Chase is one of the largest business banking players in the industry, and – while everyone is aware of their credit and loan products – not everyone knows about their three offerings for business checking accounts.
What can you expect? All of the qualified Chase business checking accounts offer the ability to manage your account from anywhere in the world, but the bank also gives you 5,000 physical branches for that face-to-face contact you might need from time to time. ATM access is generous there are 16,000 machines available within the network. Debit cards are available for employees and you to use anywhere they are accepted.
Mobile banking makes it easy to deposit checks on the go; deposit an unlimited number of electronic deposits through the mobile app – subject to your monthly account deposit limits. Overdraft fees are currently $34.
Start your Chase business checking account with just $1, then follow the minimum monthly balance guidelines to keep your account free. Chase frequently offers a $200 sign-up bonus for qualified accounts. You’ll also have 24/7 service once the account is opened, and Chase military banking perks for those who have served, as well.
For the savvy business who needs coverage, convenience, and competitive fees on the most popular services, Chase has a good balance of the essentials. By keeping your account balance well above the minimums and making use of the cloud-based banking features, you can free up more time and money through Chase’s versatile checking account offerings.
Here are the three tiers they currently offer for qualified businesses.
Chase Total Business Checking Review
Solopreneurs, freelancers, and smaller businesses may find the Chase Total Business Checking account to be the best fit. It has a very low $15 monthly service fee, which is waived if you keep a minimum daily balance of just $1500 in your account. This fee is also waived if you keep a linked Chase Private Client or Chase Sapphire Checking personal account. Save an additional $3 a month by enrolling in paperless statements; it’s just $12 a month to save trees!
What do you get in this slimmed-down Chase business checking account tier? You’ll have 100 free transactions per month, unlimited electronic deposits through the mobile app, and up to $5,000 in cash deposits per statement cycle. You can also send or receive domestic and international wire transfers, for a fee. For the average single-person business, this offers incredible value and all of the functionality of bigger accounts.
Chase Performance Business Checking
For mid-sized businesses who do a bit more volume, the Chase Performance business Checking service is more suitable. With a monthly service fee of just $30 a month – or $0 if you maintain a minimum daily balance of $35,000 or more in qualifying business deposit accounts – you can save by keeping your account healthy.
You’ll get 250 transactions per month for free, plus unlimited electronic deposits and incoming wire transfers. You’ll pay no fee on your first $20,000 in cash deposits to your account per statement cycle. You pay nothing for incoming wire transfers; two outgoing domestic wire transfers per month are free, as well.
Chase Platinum Business Checking
For small business owners with a large volume of transactions, the best choice is the Chase Platinum Business Checking account. It has no monthly service fee, provided you keep a minimum daily balance of $100,000 in your qualified business account. The fee for going under that amount is a $95 monthly fee.
You are allowed up to 500 transactions per month with no additional charge, excluding unlimited electronic deposits and incoming wire transfers. You can also deposit up to $25,000 in cash deposits per statement cycle without an additional fee. Your four most expensive outgoing wires are also done for no charge.
Pros and Cons
With three Chase business checking account tiers to choose from, it’s easy to see that one benefit of the Chase business checking account is its versatility. You can feel confident that, as your business grows, there will be an account type to meet your needs.
The biggest drawback could possibly be that Chase is a large bank and not located in every state. For those who prefer a local, small-town feel, this may not be it. The large ATM network and ability to waive the monthly maintenance fee, however, makes it a tremendous value for those who maintain a minimum balance and don’t need to know their banker by name.
Do you still have questions about opening one of these Chase small business checking accounts? See answers to the most-asked topics here:
Does having an account for your business help in getting a Chase business credit card?
While there are no advertised policies on this, it’s possible that those who use Chase for their checking may also have the chance to build goodwill toward future business loans or credit card approvals. Chase is known for valuing customer relationships.
Can I open a Chase business account online?
While you can access your Chase business checking account online once opened, you must visit a branch in-person to open your account. Choose from 5,000 branch locations near you.
Is it free?
Similar to many of the account services that credit unions offer, Chase business checking bank accounts all offer the ability to pay no monthly fees, provided you stay under the transaction, deposit, and transfer limits. You’ll also need to keep a minimum daily balance, which varies based on account type.
What states does Chase operate in?
Chase has bank locations in the following states: Arizona, California, Colorado, Connecticut, Delaware, Florida, Georgia, Hawaii, Idaho, Illinois, Indiana, Kentucky, Louisiana, Maryland, Massachusetts, Michigan, Minnesota, Nevada, New Jersey, New York, North Carolina, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, Texas, Utah, Virginia, Washington, Washington, D.C., West Virginia, and Wisconsin.
What are the Chase business account requirements?
Depending on the type of business you own, there will be different requirements to meet when you sit down with the banker in person. At a minimum, you’ll need all the owners and authorized trustees to be present, each with two forms of ID, preferably a driver’s license or passport. You’ll also need your Tax Identification Number (TIN), Employer Identification Number (EIN), or each individual’s Social Security Number (SSN).
Provide documentation of your business that clearly shows the name or DBA, trust certifications, and documentation about when your business started, address, phone numbers, and where you operate. Bring some projections about how much volume you’ll do as well; this will help you pick the right account type for the price.
Is there an advantage for having a checking account?
While many consumers these days don’t frequently write checks, there is a significant advantage to owning a business checking account. In addition to paying for items that your business needs, from places that might not accept credit cards, having a checking account makes your business appear more professional and offers you an additional way to pay employees, put deposits on merchandise, and keep your business transactions tracked and managed.
Your employees can make debit card purchases with ease, and you can often earn with an interest-bearing checking account promotion. Combined with the merchant services banks like Chase offer, owning a checking account is necessary for a well-rounded financial toolkit.