Is Chase checking a good banking option for businesses? We take a look in our Chase business account review. First, we’ll look at the big picture with an overview of Chase, its services and its pros and cons. Then we’ll take a deeper dive into their checking account options and other business banking services. Use this information to help you decide if a Chase business account is the right solution for your business.
Chase Business Account Overview
Chase is the business banking arm of JPMorgan Chase & Co., a top international financing services provider with roots tracing back to New York City in 1799. Today Chase is headquartered in Midtown Manhattan and holds $3.8 trillion in global assets, making it the largest bank in America by asset size. Chase has thousands of branches in 48 states and the District of Columbia, making it physically accessible to businesses in most parts of the country. Chase provides a website portal and mobile app to serve Chase business online customers.
Chase business services include:
- Business checking accounts
- Business savings accounts and certificates of deposit accounts
- Business credit cards and debit cards
- Small business loans
- Business services such as payment processing and foreign exchange
- Retirement plans
- Commercial banking solutions for larger businesses
We’ll focus on Chase business checking services here, but we’ll touch on some of the other services, particularly ones which offer benefits in combination with checking accounts, to give you a rounded picture of Chase as a prospective financial provider.
Chase Bank Business Account Pros and Cons
Chase offers small businesses several advantages, including:
- Widespread physical access to branch and ATM locations
- Digital account management and support tools
- Essential checking account services spanning a range of business sizes
- Debit cards with checking accounts
- Waivers of monthly checking account fees for businesses that meet Chase business account requirements
- Additional banking services, including savings accounts, credit cards and loans
- Digital tools for easier cash-flow management
- Time-saving online payment tools
On the con side, drawbacks include:
- Qualifying to waive monthly Chase business account fees requires you to maintain a minimum balance, deposit amount or credit card purchase amount
- You can only make a limited number of transactions per month without incurring Chase business checking fees
- Savings account interest rates aren’t as high as some competitors
Whether these cons are significant impediments depends largely on your needs, including your average volume of account activity and whether you’re looking to do your checking and savings with the same provider.
Chase Business Checking Account Options
Chase offers 3 tiers of business checking account options:
- Chase Business Complete Banking
- Chase Performance Business Checking
- Chase Platinum Business Checking
The first option is for small businesses, while the second is for mid-sized companies and the third is for bigger businesses. All checking options include certain features:
- Chase Business Online and Online Bill Pay access
- Chase Mobile Banking app
- Free debit card with chip technology
- Associate debit and employee deposit cards available upon request
- Checking account monthly service fees waived when linked to eligible Chase savings accounts
- Access to Chase’s thousands of branches and ATMs
Chase business account requirements to open a checking account vary based on what type of business organization you use. In general, business owners will need to provide personal identification and address and date of birth, a personal or business tax identification number and business documentation. Relevant personnel will need to be present at the account opening, although the application process can be started online.
Now let’s look at some features specific to each account.
Chase Business Complete Banking
Chase Business Complete Banking accounts include many features to serve the needs of smaller businesses:
- Low to no-fee transactions
- $15 monthly fee waived for account holders who either maintain a $2,000 minimum daily balance, making $2,000 in net purchases on Chase Ink Business cards, make $2,000 in deposits from eligible Chase payment solutions, link to a Chase Private Client checking account or provide qualifying proof of military status
- Ability to accept credit cards with no hidden fees or monthly transactions
- Fraud protection services
- Unlimited debit card purchases and Chase ATM transactions
- Ability to send and receive funds via wire transfer, Chase QuickDeposit or Chase Online Bill Pay
- Up to $5,000 in deposits per statement cycle without fees
- Debit cards for associates and deposit cards for employees available upon request
- $750 bonus cash back if you spend $7,500 with a Chase Ink Business Cash credit card within 3 months after opening an account
- Monthly service fee for Chase Total Business Savings account waived when you link to a Chase Business Complete Banking account
Chase Business Complete Banking accounts can be applied for online or at a branch. As an incentive for opening an account, new customers can earn $300. To qualify, you must deposit $2,000 or more in new money within your first 30 days and complete 5 qualifying transactions within 90 days.
Chase Performance Business Checking
Chase Performance Business Checkings serves the needs of mid-sized companies. Its features include:
- $30 monthly service fee
- Monthly service fee waived when you maintain a combined average daily balance of $35,000 in eligible business deposit accounts
- 250 transactions per month for no fee
- Unlimited electronic deposits and incoming wires
- Up to $20,000 monthly cash deposits without additional fees
- All incoming wires and 2 outgoing domestic wires for no charge per statement cycle
- No additional charge for fraud protection services
- Interest option available upon speaking with banker
- Personal account benefits options
- $750 bonus cash back if you spend $7,500 with a Chase Ink Business Cash credit card within 3 months after opening an account
Chase Performance Business Checking accounts can be applied for online or by scheduling a meeting over the phone or in person.
Chase Platinum Business Checking
The Chase Platinum Business Checking account is designed for larger businesses with higher volumes of transactions and cash flow. Its features include:
- 500 transactions per month for no fee
- Unlimited electronic deposits and incoming wires
- Up to $25,000 in cash deposits per cycle without additional fees
- All incoming wires and your 4 most expensive outgoing wires at no cost per statement cycle
- No extra charge for fraud protection services
- Personal account benefits options
- $750 bonus cash back if you spend $7,500 with a Chase Ink Business Cash credit card within 3 months after opening an account
Chase Platinum Business Checking accounts can be applied for online or by scheduling a meeting over the phone or in person.
Other Chase Business Banking Services
Chase’s business checking services are supported by several other business banking services, including:
- Business savings accounts
- Business certificates of deposit
- Business credit card processing services
- Business credit cards
- Business loans
Some of these products offer additional benefits when used in combination with Chase business checking accounts.
Chase Business Savings Accounts
Chase offers 2 business savings account options where monthly service fees are waived when linked to Chase business checking accounts:
- Chase Business Total Savings: $10 monthly fee waived when linked to a Chase Business Complete Banking account or when you maintain an average balance of $1,000 per statement cycle, $25 minimum to open, no charge on first 15 transactions per month and 40 cents per transaction for additional items, no charge for first $5,000 in cash deposits per month, $5 withdrawal penalties per withdrawal or transfer after first 6 per monthly statement
- Chase Business Premier Savings: $20 monthly fee waived when linked to a Chase Business Complete Banking account or when you maintain an average balance of $25,000 per statement cycle or meet other criteria, $25 minimum to open, no charge on first 30 transactions per month and 40 cents per transaction for additional items, no charge for first $10,000 in cash deposits per month, $5 excess withdrawal penalties waived when balance over $25,000
Interest rates vary by branch location. Both types of accounts earn higher interest rates when linked to a Chase Performance Business Checking account or Chase Platinum Business Checking account.
Chase Business Certificates of Deposit
Chase offers business certificates of deposit accounts at fixed interest rates, with higher rates available when linked to Chase business checking accounts.
Rates vary by branch location. A $1,000 minimum is required to open an account. There are no monthly service fees and terms range from 31 days to 10 years.
Chase Business Credit Cards
Chase offers a variety of business credit cards, including cards that offer benefits when used with Chase checking account products:
- The Chase Ink Business Cash credit card, which features 5% cash back in select categories such as Internet and office supplies, 2% cash back on gas and restaurant expenses and 1% cash back on other purchases, allows you to waive your monthly service fee for your Chase Business Complete Banking account when you use it to spend $2,000 a month. Plus, you can earn $750 in bonus cashback.
- The Chase Ink Business Unlimited credit card, which features 1.5% cash back on all purchases, lets you earn $750 in bonus cash back when used with Chase Performance Business Checking or Chase Platinum Business Checking accounts.
- The Chase Ink Business Preferred credit card, which offers triple rewards points on categories such as shipping, advertising and travel, allows you to waive your monthly service fee for your Chase Business Complete Banking account when you use it to spend $2,000 a month. Plus, you can earn $750 in bonus cash back.
Chase offers other business credit cards geared toward businesses with specific travel and hotel needs.
Is Chase the Right Choice for Your Business Checking Needs?
Chase offers 3 tiers of checking account services geared toward small, mid-sized and larger businesses. These checking account options provide basic checking features and offer additional benefits when used in conjunction with Chase savings account and credit card products.
Whether a Chase checking account is a cost-efficient option for you depends largely on the volume of your monthly transactions, as well as whether you’ll be using your checking account in combination with other Chase products, such as savings accounts or credit cards. Chase savings account interest rates aren’t especially competitive, so if you do your checking with Chase, you may wish to consider using a high-yield savings account from another provider.
