Established traditional banks, such as Bank of America and Chase, are excellent options for a wide range of quality business products and services, including scalable business checking accounts. Bank of America’s Business Advantage Fundamentals Banking suits businesses needing generous fee-free transactions for a fair monthly fee. Meanwhile, Chase’s lowest-tier, Business Complete Banking, fits businesses that primarily make more digital transactions than in-person transactions.
Here is a summary of what each provider offers:
- Bank of America Business Advantage Fundamentals Banking The monthly fee of $15 is waivable in many ways. provides 200 free teller or paper transactions a month and up to $7,500 in cash deposits monthly
- Chase Business Complete Banking The monthly fee of $16 can be waived in several ways. offers a fee-free allowance of 20 teller transactions, unlimited digital transactions, and up to $5,000 in cash deposits per month
If neither of these options feel like the right fit, you may want to consider:
- Novo: Best for no monthly fees and no minimum balance requirements
Looking for an affordable business checking and don’t need access to in-person banking services? Novo is a good choice. |
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Basic Bank of America vs Chase Business Account: Quick Comparison
 Business Advantage Fundamentals Banking |  Business Complete Banking | |
|---|---|---|
Debit Card | Free debit card, mailed within five to seven days of account opening | Free debit card, mailed within 10 business days of application approval |
Physical Checks | Cost varies depending on the type of checks ordered | Cost varies depending on type of checks ordered |
Software Integrations | Cash Flow Monitor, ADP (for payroll services), QuickBooks, and other connected apps | QuickBooks, FreshBooks, and other leading accounting software |
Business Payment Integrations | Includes Zelle | Available with Chase Payment Solutions |
Customer Service | Phone and in-branch customer service available during business hours; social media direct messages | Live customer support online or in bank branches |
Invoicing Products | Merchant services through Expensify and cash flow tools | Available with Chase Payment Solutions |
Other Products Available | Business savings, certificates of deposit (CDs), lending products, and insurance products through Merrill | Business savings, CDs, lending products, and credit cards |
When To Use Each Bank
Basic Chase vs Bank of America Business Checking Account Features Comparison
Bank of America | Chase | |
|---|---|---|
4.5 ★ | 4.5 ★ | |
Geographic Availability | ★★★★ | ★★★★★ |
Online Account Opening | ★★★★★ | ★★★★★ |
Monthly Fees | ★★★★ | ★★★★ |
Monthly Transaction Limits | ★★★★★ | ★★★★ |
Monthly Cash Deposit Limits | ★★★★★ | ★★★★ |
ATM Network And Fees | ★★★★ | ★★★★ |
Rewards and Bonuses | ★★★★ | ★★★★★ |
Other Business Products | ★★★★★ | ★★★★★ |
Rating Explanation: ★★★★★: This feature enhances your banking experience at little to no cost. ★★★★: This feature has a few minor drawbacks/limits or comes at a slight cost. ★★★: This feature has a few drawbacks/limits or comes at a slightly high cost. ★★: This feature has a few major drawbacks/limits and comes at a high cost. ★: This feature has major drawbacks/limits. 0: This feature is unavailable. | ||
Bank of America and Chase’s basic business checking accounts are comparable. Both providers charge waivable monthly maintenance fees, allow online account opening, and offer accessible branch locations compared to other traditional banks.
Bank of America may have a slight advantage by providing a higher fee-free transaction limit for in-person transactions and more fee-free monthly cash deposits. However, Chase’s welcome bonus for new checking accounts is a bit higher than that of Bank of America, and its branch location coverage is wider.
Bank of America: 4 out of 5
Bank of America has over 3,800 brick-and-mortar branches spread across 38 states and Washington, D.C., Currently, it has no locations in Alabama, Alaska, Hawaii, Louisiana, Mississippi, Montana, Nebraska, North Dakota, Vermont, West Virginia, Wisconsin, and Wyoming.
Chase: 5 out of 5
With more than 4,700 branches, Chase has a larger network than Bank of America and is available in all 48 mainland states.
Bank of America: 5 out of 5
You can open a business checking account through the Bank of America website.
Chase: 5 out of 5
All Chase business checking accounts have online account opening options.
Bank of America: 4 out of 5
Business Advantage Fundamentals Banking costs $16 per month. You can waive the fee in three different ways:
- Spend at least $250 on new net qualified debit card purchases
- Maintain a $5,000 combined average monthly balance
- Become a Preferred Rewards for Business member
Chase: 4 out of 5
The monthly fee for Chase Business Complete Banking is $15. Although this amount is higher than what most regional banks and online-only banking solutions charge, Chase provides many ways to waive fees. You only need to meet one of the following requirements:
- Maintain a $2,000 minimum daily balance
- Have $2,000 in net purchases on Chase InkBusiness Card(s)
- Have $2,000 in deposits from Chase QuickAccept or other eligible Chase Payment Solutions transactions
- Link a Chase Private Client Checking account
- Provide qualifying proof of military status
Bank of America: 5 out of 5
Business Advantage Fundamentals Banking gives you more flexibility when it comes to in-person transactions. You get a total of 200 free teller transactions each month.
Chase: 4 out of 5
Although Chase does not charge fees for electronic transactions, it only offers 20 teller or paper transactions per month.
Bank of America: 5 out of 5
Again, Bank of America provides more flexibility with cash deposits. Per month, you can deposit up to $7,500 fee-free. However, its excess deposit fee is slightly higher than Chase’s at 30 cents per $100 (Chase charges $2.50 per $1,000, which is equivalent to 25 cents per $100).
Chase: 4 out of 5
Business Complete Banking has a cash deposit limit of $5,000.
Bank of America: 4 out of 5
There are approximately 15,000 Bank of America ATMs. Out-of-network ATM use costs $2.50 per transaction.
Chase: 4 out of 5
Although Chase has more ATMs (approximately 16,000) it charges more for out-of-network use at $3.00.
Bank of America: 4 out of 5
New Bank of America business checking accounts are eligible for a $200 bonus. You earn the bonus by:
- Making qualifying deposits Qualifying deposits refer to money not previously held in Bank of America or Merrill accounts. worth at least $3,000 within the first 30 days of opening your account
- Maintaining a minimum balance of $3,000 or greater for the next 60 days
Additionally, if you can maintain a combined average daily balance of $20,000 or more across qualifying Bank of America business accounts, you can participate in the Preferred Rewards for Business program, whose benefits include the following:
- Discounts or waivers on banking fees, loan payments, merchant services, and payroll services
- Bonus rewards for credit cards
- Boosted APY for savings accounts
- Professional advice
Chase: 5 out of 5
Chase offers a $300 bonus when you open a new Chase Business Complete Banking Account online or in a branch and complete qualifying activities within the first 90 days.
To earn the $300 bonus, you need to:
- Open a new Chase Business Complete Banking account online or in a branch and present the $300 bonus offer (which you can receive by entering your email address on Chase’s website).
- Deposit a total of at least $2,000 in new money within 30 days.
- Maintain at least a $2,000 balance for 60 days from the offer enrollment.
- Complete five qualifying transactions Qualifying transactions are debit card purchases, credit and debit card payments via QuickAccept, Chase QuickDeposit transactions, ACH (credits), wires (credits and debits, and Chase Online Bill Pay transactions. within 90 days of enrollment.
Once these activities are completed, the bonus will be deposited into your account within 15 days. However, if you close your account within six months after offer enrollment, Chase will deduct the bonus for that account at closing. The offer is valid until October 17, 2024.
Bank of America: 5 out of 5
Bank of America has a higher-tier checking account called Business Advantage Relationship Banking. Beyond business checking, it also offers savings accounts, CDs, lines of credit, term loans, commercial loans, equipment loans, healthcare practice loans, and business insurance solutions (through Merrill).
Chase: 5 out of 5
Besides Business Complete Banking, Chase also offers two higher-tier business checking accounts. It also offers savings accounts, CDs, business lines of credit, small business loans, commercial real estate financing, and employee retirement solutions.
As you will see in this scenario, Bank of America may still be the less expensive option for your business even if you cannot waive its monthly fee.
Bank of America Business Advantage Fundamentals Banking | Chase Business Complete Banking | |
|---|---|---|
Average Monthly Balance | $3,000 | $3,000 |
Number of Transactions | 100 | 100 |
Cash Deposited In Month | $6,000 | $6,000 |
Possible Monthly Fees |
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Out-of-Network ATM Fees | 5 transactions × ($2.50 + $4.73*) = $36.15 | 5 transactions × ($3.00 + $4.73*) = $38.65 |
Possible Total Fee | $52.15 | $73.15 |
*The average ATM surcharge from the ATM owner from 2023 to 2024 was $4.73, per Bankrate’s[1] ATM fee study. | ||
Let’s say your business has an average monthly balance of $3,000, with 100 monthly transactions, $6,000 in cash deposits, and five out-of-network ATM transaction fees. In this scenario, Bank of America’s Business Advantage Fundamentals Banking is more affordable than Chase’s Business Complete Banking account.
Because Bank of America has higher limits for fee-free transactions and cash deposits, you would end up spending about $20 less than you would if you had banked with Chase. Unless you have a very low number of transactions each month, Business Advantage Fundamentals Banking will almost always be the more affordable option than Business Complete Banking.
Bank of America vs Chase Business Checking Higher-tier Accounts
Bank of America and Chase offer premium accounts for businesses with larger transaction volumes:
- Bank of America Business Advantage Relationship Banking offers a fee-free transaction allowance of 500 items per month and a cash deposit allowance of $20,000. It charges a monthly fee of $29.95.
- Chase Performance Business Checking charges $30 per month and provides a fee-free transaction allowance of 250 items per month and a cash deposit allowance of $20,000.
- Chase Platinum Business Checking has a monthly fee of $95 and offers 500 free transactions and an allowance of $25,000 free cash deposits per month.
Business Advantage Relationship Banking offers the same fee-free transaction allowance as Platinum Business Checking for a lower monthly fee. However, Chase’s higher tier accounts come with a few benefits Bank of America does not offer, such as waived out-of-network ATM fees and allowances for fee-free international wire transfers.
Middle & Higher-tier Checking Accounts Quick Comparison
Middle & High-tier Checking Accounts Sample Scenarios
Scenario 1: Lower Amount of Transactions, Cash Deposits & Out-of-Network ATM Withdrawals
Bank of America Business Advantage Relationship Banking | Chase Performance Business Checking | Chase Platinum Business Checking | |
|---|---|---|---|
Average Monthly Balance | $35,000 | $35,000 | $35,000 |
Number of Transactions | 375 | 375 | 375 |
Cash Deposited in Month | $25,000 | $25,000 | $25,000 |
Possible Monthly Fees |
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Out-of-Network ATM fees | |||
Domestic Outgoing Wires | 4 outgoing wires = 2 free, 2 × $35.00 = $70 | 4 outgoing wires = $0 | |
Possible Total Fee | $191.15 | $156.15 | $118.65 |
Before choosing Bank of America and Chase’s mid-tier checking accounts, determine whether you
- Can keep a balance of $35,000
- Have more than 250 transactions monthly
- Deposit more than $20,000 in cash
- Use out-of-network ATMs often
- Send domestic wires regularly
Compared with Bank of America’s Business Advantage Relationship Banking, Chase’s Performance Business Checking has cheaper fees for cash deposits, out-of-network ATM fees, and outgoing wire transfers. However, Business Advantage Relationship Banking has a significantly higher transaction limit than Performance Business Checking.
If you cannot maintain a minimum balance of $35,000 or greater, the $30 monthly fee for Chase Performance Business Checking will easily bump up your total spending. Chase Platinum Business Checking is only a good option if you can maintain a minimum balance of $100,000 or greater. Otherwise, you would be required to pay a steep $95 monthly fee.
Scenario 2: High Amount of Transactions, Wire Transfers, & Cash Deposits
Bank of America Business Advantage Relationship Banking | Chase Performance Business Checking | Chase Platinum Business Checking | |
|---|---|---|---|
Average Monthly Balance | $100,000 | $100,000 | $100,000 |
Number of Transactions | 500 | 500 | 500 |
Cash Deposited in Month | $30,000 | $30,000 | $30,000 |
Possible Monthly Fees |
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Out-of-Network ATM fees | |||
Domestic Outgoing Wires† | 4 outgoing wires = 2 free, 2 × $35.00 = $70 | 4 outgoing wires = $0 | |
Possible Total Fee | $206.15 | $218.65 | $36.15 |
*The average ATM surcharge from the ATM owner from 2023 to 2024 was $4.73, per Bankrate’s[1] ATM fee study. | |||
When your monthly balance is high enough to waive the Chase Platinum Business Checking monthly fee, it is the best choice of these three accounts. It gives you the highest amount of free cash deposits per month ($25,000 compared with $20,000) and up to four of your most expensive outgoing wires free each month. So, if you send outgoing wires regularly, then it is the most cost-saving option.
Bank of America vs Chase Business Checking User Reviews
Bank of America earned a WalletHub rating of 3.9 stars (based on around 39,000 reviews)[2]. Meanwhile, Chase earned a rating of 3.8 stars (based on around 27,000 reviews)[3].
Users who gave the providers positive ratings rarely included written explanations. The few positive written reviews on the platform typically focused on individual staff members from specific branches.
Bank of America and Chase also received negative reviews concerning customer service. Some users complained that the banks failed to provide satisfactory customer support, especially when they reported fraud incidents.
Common criticisms specific to Bank of America include:
- Lack of support for fraud victims: A couple of scam victims said the bank failed to recover their funds and closed their cases without a successful resolution. They claimed that the debit charges were not reimbursed and it took some time to speak with a representative.
- Long hold times for check deposits: Users often complained that the Bank of America check-clearing process takes too long.
Meanwhile, negative feedback about Chase includes:
- Denied claims for fraud disputes: A few clients mentioned the bank failed to protect them from fraud incidents. No refunds were made and one said the fraud prevention system was archaic.
- Poor customer service: According to some customers, the Chase customer service representatives they interacted with lacked proper communication and were unhelpful. Further, they reported that the phone waiting time exceeds an hour.
Frequently Asked Questions (FAQs)
Both offer outstanding business checking accounts. Choosing one over the other will depend on what aligns best with your business needs. If your transactions are mainly digital, then Chase will serve your needs. However, if you have more in-person transactions, Bank of America is the better choice.
Yes, Bank of America is an excellent bank for small businesses. It offers checking accounts with high cash deposit allowances and free monthly transactions, ongoing rewards, and outstanding business support services.
Bottom Line
When comparing Bank of America vs Chase business accounts, it is evident that regardless of which checking product you choose, you will receive the support of an excellent, brick-and-mortar bank. Head-to-head, Bank of America has a slight edge over Chase when comparing lowest- and mid-tier accounts. However, Chase’s Platinum Business Checking stands out as the best overall if your account has high average balances and your cash deposit amounts are high per month.
Before choosing an account, estimate the number of transactions and amount of cash you will deposit monthly. Also, calculate the number of monthly fees for each account, and select the least costly for your business each month.
References:
[1]Bankrate
[2]Bank of America on WalletHub
[3]Chase on WalletHub
