Traditional banks remain a popular choice for small business owners because they combine business checking with lending, payment processing, savings products, and in-person banking support. Two of the most recognizable options are Bank of America and Chase, both of which offer scalable business checking accounts designed to grow alongside your business.
Bank of America’s Business Advantage Fundamentals™ Banking is best suited for business owners who want built-in financial management tools and relationship-based rewards. Features like Cash Flow Monitor, Business Advantage 360, and Preferred Rewards for Business can help you better manage cash flow and unlock additional banking benefits over time.
Chase Business Complete Banking℠ stands out for its accessibility, flexible fee waiver options, and integrated payment acceptance through QuickAccept℠. Combined with one of the largest branch and ATM networks in the country, it is a strong choice for businesses that want convenient everyday banking and built-in payment processing.
While both accounts offer unlimited digital transactions, waivable monthly fees, and access to a full suite of business banking products, Chase earns the edge overall due to its broader branch network, easier fee waiver requirements, and stronger welcome bonus opportunities.
Here is a summary of what each provider offers:
- Bank of America Business Advantage Fundamentals™: 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 Business Complete Banking℠ : 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.
To compare Bank of America Business Advantage Fundamentals™ Banking and Chase Business Complete Banking℠, I focused on the factors that matter most to small business owners when choosing a traditional business checking account. My goal was to determine which account delivers the best overall value for everyday banking, cash management, and long-term business growth.
I evaluated each account using consistent criteria that reflect how business owners compare banking products in real-world situations, including the following categories:
Fees and waiver options: I compared monthly maintenance fees, minimum balance requirements, and all available methods for avoiding monthly charges to determine which account is easier and more affordable to maintain.
Transaction and cash deposit limits: I reviewed the number of fee-free transactions included each month, cash deposit allowances, and excess transaction fees to assess how well each account supports different business activity levels.
Digital banking tools: I evaluated each bank’s online and mobile banking experience, financial management features, cash flow tools, payment processing capabilities, and overall ease of managing business finances digitally.
Branch, ATM, and banking access: I considered branch availability, ATM network size, online account opening options, and accessibility for businesses that rely on both digital and in-person banking services.
Business products and scalability: I reviewed each bank’s broader suite of business products, including higher-tier checking accounts, savings accounts, lending options, merchant services, and additional solutions that can support business growth over time.
Rewards, bonuses, and added value: I compared welcome offers, relationship rewards programs, and other account benefits that may provide additional value beyond basic checking services.
Customer experience: To help validate real-world performance, I reviewed customer feedback and ratings from third-party review platforms and considered common themes related to customer service, account management, and overall satisfaction.
In addition to reviewing account disclosures, fee schedules, and product information directly from Bank of America and Chase, I relied on my experience evaluating business banking products to assess how each account performs for different types of small business owners.
I am committed to delivering expertise-led answers to your small business questions by using my first-hand experience and testing platforms or services when able.
I ensure that the best answers I provide are founded on accuracy, clarity, authority, objectivity, and accessibility. Those are aligned with the Fit Small Business Editorial Policy.
Basic Bank of America vs Chase business account: Quick comparison
When to use each bank
Bank of America |
While both accounts offer solid features for small businesses, Bank of America’s Business Advantage Fundamentals™ Banking stands out with several key advantages that can offer more value and flexibility for growing companies. Here are three scenarios when you should choose a Bank of America vs Chase business account:
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Chase |
Although Bank of America brings strong financial tools to the table, Chase’s Business Complete Banking℠ account offers several practical advantages that may better suit everyday operations and accessibility for small business owners. Here are three instances when you should go for a Chase vs Bank of America business checking account:
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Alternatives |
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If your business fits any one of these scenarios, you can look into our list of the best small business checking accounts for additional options |
Basic Chase vs Bank of America business checking account features comparison
Bank of America | Chase | |
|---|---|---|
OVERALL RATING | 4.625 ★ | 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 4,900 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
Bank of America Business Advantage Fundamentals™ 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
Bank of America Business Advantage Fundamentals™ 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
Bank of America Business Advantage Fundamentals™ Banking has a cash deposit limit of $5,000.
Chase: 5 out of 5
Chase 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: 5 out of 5
Enroll in this offer through a Bank of America associate and open a new Business Advantage Relationship Banking or Bank of America Business Advantage Fundamentals™ account by July 31, 2026.
Deposit New Money directly into your new eligible Business Advantage Banking account within thirty (30) days of account opening (“Deposit Period”). “New Money” is money not currently or previously held in a Bank of America account or Merrill investment account. Transfer limits may apply. At the end of the Deposit Period, all New Money deposits made to your account will be totaled to determine which Balance Requirement you have met and which corresponding Cash Bonus Tier you are eligible for (see Bonus Chart).
Maintain a daily balance in that new Business Advantage Banking account that meets the applicable Balance Requirement (see Bonus Chart) during the Maintenance Period. The “Maintenance Period” begins thirty-one (31) days after enrollment and ends ninety (90) days after account opening. During the Maintenance Period, if your daily balance drops below the minimum of the Balance Requirement listed for a corresponding Cash Bonus Tier, you will no longer be eligible for that Cash Bonus Tier, but may be eligible for a lower tier (as applicable, based on the lowest daily balance during the Maintenance Period). If your daily balance drops below $5,000 on any day during the Maintenance Period, you will no longer be eligible for a cash bonus. After you satisfy all of the requirements, we will attempt to deposit the earned bonus directly into your Business Advantage Banking account within sixty (60) days.
Chase: 5 out of 5
Eligibility: Offer not available to existing Chase business checking customers, government entities, political action committees, or those with campaign or other political accounts or accounts closed within 90 days of opening or accounts closed with a negative balance within 3 years from account opening. Signers can receive one business checking offer every two years from the last offer enrollment date. One offer per account. Employees of JPMorgan Chase Bank, N.A., and affiliates are not eligible.
How to qualify:
1. Open a new Chase Business Complete Banking℠ account online or at a branch. For Chase Performance Business Checking®, Chase Performance Business Checking® with Interest, Chase Platinum Business CheckingSM, or Not For Profit accounts, visit a branch to open an account. Accounts subject to approval.
- Deposit the minimum amount shown below in new money (cannot be existing deposits at Chase or affiliates) into your new qualifying checking account within 30 days of offer enrollment and maintain that balance for 60 days from offer enrollment. If your balance falls below the required minimum deposit amount shown below at any time during the 60 days, your offer amount may be reduced or may no longer qualify.
- Complete any combination of 5 qualifying transactions within 90 days from offer enrollment (includes debit card purchases, Chase QuickDepositSM, ACH credits, wire credits/debits, Chase OnlineSM Bill Pay, Chase QuickAccept®). QuickAccept card payments are combined into one daily qualifying transaction. QuickAccept is not available to all businesses.
Excluded transactions: ACH debits, Person-to-Person payments such as Zelle®, and online transfers to Chase credit cards.
Payout: After meeting all requirements, the offer amount will be deposited within 15 days. Account must be open and unrestricted at payout. One-time use only. Chase may withdraw the offer at any time. Offer is considered interest and may be reported on IRS Form 1099-INT (or Form 1042-S, if applicable).
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 Chase 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™ | Chase Business Complete Banking℠ | |
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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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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 $40 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
Bank of America vs Chase Business Checking user reviews
Bank of America earned a WalletHub rating of 3.7 stars (based on around 47,900 reviews). Meanwhile, Chase earned a rating of 3.8 stars (based on around 28,400 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.
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.