Traditional banks like Bank of America and Chase offer a wide range of quality business products, including scalable checking accounts.
Bank of America’s Business Advantage Fundamentals™ Banking stands out for its robust digital tools, such as cash flow forecasting and financial management dashboards, that help business owners plan and manage more effectively. Meanwhile, Chase’s Business Complete Banking℠ is ideal for businesses that prioritize digital over in-person transactions, offering integrated payment acceptance and user-friendly online banking.
Here is a summary of what each provider offers:
- Bank of America Member FDIC Business Advantage Fundamentals Banking $15 waivable monthly fee. : Offers 20 free non-electronic transactions, unlimited digital transactions, up to $5,000 in free cash deposits per month, and access to powerful cash flow tools, with a $16 monthly fee that’s waivable through balance, spending, or rewards enrollment.
- Chase Member FDIC Business Complete Banking $16 waivable monthly fee. : Includes 20 fee-free teller transactions, unlimited digital transactions, $5,000 in free monthly cash deposits, and built-in card payment acceptance via QuickAccept℠, with a $15 monthly fee that’s waivable through balance, deposits, or military status.
Basic Bank of America vs Chase business account: Quick comparison
 Business Advantage Fundamentals Banking |  Business Complete Banking | |
|---|---|---|
Debit Card | Free debit card | Free debit card |
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 | |
|---|---|---|
OVERALL RATING | 4.5 ★ | 4.75 ★ |
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 offer comparable entry-level business checking accounts, each with waivable monthly maintenance fees, online account opening, and broad access to physical branch locations across the US. Both are strong choices among traditional banks for business owners who value a mix of digital convenience and in-person support.
While neither account now offers a particularly high fee-free transaction limit for in-person activity, Bank of America stands out with its powerful built-in financial tools like Cash Flow Monitor and Business Advantage 360. Meanwhile, Chase has the edge with a more flexible range of options for waiving the monthly fee, a typically more generous welcome bonus for new account holders, and the largest branch and ATM network among US banks.
Bank of America: 4 out of 5
Bank of America has over 3,700 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 4,800 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 $500 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 flexibility when it comes to in-person transactions. You get a total of 20 free teller transactions each month.
Chase: 5 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
Business Advantage FundamentalsTM Banking has a cash deposit limit of $5,000.
Chase: 5 out of 5
Business Complete Banking has a cash deposit limit of $5,000.
Bank of America: 5 out of 5
There are approximately 15,000 Bank of America ATMs. Out-of-network ATM use costs $2.50 per transaction plus third-party fees.
Chase: 5 out of 5
There are approximately 15,000 Chase ATMs. Out-of-network ATM use costs $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 worth at least $5,000 within the first 30 days of opening your account
- Maintaining a minimum balance of $5,000 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 bonus of up to $500 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 within 90 days of enrollment.
To earn the $500 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 $10,000 in new money within 30 days.
- Maintain at least a $10,000 balance for 60 days from the offer enrollment.
- Complete five qualifying 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 September 17, 2025.
Bank of America: 5 out of 5
Bank of America has a higher-tier checking account called Business Advantage Relationship Banking. 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.
Our related resource: How to Open a Business Bank Account [+ Checklist]
As you will see in this scenario, Chase may 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 |
|
|
Possible Total Fee | $55.00 | $49.50 |
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, Chase’s Business Complete Banking account is more affordable than Bank of America’s Business Advantage Fundamentals 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 and higher-tier checking accounts quick comparison
Middle and high-tier checking accounts sample scenarios
Scenario 1: Lower Amount of transactions, cash deposits, and 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 |
|
|
|
Domestic Outgoing Wires | 4 outgoing wires × $30.00 = $120 | 4 outgoing wires = 2 free, 2 × $35.00 = $70 | 4 outgoing wires = $0 |
Possible Total Fee | $135.00 | $132.50 | $95.00 |
Before choosing Bank of America and Chase’s mid-tier checking accounts, determine whether you:
- Can keep a balance between $15,000 and $35,000
- Have more than 250 transactions monthly
- Deposit more than $20,000 in cash
- Send domestic wires regularly
In this scenario, the account with the highest monthly maintenance fee actually costs less in the long run. With a set number of free wires, a higher cash limit, and higher transaction limits, the bottom line was significantly lower, even though the $100,000 monthly balance was not met.
Take an honest look at your usual monthly activity and compare to see which account best fits your business needs.
Scenario 2: High Amount of transactions, wire transfers, and 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 |
|
|
|
Domestic Outgoing Wires† | 4 outgoing wires × $35.00 = $140 | 4 outgoing wires = 2 free, 2 × $35.00 = $70 | 4 outgoing wires = $0 |
Possible Total Fee | $170.00 | $195.00 | $12.50 |
This is similar to the scenario earlier, the account with the highest monthly maintenance fee actually costs less in the long run. With a set number of free wires, a higher cash limit, and higher transaction limits, the bottom line was significantly lower, especially since the $100,000 monthly balance was met.
Check out our Chase Platinum Business Checking review to learn more about its features and benefits.
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). Meanwhile, Chase earned a rating of 3.8 stars (based on around 27,000 reviews).
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; 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.
Alternative business banking solutions
For business owners looking beyond traditional banks like Bank of America and Chase, fintech platforms offer a modern, digital-first approach to business banking. They cater specifically to startups, freelancers, and small businesses, prioritizing low fees, fast digital access, and easy-to-use tools. While they may not offer in-person branches, they make up for it with streamlined features, innovative financial technology, and fee-free structures that appeal to today’s entrepreneurs.
- Mercury Mercury is a financial technology company, not a bank. Banking services provided by Choice Financial Group, Column N.A., and Evolve Bank & Trust®; Members FDIC. : Best for tech startups & digital-first business models
- Novo Novo Platform Inc. is a fintech, not a bank. Banking services provided by Middlesex Federal Savings, F.A., Member FDIC. : Best for freelancers and online businesses
- Bluevine Bluevine is a financial technology company, not a bank. Banking services provided by Coastal Community Bank, Member FDIC. : Best for small businesses that want an interest-bearing account
 |  |  | |
|---|---|---|---|
Minimum opening deposit | $0 | $0 | $0 |
Monthly fee | $0 | $0 | $0 |
ATM access | No charge for out-of-network ATMs, although operator fees apply; free access to the Allpoint ATM network | No ATM fees; refunds up to $7 in third-party ATM fees each statement cycle | Free at MoneyPass ATM locations; $2.50 for out-of-network usage |
Free monthly transactions | Unlimited | Unlimited | Unlimited |
Cash deposits | Cash deposits not accepted | Cash deposits not accepted |
|
Domestic wires | Free incoming and outgoing | Free incoming; $30 domestic outgoing | Free incoming; $15 domestic outgoing |
International wires | Free as long as it is sent through Mercury’s structure | Free incoming, outgoing sent through Wise partnership | $15 incoming; $25 outgoing in USD and $25 + 1.5% in foreign currency |
APY | N/A | N/A | |
Integrations | QuickBooks, NetSuite, Xero, Shopify, Stripe, Slack, Square, Zapier, Amazon, and PayPal | QuickBooks, Stripe, Square, and PayPal | QuickBooks, Xero, Wave, Wise, Venmo, CashApp, and Square |
Frequently asked questions (FAQs)
Chase is a great fit for businesses seeking more options for fee waivers, frequent welcome bonuses, and access to the largest branch network in the U.S. Bank of America’s account stands out for its powerful built-in financial tools, flexible fee waivers tied to debit spending, and the Preferred Rewards for Business program. Ultimately, the better account depends on your priorities — choose Chase for accessibility and upfront perks, or Bank of America for smarter financial management and relationship-based rewards.
Yes, Bank of America is a solid choice for small businesses, especially those looking for strong digital tools and scalable services. Its Business Advantage Fundamentals™ account includes useful features like Cash Flow Monitor and Business Advantage 360 for financial planning. With multiple ways to waive the monthly fee and access to Preferred Rewards for Business, it supports both new and growing businesses effectively.
Chase business checking is better than Bank of America for businesses that prioritize lower balance requirements to waive fees, access to more physical branches, and occasional sign-up bonuses. However, Bank of America may be the better choice if you want advanced digital tools and spending-based fee waivers. Each account has strengths, so the better option depends on your specific business habits and preferences.
Yes, Chase is a strong option for business banking, especially for small businesses and startups. It offers flexible ways to waive the monthly fee, a user-friendly mobile app, and integrated payment processing through QuickAccept℠. With the largest branch and ATM network in the US and frequent sign-up bonuses, Chase makes business banking convenient and accessible for a wide range of business needs.
Bottom line
Both Bank of America and Chase offer strong business checking options, each with unique strengths. Bank of America shines with its built-in financial tools and rewards for loyal customers, while Chase stands out for easier fee waivers, generous welcome bonuses, and unmatched branch access. The best choice ultimately depends on your business’s specific needs, whether you prioritize digital tools and long-term perks or prefer accessibility and upfront savings.
