Chase Business Checking vs. Bank of America: Which Is Better?

Chase Business Checking vs. Bank of America: Which Is Better?

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Having a business checking account seems like a given for any small business owner. Part of separating your personal and business finances simply has to involve a business checking account, along with applying for and using new sources of credit. Unfortunately, not having a business checking account isn’t just inconvenient, it could also spell bad news for your business.

In a survey done by Nav, 50% of business owners without a business bank account want to open one, but haven’t had the time to set one up. Those who didn’t have a business bank account considered closing their business at twice the rate of those with a separate business bank account. To make things smoother for yourself as you run a business, it’s good practice to open that separate account sooner rather than later (read more about the importance of separating your business finances here).

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The majority (57%) of business owners surveyed bank with a larger bank, and there are certainly worthy options among the larger institutions. Both Chase and Bank of America are common choices for business owners, but which business checking account is better?

Chase Business Checking Accounts

Chase offers three different business checking accounts: Chase Total, Chase Performance, and Chase Platinum. Here’s a quick breakdown of each.

Account Type Chase Total Chase Performance Chase Platinum
Business Size Small/Growing Mid-Sized Large
Monthly Fee ($0 with minimum daily balance) $15 $30 $95
Minimum Balance $1,500 $35,000 $100,000
Benefits
  • 100 transactions/month with no fee
  • Unlimited electronic deposits
  • $5,000 in cash deposits per statement cycle without additional fee
  • Domestic and international wire transfers
  • 250 transactions/month with no fee
  • Unlimited electronic deposits and incoming wires
  • $20,000 in cash deposits per statement without fee
  • All incoming wires and two outgoing domestic wires at no charge per statement cycle
  • 500 transactions without fee
  • Unlimited electronic deposits and income wires
  • $25,000 in cash deposits per statement cycle without an additional fee
  • All incoming wires and your 4 most expensive outgoing wires per month w/o charge

Business Checking Account by Chase

Get $200 as a new Chase checking customer, when you open a Chase Total Business Checking® Learn More

Bank of America Business Checking Accounts

By contrast, Bank of America only offers two different business checking accounts: the Business Fundamentals Checking account and Business Advantage Checking.

Account Type Business Fundamentals Business Advantage
Business Size Small (avg. monthly balance < $5,000) Mid-size to Large (avg. monthly balance > $15,000
Monthly Fee ($0 with minimum balance) $17 $29.95
Minimum Balance $3,000 daily, $5,000 or higher average monthly balance $15,000 or higher average monthly balance
Benefits
  • Bank of America safety features
  • Business savings account without additional monthly fee
  • No fees for a second business checking account, no account management fee, no wire transfer fee
  • Additional Business Advantage Savings Account and a second Business Advantage Checking account with no additional fee
  • No-fee business services

Small Business Checking by Bank of America

A banking solutions to help grow your small business. Take advantage of accounts designed to Learn More

Additionally, both Chase and Bank of America offer free additional debit cards for employees, and the ability to avoid the monthly service fee is a win.

Overall, it appears the basic Chase Total account offers more for less than the Bank of America Fundamentals Checking account, but both institutions offer competitive products in the higher-tier accounts.

Nav connects you to business financing offers that you are more likely to qualify for based on your business needs and credit — all without a hard credit pull. See my top options now.

 

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About the Author — Connor Wilson is a writer at Nav, a free site giving business owners access to their business and personal credit scores, and tools that match them to the best financing and services.

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