Business Insider's personal finance team compared Chase's business checking accounts to the best business checking account and found them to be industry leaders, thanks to the bank's 24/7 customer service.
Chase business checking accounts could be worthwhile if you're a small business owner who wants to open an account with one of the best banks nationwide. Other financial institutions will probably be more suitable if you prefer opening a free business checking account, though.
Chase Bank has three primary business checking accounts. While the accounts have similar minimum opening deposit requirements, they have different monthly service fees and limitations.
Chase Business Checking Account Options
Chase Business Complete Checking
$15 monthly service fee
None
$0
up to $500
Pros
Cons
Chase Bank business checking accounts could be worthwhile if you're a small business owner who wants to open an account with one of the best national banks. Chase Business Complete Checking, in particular, is a solid option if you're a new customer who qualifies for a cash bonus.
Chase Business Complete Checking- Multiple ways to connect with Chase. Get personal attention paired with a large-scale presence, including more than 4,900 local branches and 15,400 ATMs. Plus, bank on your phone with the Chase Mobile® app.
- Chase for Business guidance you can count on. Access business insights and tools to help you grow. Meet with our team of bankers or go to our online Resource Center to find helpful information.
- Chase Business Complete Checking does more for your business. Featuring multiple ways to pay and get paid, like built-in invoicing and card acceptance, Zelle®, and Tap to Pay on iPhone, to help improve your cash flow.
- Waivable service fee. Multiple ways to waive the $15 Monthly Service Fee, like keeping a $2,000 minimum daily balance or making at least $2,000 in purchases per month with your Chase Ink® Business credit card.
Chase Business Complete Banking® is one of the best business checking accounts, and it's geared toward small businesses. You might like this business checking account if you're eligible to waive the $15 monthly service fee.
If you can't meet the requirements to waive the monthly service fee, other financial institutions will likely be more appealing.
Chase Performance Business Checking
$30 monthly service fee
None
$0
Pros
Cons
Chase Bank business checking accounts could be worthwhile if you're a small business owner who wants to open an account with one of the best national banks.
Chase Performance Business Checking- There’s an interest-bearing option available
- To waive a $30 monthly service fee, have an average beginning day balance of $35,000 or more across qualifying Chase business bank accounts
- Chase Overdraft Assist℠ – no overdraft fees if you’re overdrawn by $50 or less at the end of the business day or if you’re overdrawn by more than $50 and bring your account balance to overdrawn by $50 or less at the end of the next business day
- Member FDIC
Chase Performance Business Checking is best for mid-sized businesses.
Chase Performance Business Checking might be a better choice than Chase Business Complete Banking® if you are looking for higher limits for cash deposits or non-electronic deposits. Chase Performance Business Checking lets you deposit $20,000 in cash per month at no cost. You may also make up to 250 free non-electronic deposits per month. A $0.40 transaction fee still applies to each transaction that surpasses the free limit.
Chase Platinum Business Checking
$95 monthly service fee
None
$0
Pros
Cons
Chase Bank business checking accounts could be worthwhile if you're a small business owner who wants to open an account with one of the best national banks.
Chase Platinum Business Checking- To waive the $95 monthly service fee, keep an average beginning day balance of $100,000 of more across qualifying Chase bank accounts or investment accounts ($50,000 when linked to Chase Private Client Checking, JPMorgan Classic Checking, or Private Client Checking Plus)
- No outgoing wire transfer fees when linked to Chase Private Client Checking, JPMortgan Classic Checking, or Private Client Checking Plus
- Chase Overdraft Assist℠ – no overdraft fees if you’re overdrawn by $50 or less at the end of the business day or if you’re overdrawn by more than $50 and bring your account balance to overdrawn by $50 or less at the end of the next business day
- Member FDIC
Chase Platinum Business Checking is the strongest business checking option at Chase if your business has a high transaction volume. The account permits 500 free non-electronic deposits per month. You can also deposit $25,000 in cash per month at no cost.
However, you will likely lean more toward Chase Business Complete Banking® if you do not regularly maintain high daily balances on business bank accounts.
Overview of Chase Business Checking Accounts
Below is an overview of the fee structure and features of Chase's business checking accounts.
| Chase Business Complete Banking® | Chase Performance Business Checking | Chase Platinum Business Checking | |
| Minimum opening deposit | $0 | $0 | $0 |
| Interest earned | None | None; there is also an interest-earning version that pays 0.01% APY | None |
| Monthly service fee | $15 monthly service fee; can be waived | $30 monthly service fee; can be waived | $95 monthly service fee; can be waived |
| Free monthly transaction limit (paper/bank teller transactions) | 20 | 250 | 500 |
| Free cash deposits per month | $5,000 | $20,000 | $25,000 |
| Fee for transactions that surpass the free monthly limit | $0.40 | $0.40 | $0.40 |
| Cash bonus | up to $500 |
Chase Business Checking Key Features and Benefits
Chase National Branch and ATM Presence
Chase is one of the best banks for a traditional banking experience. It has over 4,700 branches and 16,000 free ATMs throughout the United States. The brick-and-mortar bank has locations in all lower 48 U.S. states, making it one of the most convenient options among banks for finding nearby branches. It also offers 24/7 customer service over the phone.
Chase Business Checking Minimum Opening Deposit
Chase business checking accounts have a $0 minimum opening deposit. Typically, business checking accounts at traditional banks require a minimum opening deposit, so the bank may be worthwhile if you don't have much money to deposit initially.
Chase Business Checking Perks
You also might like Chase if you want to deposit cash into your business checking account. The bank lets you deposit a certain amount of cash into a business checking account for free. In comparison, online business checking accounts usually don't accept cash deposits or charge a fee for each deposit.
The bank also offers several other business banking products, such as business savings accounts, business loans, and business lines of credit. Depending on the business checking account you choose, you might unlock additional features for other business accounts with Chase, such as the ability to waive monthly service fees.
Chase Business Checking Fees and Charges
Chase doesn't have any business checking accounts without monthly bank maintenance fees. That said, you can waive monthly services if you meet certain monthly requirements.
Chase Business Complete Banking® has a $15 monthly service fee. The monthly service fee can be waived if you meet one of the following requirements: maintain a $2,000 daily balance, make $2,000 in net purchases with a Chase Ink Business Card, receive $2,000 in deposits from Chase QuickAccept or other eligible Chase payment solution transactions, link to a Chase Private Client Checking℠ account, or provide proof of military status.
Chase Performance Business Checking has a $30 monthly service fee that can only be waived if you maintain a combined average daily balance of $35,000 across qualifying business bank accounts.
Chase Platinum Business Checking has a significant $95 monthly service fee that can be waived if you maintain a combined average daily balance of at least $100,000 across qualifying business bank accounts and business investment balances or maintain a combined average daily balance of $50,000 and link a Chase Private Client Checking℠ account or other eligible account.
Chase business checking accounts have free monthly transaction limits for non-electronic deposits. If you surpass your account's free monthly limit, you'll have to pay a fee for each additional transaction.
If you need a business checking account that permits more than 500 free non-electronic deposits per month, an online business checking account may be more suitable for you. The best online banks have business checking accounts that permit unlimited monthly transactions.
The bank charges a $34 overdraft fee, up to six times daily, for transactions that overdraw your business checking balance by more than $50.
One overdraft fee will be waived per statement period if you have Chase Platinum Business Checking.
There are also overdraft protection options available. For example, Chase Overdraft Assist allows you to avoid overdraft fees by restoring your checking balance so it is overdrawn by $50 or less by the end of the next business day (11 p.m. ET/8 p.m. PT).
Keep in mind the best banks for avoiding overdrafts have eliminated overdraft fees or reduced fees to under $5.
You won't have to pay bank ATM fees if you use an in-network ATM. However, if you have a Chase Business Complete Banking® account, you will pay an out-of-network fee from Chase. You'll need to pay a $3 fee when using a U.S. ATM and a $5 fee when using an ATM outside of the U.S. and U.S. territories.
If you have one of Chase's other two business banking accounts, you won't pay a fee from the bank when you use an out-of-network ATM, but you'll probably have to pay a third-party fee. The best banks to avoid ATM fees will reimburse fees charged by out-of-network ATMs.
Chase Business Checking Pros and Cons
Chase Business Checking Pros
- No minimum opening deposit
- Large ATM network
- Large number of brick-and-mortar branches
- 24/7 customer service
- Chase Business Complete Banking® bonus
- Overdraft protection options
- Relationship perks with other Chase accounts
Chase Business Checking Cons
- Monthly service fees
- High overdraft fees
- Limit on number of free business transactions
Chase Business Checking Alternatives
Chase Business Checking vs. Wells Fargo Business Checking
Choosing between Chase and Wells Fargo business checking accounts may ultimately depend on which account features appeal to you most.
For example, Chase lets you open a business checking account with $0; Wells Fargo business checking accounts require at least $25.
Chase also permits more free monthly transactions on its highest-tier business checking account. The Chase Platinum Business Checking doesn't charge a transaction fee for the first 500 transactions. In comparison, Wells Fargo Optimize Business Checking only allows for 250 free transactions per month.
Wells Fargo's three business checking accounts have slightly lower monthly service fees and offer more lenient requirements to waive monthly fees than Chase. If you're looking to avoid monthly service fees entirely, you might prefer a free business checking account, though.
Chase Business Checking vs. U.S. Bank Business Checking
You'll prefer U.S. Bank over Chase if you are searching for a free business checking account. The U.S. Bank Business Essentials® is the bank's optimal checking option for new and small businesses. It has no monthly service fee. Chase checking accounts all have monthly service fees, and you'll need to meet certain requirements to waive them.
Chase business checking accounts have lower minimum opening deposit requirements than U.S. Bank business checking accounts. If you want to open a checking account with no minimum opening deposit, Chase will be a better choice.
Chase Business Checking Promotion
There is a Chase Bank promotion for one business checking account. Chase Business Complete Banking® offers a up to $500 bonus to new Chase small business checking account customers. You may qualify for the bonus if you deposit $2,000 or more in new money within the first 30 days of opening an account, maintain your new balance in the account for 60 days after enrolling, and make five qualifying transactions within 90 days after enrolling.
How to Open a Chase Business Checking Account
You can open a Chase business bank account online if your business is a sole proprietorship, corporation, or limited liability company managed by a single person. If you have another type of business, you must apply for a business bank account at a branch.
To open any checking account, you must provide two forms of ID — for example, a driver's license and a passport.
You must include a Social Security number, ITIN number, or an employer identification number (EIN) in your business checking account application.
The application will ask you basic information about your business, like the address, annual sales, and number of employees. Business checking accounts also require specific documentation. The forms you'll need to provide depend on your business type. A trade certificate may also be required (except if you have a business in Hawaii, Kansas, Mississippi, New Mexico, Wisconsin, or Wyoming).
Chase Business Checking Customer Support
Chase offers 24/7 customer service over the phone for many of its products including its business checking and business savings accounts. You can also use the bank's messaging service from your account, or go to an in-person branch for customer support. In-person customer service hours will vary depending on where you live.
Chase also has a well-rated mobile banking app. It has 4.4 stars on the Google Play Store and 4.8 stars on the Apple App Store.
Why You Should Trust Us: How We Reviewed Chase Business Complete Checking
At Business Insider, we use a scale from one to five stars to rate bank products. We used our bank account methodology for business checking accounts to review Chase bank accounts. We analyzed minimum opening deposit requirements, monthly fees, transaction limits, ATM network/fees, customer support availability, mobile app ratings, miscellaneous features, and Chase's ethics and security to determine our star rating for the business checking account. We use a weighted average to get our star rating.
Chase Business Checking FAQs
What are the main differences between Chase's business checking accounts?
Chase business checking accounts have different monthly bank maintenance fees, free monthly transaction limits, and free cash deposit limits. The Chase Business Complete Banking® account also offers a cash bonus, and Chase Performance Business Checking has an interest-earning version.
How can I waive the monthly fee on my Chase business checking account?
To waive the monthly service fee on Chase Business Complete Banking®, maintain a $2,000 daily balance, make $2,000 in net purchases with a Chase Ink Business Card, receive $2,000 in deposits from Chase QuickAccept or other eligible Chase payment solution transactions, link to a Chase Private Client Checking℠, or provide proof of military status. To waive the monthly fee of Chase Performance Business Checking or Chase Platinum Business Checking, you'll need to maintain a certain average beginning day balance.
Does Chase offer any integrated services for business accounts?
Yes, Chase offers a variety of business banking products, including merchant services, business credit cards, and business loans. Chase is also partnered with several business software providers, like Touch Bistro, Fusebill, and Fiskl.
Are there any fees for depositing cash with Chase Business Checking?
Yes, Chase business checking accounts have free monthly cash deposit limits. You may be charged a fee for depositing cash if you exceed that amount. You'll have to request a Business Deposit Express Fee Schedule from the bank to learn about additional fees for your specific checking account.
How does Chase Business Checking stand out from its competitors?
Chase may be a good option for a business account if you prioritize banking with a brick-and-mortar financial institution that has a large branch and ATM network. You also might like this bank over its competitors if you're interested in some of the bank's other business products. For example, it offers one of the best small business credit cards, such as the Chase Ink Business Unlimited® Credit Card.
