Bank of America vs Chase Business Checking 2023?
This article is part of a larger series on Business Banking.
If you want access to quality business checking services from established traditional banks, Bank of America and Chase are good options. Both providers offer a wide range of business products, including scalable business checking accounts.
Bank of America’s Business Advantage Fundamentals Banking is great for businesses needing generous fee-free transaction allowances for a fair monthly fee. Meanwhile, Chase’s lowest-tier checking account, Business Complete Banking, is great for businesses that primarily make digital transactions and have minimal in-person transaction needs.
Here is a summary of what each provider offers:
- Bank of America Business Advantage Fundamentals Banking charges a waivable $16 monthly fee while providing 200 free teller or paper transactions a month and up to $7,500 in cash deposits monthly
- Chase Business Complete Banking charges a waivable monthly fee of $15 and offers a fee-free allowance of 20 teller transactions and up to $5,000 in cash deposits per month
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), Turbo Tax, and other connected apps | QuickBooks 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 | |
|---|---|---|
4.63 ★ | 4.13 ★ | |
Geographic Availability | ★★★★ | ★★★★★ |
Online Account Opening | ★★★★★ | ★★★★★ |
Monthly Fees | ★★★★ | ★★★★ |
Monthly Transaction Limits | ★★★★★ | ★★★★ |
Monthly Cash Deposit Limits | ★★★★★ | ★★★★ |
ATM Network And Fees | ★★★★ | ★★★★ |
Rewards & Bonuses | ★★★★★ | ★★ |
Other Business Products | ★★★★★ | ★★★★★ |
Rating Explanation:
★★★★★ 5: This feature enhances your banking experience at little to no cost.
★★★★ 4: This feature has a few minor drawbacks/limits or comes at a slight cost.
★★★ 3: This feature has a few drawbacks/limits or comes at a slightly high cost.
★★ 2: This feature has a few major drawbacks/limits or comes at a high cost.
★ 1: This feature has major drawbacks/limits.
0: This feature is unavailable.
★★★★★ 5: This feature enhances your banking experience at little to no cost.
★★★★ 4: This feature has a few minor drawbacks/limits or comes at a slight cost.
★★★ 3: This feature has a few drawbacks/limits or comes at a slightly high cost.
★★ 2: This feature has a few major drawbacks/limits or comes at a high cost.
★ 1: This feature has major drawbacks/limits.
0: This feature is unavailable.
Bank of America: 4 out of 5
Bank of America has approximately 6,200 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 4,700 branches, Chase has a smaller network than Bank of America. However, it 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 in 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 average daily balance
- Have $2,000 in net purchases on Chase InkBusiness Cards
- 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 $0.30 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: 5 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 $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 on banking fees, loan payments, merchant services, and payroll services
- Bonus rewards for credit cards
- Boosted APY for savings accounts
- Professional advice
Chase: 2 out of 5
As of August 2023, Business Complete Banking no longer offers welcome bonuses. However, it still has promotions for other business products. Ink Business Cash Credit Card holders, for example, can earn bonus cash back worth $750 by spending at least $6,000 within three months of account opening.
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.
For tips on choosing a business bank account, refer to our guide on how to open a business bank account.
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 Checking | |
|---|---|---|
Average Monthly Balance | $3,000 | $3,000 |
Number of Transactions | 100 | 100 |
Cash Deposited In Month | $6,000 | $6,000 |
Possible Monthly Fees |
|
|
Out-of-Network ATM Fees | 5 transactions × ($2.50 + $3.14*) = $28.20 | 5 transactions × ($3.00 + $3.14*) = $30.70 |
Possible Total Fee | $44.20 | $65.20 |
*The average ATM surcharge from the ATM owner from 2022 to 2023 was $3.14, 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 5 out-of-network ATM transaction fees. In this scenario, the Bank of America Business Advantage Fundamentals Checking account is more affordable than the Chase 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, Bank of America’s Business Advantage Fundamental Banking will almost always be a more affordable option than Chase’s Business Complete Banking.
Bank of America vs Chase Business 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 Checking | 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 |
|
|
|
Out-of-Network ATM fees | |||
Domestic Outgoing Wires | 4 outgoing wires = 2 free, 2 × $35.00 = $70 | 4 outgoing wires = $0 | |
Possible Total Fee | $183.20 | $148.2 | $110.40 |
If you can maintain a minimum balance of $35,000, choosing between Bank of America and Chase’s mid-tier accounts is a matter of determining which banking services you use most frequently. Compared to Bank of America’s Business Advantage Relationship Checking account, Chase Performance Business Checking has cheaper fees for cash deposits, out-of-network ATM fees, and outgoing wire transfers. However, Business Advantage Relationship Checking has a significantly higher transaction limit.
Additionally, 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 Checking | 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 |
|
|
|
Out-of-network ATM fees | |||
Domestic Outgoing Wires† | 4 outgoing wires = 2 free, 2 × $35.00 = $70 | 4 outgoing wires = $0 | |
Possible Total Fee | $183.20 | $210.70 | $28.20 |
When you have a monthly balance 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) and up to four of your most expensive outgoing wires free each month. If you are sending frequent outgoing wires, this can save you a tremendous amount of money each month in fees.
Bank of America vs Chase Business Checking User Reviews
Bank of America earned a WalletHub rating of 3.9 stars (based on 39,000-plus reviews)[2]. Meanwhile, Chase earned a rating of 3.8 stars (based on more than 26,000 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.
When it came to negative reviews, Bank of America and Chase were criticized for failing to provide personalized customer service. Users said that they rarely felt that these banks cared about their consumers.
Common criticisms specific to Bank of America include:
- Lack of support for fraud victims: Many past victims of fraud said they received no assistance or reimbursements from Bank of America.
- 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 include:
- Difficult requirements for waiving monthly fees: A few users found the minimum balance requirement of $2,000 too steep compared to the value Business Complete Banking provides.
- Hard-to-reach customer service: According to customers, Chase branches are often short-staffed, which leads to long teller lines. Additionally, many found it difficult to reach customer service through the phone.
Bottom Line
When comparing Bank of America’s two business checking accounts and Chase’s three, it is evident that regardless of which account you choose, you will be getting the support of an excellent, brick-and-mortar bank. Head-to-head, Bank of America has a slight edge over Chase when comparing lowest-tier accounts and midtier accounts. However, Chase’s Platinum Business Checking stands out as the best overall if your bank has high average balances and a high amount of cash deposits.
Before choosing an account, estimate the number of transactions and amount of cash deposited each month. Calculate the number of monthly fees with each account and choose the one that will be the least expensive for your business each month.
References:
1Bankrate
2Bank of America on WalletHub
3Chase on WalletHub
