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Banking | Editorial Review

Chase Business Checking Review: Complete vs. Performance vs. Platinum

Published January 5, 2024

Published Jan 5, 2024

Tricia Jones

REVIEWED BY:
Tricia Jones

Ricci Recto

WRITTEN BY:
Ricci Recto

This article is part of a larger series on Business Banking.

TABLE OF CONTENTS

Chase is one of the best traditional banks on the market. Because it has more than 4,800 brick-and-mortar branches and provides nationwide access to online banking, its services are accessible to the majority of businesses in the United States. It also offers a comprehensive range of banking services, including business checking, savings products, lending products, credit cards, retirement services, and business services.

The bank offers three flexible business checking account options, which each come with waivable monthly fees and generous transaction limits. Choosing which account suits your business will depend on the size of your business, particularly the number of transactions and the amount of cash your business deposits monthly.

Here are the three Chase business checking accounts and what each is best for, with links directly to Chase’s website:

Chase Business Checking Compared

Business Complete Banking
Performance Business Checking
Platinum Business Checking
Monthly Fees (Waivable)
$15 You can waive the monthly fee by meeting one or more of the following activity requirements:
1. Maintain a $2,000 average daily balance.
2. Have $2,000 in net purchases on Chase InkBusiness Card(s).
3. Have $2,000 in deposits from Chase QuickAccept or other eligible Chase Payment Solutions transactions.
4. Link a Chase Private Client Checking account.
5. Provide qualifying proof of military status.
$30 You can waive the monthly fee by maintaining a combined average daily balance of $35,000 or greater in qualifying business deposit accounts.
$95 You can waive the monthly fee by maintaining a combined average daily balance of $100,000 across qualifying business deposit and business investment balances.

If you have a linked Private Client Checking account, you only need to maintain a combined average daily balance of $50,000.

Required Opening Deposit
None
Required Balance Minimum
None
Transaction Limit Before Fees
Unlimited debit card and Chase ATM transactions;
20 teller and paper transactions
Unlimited electronic deposits;
250 transactions
Unlimited electronic deposits;
500 transactions
Excess Transaction Fee
40 cents per item
Automated Clearing House (ACH) Fees
$25 for first 25 items, 15 cents per item above 25 per month; $2.50 return fee
Domestic Wire Transfer Fees
Up to $35 for outgoing, up to $15 for incoming
All incoming and two most expensive outgoing wires free each month; up to $35 for outgoing
All incoming and four most expensive outgoing wires free each month; up to $35 for outgoing
International Wire Transfer Fees
Up to $50 for outgoing, up to $15 for incoming
Incoming are free; up to $50 for outgoing
Incoming are free; up to $50 for outgoing
ATM Fees Third-party operator fees may apply.
$3 per transaction at any non-Chase ATM, plus ATM operator fees
Chase does not charge out-of-network fees
Monthly Cash Deposit Limit
$5,000
$20,000
$25,000
Excess Cash Deposit Fee
$2.50 per $1,000
APY
N/A
Reviews
Business Complete Banking
Performance Business Checking
Platinum Business Checking
Debit Card
Free debit card, mailed within 10 business days of application approval
Physical Checks
Cost varies depending on the type of checks ordered
Accounting
Integrates with QuickBooks and other leading accounting software
Business Payment
Integrations available with Chase Merchant Services
Invoicing
Integrations available with Chase Merchant Services
Customer Service
Live customer support online or in bank branch locations
Other Products Available
Business savings and certificates of deposit (CDs), lending products, credit cards, merchant services, collection services
Subaccounts
None
Link up to 99 Chase Performance Business Checking subaccounts
Link up to 99 Chase Platinum Business Checking subaccounts
Reviews

When To Use

  • You have a low monthly transaction volume: With Business Complete Banking, you are limited to 20 free teller and paper transactions and $5,000 in free cash deposits per month.
  • You send very few wire transfers: Chase charges fees for all wire transfers, including incoming wire transfers, at this account level.
  • You want to bank without a monthly fee: You can waive the $15 monthly fee by maintaining an average daily balance of $2,000 or greater, making $2,000 or more in purchases on the Chase Ink Business Card, receiving at least $2,000 in deposits from payment solutions, linking to a Chase Private Client Checking account, or presenting qualifying proof of military service.
  • You have a low-to-moderate transaction volume: Performance Business Checking allows up to 250 free monthly transactions and up to $20,000 in free cash deposits each month.
  • You use out-of-network ATMs regularly: Chase does not charge out-of-network ATM fees on either Performance or Platinum Business Checking accounts. Third-party ATM operator fees may still apply.
  • You want to bank without a monthly fee: You can waive the $30 monthly fee by maintaining an average beginning day balance of at least $35,000 in qualifying business accounts.
  • You have a moderate-to-high transaction volume: In our list of the best banks for small businesses, we named Chase the best provider for premium checking. The Platinum Business Checking account offers generous monthly limits of up to 500 free transactions and up to $25,000 in free cash deposits.
  • You send wire transfers regularly: With Platinum Business Checking, your four most expensive outgoing wire transfers in a statement cycle are free.
  • You want to bank without a monthly fee: You can waive the $95 monthly by maintaining an average daily balance of at least $100,000 across business deposit and investment accounts. If you have a Chase Private Client Checking account, this average balance requirement lowers to $50,000.
  • You want a business checking account that draws interest: None of Chase’s business checking products earn interest. If you want to earn interest on qualifying deposits, Bluevine is a great option, as its standard checking earns 2.00% annual percentage yield (APY) on qualifying balances of $250,000 and over. Our Bluevine business checking review lists the activity requirements you need to meet to qualify.
  • You want lower monthly fees and minimum balance requirements: Chase’s lowest tier account charges a $15 monthly fee, waivable with a minimum daily balance of $2,000. Wells Fargo’s lowest tier account only charges $10 monthly, with a minimum daily balance of $500 to waive fees. Read our Chase vs Wells Fargo business checking comparison to see how the two perform side-by-side.
  • You need higher transaction limits for the same monthly fee: Bank of America’s basic account offers a monthly transaction allowance of up to 200 free transactions, including teller and paper transactions. It charges a waivable $16 monthly fee. For more information, read our comparison of Bank of America vs Chase business accounts.
  • You want lower fees for cash deposits: While Chase charges a fee of $2.50 per $1,000 deposited in excess of $5,000, Capital One The Capital One account opening process occasionally requires applicants to visit a physical branch to complete their applications. There are branches in Virginia, Texas, New York, New Jersey, Maryland, Louisiana, and Washington, D.C.  only charges $1 per $1,000. Like Chase, it has a $5,000 fee-free cash deposit allowance. Our Chase vs Capital One business checking comparison can help you determine which account suits you best.

You can check out our guide to the best small business checking accounts for additional alternatives.

Chase Business Checking Accounts Features

Chase has three business checking accounts that scale as your business grows. As your business needs more monthly transactions, deposits more cash each month, and has higher ADBs, you can move up Chase’s banking tiers to find the right fit. It’s why we consider Chase one of the best small business checking accounts.

Click the section headers below for more information.

The monthly fees for each business checking account can be waived if qualifying activities are completed. Click the corresponding tab below to see how to waive the monthly fees for each account.

The $15 monthly fee can be waived by meeting one of the following criteria:

  • Have a $2,000 minimum daily balance
  • Have $2,000 in net purchases on your Chase Ink® Business 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

The $30 monthly fee can be waived by meeting the following criteria:

  • Maintain a combined ADB of $35,000 or more in qualifying business deposit accounts

The $95 monthly fee can be waived by meeting one of the following criteria:

  • Maintain a combined ADB of $100,000 or more in qualifying business deposit and business investment balances
  • Maintain a combined ADB of $50,000 and link a Chase Private Client Checking℠ account

Chase also offers a $300 bonus for opening a business checking account, which is one reason it earned a spot in our roundup of the top-recommended banks for startups. However, you can only earn the new checking account bonus every two years from the last enrollment date and only once per account. You also have to meet the following criteria:

  • Visit a branch or Chase’s website and open a new Chase Business CheckingSM account
  • Deposit a total of $2,000 or more in new money into your new checking account within 30 days of offer enrollment
  • Maintain at least a $2,000 balance for 60 days from the offer enrollment; the new money cannot be funds held by your business at Chase or its affiliates
  • Complete five qualifying transactions within 90 days of offer enrollment. Qualifying transactions include debit card purchases, receiving credit or debit card payments with QuickAccept, Chase QuickDeposit, ACH (Credits), wires (Credits and Debits), and Chase Online℠ Bill Pay.

There are no ATM fees at any one of over 16,000 Chase ATMs. At the two highest tiers, Chase doesn’t charge out-of-network ATM fees, although third-party fees may apply. If you have Business Complete Banking, Chase charges $3 per transaction plus third-party fees. You can also stop by one of more than 4,800 Chase locations throughout the US.

In our list of the top business checking accounts for limited liability companies (LLCs), we named Chase the best provider for full-service banking. On top of excellent checking products, Chase provides the following business banking services:

  • Savings products: Chase provides a basic business savings account, a premium business savings account, and business CDs with terms ranging from 31 days to 10 years.
  • Credit cards: There are 10 business credit cards in Chase’s product lineup. Cards can earn cash back, redeemable points, or miles. See our guide to the best Chase business credit cards for more information.
  • Lending products: Available Chase business lending products include term loans, lines of credit, and equipment and trade financing. Chase also offers commercial real estate (CRE) financing, which is why we included it in our roundup of the leading banks for real estate investors.
  • Retirement services: You can offer your employees retirement benefits through Everyday 401(k) by J.P. Morgan, Chase’s low-cost 401(k) plan solution.
  • Business services: Chase offers fraud and security services, pay and transfer services, and collection and deposit services.

Chase Business Checking Requirements

Chase’s business checking requirements include personal information and business documentation. When you apply, you will be asked to provide the following documents:

  • Two forms of valid identification (at least one must be government-issued)
  • Your employer identification number (EIN)

Owners, partners, or members with a 10% ownership stake or more are also required to provide the following:

  • Full name as it appears on government-issued ID
  • Legal business name (only used when an owner of the partnership is another entity or trust)
  • Residential address (business address only required if the owner is a business)
  • Percentage of ownership
  • Date of birth
  • Tax identification number (TIN), such as Social Security number, international TIN, or federal TIN
  • Country of citizenship
  • Identification information from either passport or matricula consular card (for non-US citizens without green cards)

The business documents you must submit will depend on your organization’s entity type. For a complete list of which documents you will need for your business type, click the heading that corresponds to your company structure:

  • Assumed name certificate, trade name certificate, fictitious business name statement, or doing-business-as (DBA), if applicable

  • Assumed name certificate, trade name certificate, fictitious business name statement, or DBA, if applicable
  • Written partnership agreement
  • Joint venture agreement
  • Personal identification (only available in certain states)
  • Website validation (must be obtained free of charge)

General:

  • Assumed name certificate, trade name certificate, fictitious business name statement, or DBA, if applicable
  • Certified partnership agreement
  • Website validation (must be obtained free of charge)
  • Active status verification
  • Certificate of good standing, status report, or long form or short form standing (if registered more than one year ago)

  • Assumed name certificate, trade name certificate, fictitious business name statement, or DBA, if applicable

  • Assumed name certificate, trade name certificate, fictitious business name statement, or DBA, if applicable
  • Certified articles of incorporation or certificate of formation.
  • Website validation (must be obtained free of charge)
  • Active status verification
  • Certificate of good standing, status report, long form standing or short form standing (if registered more than one year ago)
  • Documentation that certifies that your business is entitled to operate in the state where your business address is located (if your business operates outside the state it is organized in)
  • Business documentation from the state the business is organized in
  • Foreign registration or certification from the state the account is being opened in.

If organization or association is using its EIN:

  • Articles of association
  • Charter document validating existence
  • IRS confirmation of EIN Issuance
  • Assumed name certificate, trade name certificate, fictitious business name statement, or DBA, if applicable

If organization or association is using an EIN of national or regional organization:

  • Letter of authorization from a national or regional office (must include EIN of national or regional office)
  • Assumed name certificate, trade name certificate, fictitious business name statement, or DBA, if applicable

You can also check out our guide on how to open a business bank account for a checklist of documents banks typically require.

Chase Business Checking: Account Sample Scenarios

Business Complete Banking
Performance Business Checking
Platinum Business Checking
Average Monthly Balance
$40,000
$40,000
$40,000
Number of Transactions
200
200
200
Cash Deposited In Month
$15,000
$15,000
$15,000
Possible Monthly Fees
180 extra transactions: $72
$10,000 over limit in cash deposits: $25
Total: $97
Monthly fee waived, under the limit on transactions & cash deposits: $0
Monthly fee: $95, Under the limit on transactions & cash deposits: $0
Out-of-Network ATM fees
5 transactions x ($3 + $3.15) = $15.75
5 transactions x $3.15 = $15.75
5 transactions x $3.15 = $15.75
Possible Total Fee
$112.75
$15.75
$110.75
*The average ATM surcharge from the ATM owner in 2022 was $3.15. Visit Bankrate’s 2023 checking account and ATM fee study for more information.

In this example, you have too many transactions and cash deposits for Business Complete Banking to make sense, proving that the lowest-tier account isn’t always the cheapest option. This means that Performance Business Checking is the account in the sweet spot, as it has a high enough average balance to waive the monthly fee but not enough transactions or cash deposits to pay a fee. Business Complete Banking would be the most expensive option because of the extra fees you will pay.

Chase Business Checking Reviews From Users

There are only a few Chase business checking reviews available on user review websites. The bank has an overall rating of 1.6 on ConsumerAffairs[1] (based on more than 4,000 reviews) and 3.8 on WalletHub[2] (based on more than 27,000 reviews).

Dissatisfied users said that they found Chase’s customer service inefficient. They remarked that departments do not seem to coordinate well with one another, which meant that they often failed to address customer concerns in a timely manner. Additionally, they said that the bank doesn’t seem to hire enough staff to accommodate its large customer base. Despite this, positive reviews said that Chase’s staff members usually make an effort to be polite and helpful.

Ratings for the mobile app were mostly positive. The iOS version had an App Store[3] rating of 4.8 stars (based on 5.3 million-plus reviews) while the Android version had a Google Play[4] rating of 4.4 (based on more than 1 million reviews). Reviewers liked that the app had an easy-to-navigate user interface. However, many complained that Chase rolled out updates too often, which caused the app to glitch. Other negative reviews mentioned connectivity issues and difficulty with changing notification settings.

Frequently Asked Questions (FAQs)

Chase is an excellent bank for business banking. Whether you need to visit a physical location or want to bank entirely online, it can meet your business needs. Its three business checking options offer waivable monthly fees and generous transaction limits. Additionally, the bank provides access to a wide range of business services, including savings accounts, lending products, and retirement services.

There are three Chase business checking accounts. Chase Business Complete Banking, the entry-level account, offers up to 20 free transactions monthly and a waivable $15 monthly fee. Chase Performance Business Banking offers up to 250 free transactions monthly with a $30 waivable monthly fee. Chase’s Platinum Business Checking, the best premium business checking account available, offers up to 500 free transactions monthly with a waivable $95 monthly fee.

Chase might deny you a business checking account for four reasons:

  1. You or your business might have a negative report on ChexSystems. You can either clear up the negative report or find a business bank account that doesn’t use ChexSystems.
  2. You may have a low personal or business credit score. You will want to find out what is pulling your credit score down and try to get it resolved.
  3. You may be running a prohibited, but not necessarily illegal, business. Some industries, such as gambling and cannabis-based businesses, might be unable to get an account through federally-backed banks.
  4. You don’t have the proper business paperwork. Depending on how your business is organized, you need specific paperwork to open a business checking account. Refer to the requirements section above to determine what documents your organization needs to submit.

Bottom Line

Chase is one of the top banks in the US for both personal and business accounts. Whether you need access to a physical bank branch or not, Chase can meet your business needs. With three outstanding business checking options and a wide range of business products and services, Chase can grow as your company grows. Consider the needs of your business and consult with a Chase representative to figure out which account is best for your business.

User review references:

About the Author

Ricci Recto

Find Ricci OnLinkedIn

Ricci Recto

Ricci Recto is a finance writer with a focus on business banking. At Fit Small Business, she specializes in evaluating and producing reviews for business banking accounts and financial technology platforms.