Monthly Service Charge, such as keeping a certain minimum daily amount or making transactions with your Chase Ink® Business credit card.
- Built-in card acceptance. With Chase QuickAccept, you may take credit card payments whenever and anywhere you choose inside the United States, and you'll also receive fair pricing (SM).
- Deposits made the same day using QuickAccept (SM). By making deposits on the same day at no extra charge, you may free up the cash that’s necessary to keep your company going ahead.
- Notifications to assist you in keeping track of the activities on your account.
- Chase Business Online and the Chase Mobile® app provide a user-friendly interface for managing Chase accounts.
- Unlimited deposits using electronic methods, ACH, and the Chase Quick Deposit service (SM).
- Easy access to over 4,700 branches and 16,000 automated teller machines (ATMs).
Chase Performance Checking
The Chase Performance Business Checking account requires a fee of $30 monthly unless you maintain an average daily balance of $35,000 across all of your eligible business deposit accounts, in which case the fee is waived.The following are the components of the Chase Performance account:
- Unrestricted access to both electronic deposits and wire transfers received
- There are no extra fees associated with Positive Pay or Reverse Positive Pay
- Costs $30 each month, with a minimum initial deposit of $25 required
- Two free domestic wire transfers may be made each and every month
- 250 transactions each month
Chase Platinum Checking
The Chase Platinum Business Checking account has a monthly fee of $95, however, there’s no fee if the account maintains an average daily balance of at least $100,000 across all eligible business deposits and investments.In addition, Chase Platinum includes the following:
- 500 transactions each month
- Deposits of $25,000 in cash each and every month
- There are no fees for inbound wire transfers or the four outbound wire transactions that are the highest each month
- Costs $95 each month, with a minimum initial deposit of $25
Chase Specialized Business Checking Accounts
Analyzing checking accounts works the same as any other type of such account, which means you receive credits according to the existing balance in your account.These credits can be applied to any costs affiliated with your account. Thus, if you usually maintain a high amount in your account, it can be highly advantageous. However, if your balance is low, the fees might be enough to make you bankrupt.
Chase also provides a version of the analyzed checking account which earns interest. You can get 0.14% interest but you’ll not be able to reap any earnings credits from it. Instead, you must pay the charges on your own. Before settling on this type of account, you should be sure to double-check your calculations.
What about the escrow accounts offered by Chase? You only need to ensure that you have confirmation that they follow all of the applicable requirements. If you aren't already familiar with what these accounts are and how they function, then it's safe to assume that you aren't eligible for them.
Chase Savings Accounts
Along with its check accounts, Chase also has a variety of savings accounts, including Certificates of Deposit and two different types of regular savings accounts, for you to select from. The Total Savings account has a low monthly maintenance fee, but you could get away with not paying it by having an account balance of at least $1,000.
Connecting your Total Business Checking account and your Total Savings account is a good way to bypass the fee. Despite this, the annual percentage yield (APY) isn’t very high and still generates some interest.
You can also go with the Premier Savings account, which offers the possibility of a higher APY while still preserving a small overall rate. The more money you put in this account, the bigger the APY will be. To dodge the monthly service charge, the account must have an adequate balance.
If you keep an average of $25,000 inside your business checking account, you can avoid paying the monthly fee. You can link the same account to either a Performance Business Checking, Analysis Business Checking, or Platinum Business Checking account.
Be advised that the Total Savings and Premier Savings accounts from Chase have a transaction limit of six times every monthly cycle. This is because of Regulation D, a federal law that stipulates the maximum number of transactions allowed in savings accounts.
Even though the legal position has changed, Chase has opted to keep the rule. Therefore, if you make more than six transfers or withdrawals in a single month, you will be charged $5 for each additional transaction from your Chase savings account.
What are your last possible means of saving? Chase’s certificates of deposit. Yet, the annual percentage yield (APY) on them isn't exactly impressive. The annual percentage yield (APY) at the beginning of the account is relatively low, and even the highest possible APY is far lower than what you may get from other banks.
However, remember that you won't be able to make any additional deposits or withdrawals for the duration of your term, which might be anywhere from one month to sixty months, depending on the period you pick.
>> Upgrade Your Banking With Chase Business Checking >>
Chase Bank Business Account Features
The Chase Business Checking Account, even at its most basic level, comes with numerous advantageous features, rendering it one of the top selections possible. This is why it’s so highly suggested. Here are the basic characteristics of this account.Mobile and Online Banking
Both the mobile banking app and the online business banking platform offered by Chase incorporate elements including some online bill payment, protection against fraud, SMS banking, account notifications, and integration with Zelle's QuickPay service. You also can utilize collection and cash-flow services, set up numerous users to access your account, and download account activities to financial software.Sign-Up Bonus:
If you have been on the hunt for a business checking account with a sign-up bonus, here’s an opportunity for you to make some extra money. Chase Business Comprehensive Banking is offering a $300 bonus when you sign up.To be eligible, you must deposit $2,000 within 20 days and keep that amount for 60 days, as well as complete five qualifying actions. Examples of these activities are utilizing a debit card to make purchases and using Chase QuickAccept to make deposits.
Unlimited Electronic Deposits
You’re provided with a seemingly limitless number of digital deposits, consisting of items that have been deposited, ACH transfers, ATM transactions, payments made with a debit card, internal transfers, and deposits made through Chase Quick Deposit (mobile deposit). This grants you a lot of adaptability about online payments, which is similar to what most web-based business checking accounts offer.>> Get started with Chase Business Checking Today >>
Integrated Credit Card Processing
Chase's Business Complete account is the only one of its business checking accounts that allows customers to use Chase QuickAccept to accept credit card payments via the Chase mobile app. This payment processing service is a pay-as-you-go system integrated with a mobile card reader, making it possible to complete transactions by tapping, swiping, or dipping the card.With this service, there’s no need to download a separate app for processed payments to be deposited into the checking account, allowing for a more efficient banking and sales process. A fee of 2.6% plus 10 cents is charged for swiped, tapped, or dipped purchases, and 3.5% plus 10 cents for typed-in transactions.
No Minimum Opening Deposit
When setting up a business checking account at a physical bank, a minimum deposit is mandatory. However, a Chase Business Total BankingSM account is an exception to this rule as it can be opened without any money. This applies to the Business Comprehensive BankingSM account as well.Wide Range of Products and Services
A broad variety of financial goods and services, including business credit cards, business loans, merchant services, and cash management tools, are available from Chase. These products and services may assist your company in more successfully managing its finances and can be found here.Security and fraud protection
Your business accounts at Chase are guarded by a variety of cutting-edge security features, such as forgery monitoring and two-factor authentication, among others.>> Get started With Chase Business Checking Today >>
Where Chase Business Checking Falls Short
The Chase Business Checking account is a popular choice for owners of smaller firms, but like any other financial tool, it does have some drawbacks. Here’s a compilation of potential cons of using Chase Business Checking:- Monthly fees: The $15 monthly fee for Chase Business Complete Banking can be hard to accept. If you don't have enough finances to reach the daily balance of $2,000 or meet other criteria that allow you to waive the fee, you may want to consider opening a free business checking account.
- Transaction fees: Aside from the regular expenses, Chase has the authority to impose extra charges for activities such as inserting money or checks, initiating wire transfers, and using ATMs that are not part of the Chase network.
- Minimum balance requirements: While trying to avoid monthly fees, company owners may be required to have a certain minimum amount in their accounts. This may be difficult for firms that are short on cash flow.
- Limited free transactions: With this Chase Business Checking account, you can make a limitless amount of electronic deposits; however, you’re limited to 20 physical transactions each month without any fees; if you exceed that number, you will have to pay 40 cents for each extra transaction. If you utilize paper checks or require activity that occurs in person, you might consider changing to a different type of business bank account.
- Customer service: Business proprietors have voiced their dissatisfaction with the substandard customer support given by Chase, with grievances such as having to wait for an extended period and difficulty in getting their issues resolved.
- Limited branch locations: While Chase has a huge network of branches, the locations of some of those branches may not be suitable for company owners, particularly those who are located in more distant or rural regions.
>> Sign Up Now for Chase Business Checking >>
Alternatives to Chase Business Checking Account
In the event that you aren't certain that the Chase Bank Business account isn't the ideal match for your company, there are some other alternatives available, and we have listed the finest ones below for you.Bluevine
As an alternative to Chase, Bluevine is a fantastic choice. You may use it to pay off debts, have a small loan approved in minutes, and get a great interest rate, all without having to pay any kind of ongoing service fee. Nevertheless, opening a bank account with Chase requires a minimum deposit, making it inappropriate for enterprises of any size.
In addition, members who fulfill a particular requirement each month may enjoy unlimited monthly transactions and an APY of 4.5% for premium customers. Read more about Bluevine here.
Pros
- Unrestricted business activity
- Invoicing on a financial system
- With a checking account, you can write checks
- Free or low-cost checking account for small businesses
- There’s no obligatory minimum balance
- Banking product that earns interest
- High APY
- Without any opportunities for savings
- High costs associated with making cash deposits
- There are none that are physically present
- No client service on weekends
>> Get started With Bluevine >>
Novo
Novo is an alternative to Chase Bank for small companies. The application process for this mobile-only bank takes no more than 10 minutes to complete because of the intuitive design of its platform. There are no monthly fees with Novo, and any ATM costs will be reimbursed.
Paying bills, transferring funds, funding payroll, or sending money to a personal account is as easy as signing into the app on a mobile device and taking advantage of the free ACH transactions. The only real drawback of using Novo is that it does not take cash deposits or allow for regular payments to be set up.
Pros
- There are never any recurring fees or minimum balance requirements
- No limits on the number of transactions, no outgoing or incoming wire fees, and no ACH transfer costs
- Any and all ATM withdrawal costs are reimbursed globally
- Internet banking that allows for unrestricted online bill payment and invoicing supports free check printing and mailing
- Compatibility with widely used applications in the business world, such as Xero, Stripe, Shopify, and QuickBooks
- Get special pricing on business-related software and services by registering
- Cash deposits are currently unavailable
- Neither local nor international wires can be sent directly, but the Wise integration makes international wires possible
- Online bill pay doesn't support recurring payments
- NSF/uncollected check processing costs are $27
Axos
While Axos operates only online, it’s a fully autonomous banking organization. Its many features and perks have earned it a regular spot on "Best Business Checking Accounts'' rankings. Its digital experience is superior to that of conventional banks, making it a popular choice among its target demographic of small company owners and entrepreneurs.
Axos's interest rates are not very competitive, capping out at 0.20% for their basic checking account and 1.01% for their interest checking account, with a $5,000 minimum balance required for the latter.
Pros:
- Full and immediate reimbursement of any and all ATM costs (domestic)
- There are no recurring fees, and there’s no minimum initial deposit
- 24/7 client assistance
- With MoneyPass and Allpoint ATMs, cash deposits may be made
- Free of charge for an unlimited number of transactions
- Bonus offered as a warm welcome to new clients (terms apply)
- Without any specific locations
- Less than usual integrations
- Does not provide the greatest annual percentage yield
Chase Business Checking Account – Frequently Asked Questions
We have compiled a list of the questions that are asked the most often concerning Chase Bank Business Accounts.Do I Need a Business Checking Account?
In order to keep the firm's money separate from the owner's personal funds, a business checking account is a useful tool for entrepreneurs to have. A corporate bank account like this one may improve its credibility, streamline accounting, and cut down on tax preparation time.When a business has its own checking account, the owner's personal assets are shielded from any debt collection or legal action that may arise from the firm. A line of credit or company credit card may also be made available.
Is Chase a Good Business Account?
When it comes to internet banking and personalized help, Chase Bank is a great option for business owners. You may deposit money, use any of a number of free ATMs located around the country, visit a branch as needed, or take care of the banking business from the palm of your hand using a mobile device.What Are the Most Important Features of a Business Checking Account?
When making a financial decision for your business, the most relevant characteristics of a business checking account will depend on the company, its requirements, and the banking behavior of the person in charge. When considering the features, take into account the compatibility with other accounting software, the availability of digital transactions and payments, the protection offered for debit cards, and any reimbursements for ATM fees.Bottom Line on Chase Business Checking Account
Small company owners may benefit from a wide range of services offered by Chase Bank, particularly if they need to make a cash deposit, need face-to-face assistance, need to use fee-free automated teller machines, or would want to have the convenience of a web-based bank in their pocket.>> Sign Up Now for Chase Business Checking >>
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