Chase Business Checking: Pros, Cons, & What to Expect

The Chase Business Checking Total BankingSM account is recognized as being among the most versatile retail business checking accounts that are currently on the market. With a vast branch network and user-friendly online tools, it offers you the best of both worlds with minimal transactional restrictions. Also, you may take credit card payments without purchasing additional merchant services.

 

 

Chase Business Checking Review – Our Verdict 

It caters to business banking needs. By providing a sizable branch network and user-friendly online capabilities, Chase Bank combines conventional brick-and-mortar banking with internet banking, which is what we consider ideal for small companies that need the best of both worlds.

Chase Bank seems to not want to lag behind its digital bank rivals and wants to draw clients, therefore it’s giving new clients a $300 incentive when they create a Chase Small Business Checking account. It holds the number four spot on the list of the best business checking accounts that are now offered.

 Pros

• Outstanding business credit cards
• Widely accessible (in 29 states)
• A range of solutions designed for various company sizes
• If you connect numerous accounts together, you'll get better interest rates & other advantages
• Credit cards and business loans are readily available

Cons

• There’s a cost of $15 per month
• Their interest rates on savings accounts are lower than those offered by some of their rivals
• To create an account, make a personal visit

 

 

Chase Business Checking Banking at a Glance

Among the top business bank accounts for LLCs, the Chase Business Complete Checking account stands out. The finest of the physical and online worlds are available to users of this business account. It offers user-friendly online banking facilities together with access to 16,000 Chase ATMs and 4,700 locations throughout the United States.

The sign-up bonus is only one of many advantages that this business checking account provides to the company owner. You’ll get a $300 bonus when you open a Chase Business Complete Banking account as long as you deposit $2,000, keep the account open for at least 60 days, and carry out one of the five necessary actions within 90 days of offer registration.

The best part is that you may still create a business account with Chase Bank even if you\’re unable to maintain the required deposit to qualify for the incentive. There isn't a minimum initial deposit. However, there are even more benefits.

For brand-new holders of company credit cards, Chase Business Checking furthermore offers a $750 incentive cash back as well as limitless 1.5% cash back returns on every transaction. All you have to do is make purchases totaling $7,500 during the first three months after your account is opened.

Who Chase Business Checking Is Best For

This account is for business owners that need on-site assistance, have access to many ATMs around the nation, and utilize convenient mobile and banking technologies.

If your company conducts several transactions but you don't want to be charged a fee for each one since online transactions are free, you may also take into consideration opening a Chase Small Business Checking Total Banking account.

Since Chase Business Checking doesn't give interest on the majority of its accounts, the Chase Small Business Checking Total Banking account isn't a suitable choice for customers searching for some earning potential inside their bank accounts. Also, because you must physically visit a Chase location to create a Chase Small Business Checking Total Banking account, we wouldn't advise this account for those who don't want to make an in-person visit to open an account.

 

 

Pricing 

The Chase Business Complete Checking Banking account, the Chase Performance Business Current account, and the Chase Platinum Business Checking account are the three accounts offered by Chase Bank. In this section of our review, we concentrate mostly on Chase Business Complete Checking Banking since we believe it to be the product that serves proprietors of small businesses the best.

We evaluated the key characteristics of the three accounts to provide a clearer picture of all pricing levels in the business checking account.

 

 

 

Types of Chase Business Checking Accounts

Chase has many price categories. For new and small companies, Chase offers the Business Complete Checking account, a low-cost entry-level checking option. Its top-tier "Platinum" plan. It’s meant for businesses that are more established and have a steady cash flow.

Chase Business Complete Checking Banking

The Chase Business Complete Checking account has a $15 monthly charge, a $0 opening deposit requirement, and the following features:

• Cash Bonus: When you open a new Chase Business Complete Checking account, you'll be eligible for a cash bonus of $300. For newly acquired Chase Small Business Checking customers that fulfill the necessary criteria.
• Fee Cancelation: There are a number of things you can do to prevent having to pay the monthly service charge, such as maintaining a low average daily number of transactions on your Chase Ink® Business credit card.
• Card Acceptance Built-In: Make use of Chase QuickAccept in order to get transparent pricing at any time and in any location inside the United States when accepting credit card payments.
• Up-To-Date: Notifications that will keep you up to date on the actions of your account.
• Management: Easy management of your Chase Small Business Checking accounts with the Chase Mobile® app and the Chase business site.

ATMs: Access to more than 4,700 branches and 16,000 automated teller machines at a handy location.

 

 

Chase Performance Checking

The Chase Performance Business Checking account includes a monthly cost of $30, however this price may be eliminated if the client maintains an average daily amount of $35,000 across all qualifying business deposit accounts. The customer must maintain this level across all qualified business deposit accounts.

The following items are included in the Chase Performance account:

• Positive Pay and Reverse Positive Pay are free of extra fees
• Incoming wire transfers & electronic payments are limitless
• 250 monthly transactions
• Costs $30 monthly plus a $25 starting deposit
• Free domestic wire transfers twice a month

Chase Platinum Checking

If you keep an average daily amount of at least $100,000 across all qualifying business deposits or investment balances, Chase Platinum Business Checking is $95/month, or it's free.

Moreover, Chase Platinum includes:

• Monthly cash deposits of $25,000
• Costs $95 per month plus a $25 initiation deposit
• No fees for the four largest monthly outgoing wire transactions or for incoming wire transfers
• Monthly 500 transactions

Chase Specialized Business Checking Accounts

Chase Business Checking accounts operate similarly to other analyzed checking accounts in that you are given credit depending on the amount in your account. The account costs are then offset by that credit. Hence, evaluating checking accounts may be quite beneficial if you have a large account balance. 

In addition to its analyzed Chase Business Checking, Chase now provides an interest-bearing option. You do not have the option to collect earnings credits in return for the opportunity to earn interest (0.14%). Instead, you'll merely be responsible for covering the costs yourself. Before opening this account, you should definitely do the math.

 

 

Chase Savings Account

You may pick from two conventional savings accounts, certificates of deposit, and a few more savings accounts from Chase in addition to its checking accounts.

By maintaining a $1,000 account balance, you may avoid the minimal monthly maintenance cost for the Complete Savings account. Connecting a Total Business Checking account to a Total Savings account is really simple. The APY for Total Savings is relatively low even if it does generate some income.

You may choose Superior Savings if you want to try for a greater. With this account, your APY increases the more you save. And to avoid paying the monthly service charge, you'll need a good account balance. A $25,000 average balance is required to waive the cost, or you may connect your account to a Platinum Business Checking or Performance Business Checking.

Be aware that Chase's Total Savings and Premier Savings accounts have a six-transaction monthly cycle restriction. Regulation D, a federal regulation that restricted transactions on savings accounts, used to be the reason behind that. Chase has however maintained its restriction despite the fact that the legislation has changed. So, if you use your Chase Savings account more than six times each month, a $5 transaction charge will apply.

Chase Bank Business Account Features

One of the reasons the Chase Business Checking account is such a terrific choice is that, even in the entry-level version, it offers a wide range of advantages. The key characteristics are stated below.

Mobile & Online Banking

With Chase mobile and online banking, you’ve access to a wide variety of features, including Chase QuickPay with Zelle, online bill payment, fraud protection, SMS banking, account alerts, and more. In addition, you’ll be granted complete rights to the collection and cash-flow services, as well as the ability to manage numerous users, add other people to your account, and download account activity to financial software.

 

 

Sign-up Bonus

Here’s a chance to get additional money if you're searching for a business checking account with a sign-up bonus. When you join up for Chase Business Complete Checking Banking, you may earn $300 if you deposit $2,000 within 20 days, maintain that amount for 60 days, and carry out five qualifying actions, such as debit card transactions and deposits made via Chase QuickAccept.

Unlimited Electronic Deposits

You’re permitted an infinite number of electronic deposits, including deposited products, ACH transfers, ATM purchases, debit card purchases, internal transfers, and Chase QuickDeposit (mobile deposit). This gives you a lot of freedom when making online payments, identical to what you'll find with many business checking accounts that are located online.

Integrated Credit Card Processing

If you don't already have a Business Complete Checking account, you won't be able to use the Chase mobile app to take payments through credit card until you get one, which is the only business checking account offered by Chase that gives you access to the QuickAccept feature. This integrated credit card processing system attaches to a mobile card reader to allow tap, swipe, and dip transactions. Payment is made on a pay-as-you-go basis.

You may handle banking and sales activities without using a separate app since processed payments will be put into your checking account. For transactions that are tapped, dipped, or swiped, the fee is 2.6% plus 10 cents, for financial transactions requiring to be keyed, the fee is 3.5% plus 10 cents.

No Minimum Opening Deposit

The majority of physical business checking accounts need a minimum deposit of cash to start a bank account. One of the few accounts that doesn't do that is Chase Small Business Checking Total BankingSM. You can establish a Chase Small Business Checking BankingSM account even if you don't have any additional money.

Wide Range of Products & Services

Chase provides a comprehensive variety of financial products and services, including business credit cards, business loans, merchant services, and cash management tools, that may help your company manage its finances more successfully.

Security & Fraud Protection

Chase uses sophisticated security features, such as fraud monitoring and two-factor authentication, to safeguard your business accounts.

 

 

Where Chase Business Checking Falls Short

While Chase Business Checking is a popular option for many small company owners, it does have certain disadvantages. The following are some various challenges with Chase Business Checking:

• Monthly fees: The $15 monthly cost for Chase Business Complete Checking Banking is a bitter pill to take. If you’re unable to consistently maintain a daily balance of $2,000 or satisfy one of the other requirements for the monthly fee waiver, think about opening a free business checking account. The Silver Business Checking Package from U.S. Bank features a $400 welcome bonus, no monthly charge, and up to $2,500 in cash deposits (terms apply). Also, the majority of online business checking accounts don't have transaction or monthly fees, while some don't accept cash deposits.
• Transaction fees: Chase may impose transaction costs in addition to the monthly fees for certain actions such making wire transfers, depositing cash or checks, or using an ATM that’s not owned or operated by Chase.
• Minimum balance requirements: Business owners may be required to keep a certain amount in their account to avoid monthly fees, which can be difficult for organizations with little funds.
• Limited free transactions: Unlimited electronic deposits are permitted with this Chase business checking account, but only 20 fee-free physical transactions are permitted each month (each additional transaction costs 40 cents). If you often write paper checks or do business in person, you may want to think about switching business bank accounts.
• Customer service: Business owners have voiced complaints about Chase's customer service, including excessive wait periods and challenges in having problems fixed.
• Limited branch locations: While Chase offers a significant network of sites, not all company owners, particularly those in rural or isolated regions, may find these locations convenient.

Before making a choice, it's crucial to weigh the advantages and disadvantages of each financial product and to compare your alternatives to find the finest ones that meet your company's unique requirements.

Alternatives to Chase Business Checking Account

There are some other alternatives, and we've selected the finest ones in case you're unsure if the Chase Business Checking account is the ideal choice for your organization.

Bluevine

Chase Business Checking account has a lot to fear from Bluevine. Without having to pay monthly fees, you may pay your payments, apply for small loans quickly, and even earn a respectable interest rate. Unlike Chase, you can create a bank account with no minimum deposit in only a few minutes, making it a suitable choice for companies of all sizes.

Account users also enjoy unlimited transactions, and if they reach a monthly activity target, they may earn 1.5% interest on their balance up to and including $100,000.

Pros

• No minimum balance is necessary
• Internal billing for the banking platform
• Small company checking account with no or minimum fees
• Transactions with no limits
• Account that earns interest
• A checking account with physical paper checks

Cons

• There are no available savings alternatives
• Lack of physical branches
• High charges for cash deposits
• During weekends, there’s no client service

 

 

Novo

Novo is another excellent choice for small enterprises. In contrast to Chase Bank, the mobile-only bank provides a user-friendly interface, a 10-minute application process, refunds for ATM costs, and no monthly fees.

Novo provides no-cost ACH transfers. Using your mobile device to login into your app is simple. Within seconds, you may pay bills, send money, finance payroll, or transfer money to your personal account. Novo falls short in two areas, customers are unable to set up regular payments, and despite being a digital bank, cash deposits aren’t permitted.

Pros

• You may have access to discounts on various services & software for businesses
• No minimum balance needed or monthly fees
• Internet banking with limitless invoicing and bill pay, as well as the free delivery of paper checks
• Worldwide refunds for all ATM costs
• There are no limits on transactions you may make, and there are no costs associated with inbound wire transfers or ACH transfers
• Integration with well-known company applications like Shopify, Stripe, QuickBooks, and Xero

Cons

• International wires may be sent through Wise integration but domestic wires cannot be sent internationally
• Cash deposits are currently unavailable
• With bill pay, there are no recurring payments possible

 

 

Axos

Axos is a virtual bank since it doesn't have any physical facilities and solely provides online business banking. Unlike several of its rivals, it’s independent of another financial institution. It operates as a bank on its own. As a result of its liberal terms and selection of services, Axos often appears on lists of the "Best Business Checking Accounts" online.

Axos is an online-only bank that’s simpler to use and navigate than the majority of conventional banking solutions. It's a fantastic choice for small or digital enterprises since it takes care in creating an excellent online presence and experience for its clients. Sadly, if you maintain a minimum balance of $5,000, you can only earn an APY of 1.01% for interest checking or 0.20% for basic checking.

Pros: 

• 24/7 client assistance
• All ATM costs are automatically refunded (domestic)
• Unlimited transactions without fees
• No minimum opening deposit or monthly expenses
• Cash deposits made at Allpoint and MoneyPass ATM
• Introductory bonus for new clients, limitations apply

Cons: 

• No physical offices
• Just a few integrations are available
• Not the highest APY available

 

 

Chase Business Checking Account – Frequently Asked Questions 

The most frequent queries about Chase Business Checking Account are shown below.

Do I Need a Business Checking Account?

If you own a company, a business checking account enables you to keep your personal finances distinct from your business finances. One benefit of having a business checking account is that it may boost your company's legitimacy, enhance bookkeeping, and make submitting tax returns easier. Business checking accounts may also provide access to a company credit card or a line of credit. They also enable you to protect your personal assets from business-related legal proceedings or debt collection.

Is Chase a Good Business Account?

Overall, Chase Business Checking Account has a lot to offer small company owners that want convenient internet banking and face-to-face support. You may deposit cash, use one of the many fee-free ATMs located all across the nation, stop by a branch if necessary, or just use your mobile device to monitor your account.

What Are the Most Important Features of a Business Checking Account?

The most crucial aspects of a business checking account will depend on your company, your demands, and your personal banking practices, as with any financial choice. Integration with other accounting systems, e-commerce and payment capabilities, debit card security features, and ATM fee rebates are a few business-specific features to take into mind.

Bottom Line on Chase Business Checking Account

Overall, Chase Bank has several advantages for small company owners, particularly for those who want in-person support, need access to fee-free ATMs, or need to make a cash deposit but don't want to give up the convenience of having an internet bank in their pocket.

Are you looking for a small business bank account in Indiana? Find the perfect bank here!

 

 

Related Articles

• Best Business Checking Accounts
• Best Business Bank Accounts for LLCs
• Bluevine Business Checking Review