Chase is one of the best traditional banks on the market. Because it has more than 4,900 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 Complete Banking℠: Best for businesses with very few monthly transactions or less than $5,000 in monthly cash deposits
- Chase Performance Business Checking®: Best for businesses with less than $20,000 monthly cash deposits and at least a $35,000 average daily balance (ADB)
- Chase Platinum Business Checking℠: Best for businesses with more than 250 monthly transactions and an ADB of $50,000 or greater
Chase Business Checking Compared
| Business Complete Banking | Performance Business Checking | Platinum Business Checking | |
|---|---|---|---|
| Monthly Fees (Waivable) | $15You 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. | $30You can waive the monthly fee by maintaining a combined average daily balance of $35,000 or greater in qualifying business deposit accounts. | $95You 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 FeesThird-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 | Read our Business Complete Banking review | Read our Performance Business Checking review | Read our Platinum Business Checking review |
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.
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.
Business Complete
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
Performance
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
Platinum
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 bonus of up to $500 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
- Your new money deposit amount will be determined in the following manner at 30 days from offer enrollment:
- $300 when you fund with $2,000 – $9,999
- $500 when you fund with $10,000 or more
- Maintain the new money balance ($2,000 balance for the $300 bonus or $10,000 for the $500 bonus) 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 15,000 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 4,900 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
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: $25Total: $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:
- 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.
- 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.
- 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.
- 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:
- [1]ConsumerAffairs
- [2]WalletHub
- [3]App Store
- [4]Google Play
