Chase Business Complete Banking Review 2022
Tricia has nearly two decades of experience in commercial and federal government lending. Her expertise is highlighted throughout small business loan content on Fit Small Business.
This article is part of a larger series on Business Banking.
Chase, one of the best traditional banks for business checking accounts, has three great products to meet your specific business needs. The lowest tier of Chase’s business checking, Business Complete Banking, offers a bonus when you open an account, a low and easily waivable monthly fee, and built-in card acceptance.
If you’re looking for a brick-and-mortar bank and have a low amount of transactions and typically less than $5,000 in cash deposits a month, the Chase Business Complete Banking account is a great choice. And if you need more free monthly transactions or a higher free cash deposit limit, Chase’s other accounts can meet your needs.
Before you decide to open a business checking account, check out Chase’s Business Complete Banking to see if it’s right for your business.
Chase
What We Like
- $300 bonus upon account opening
- Monthly fee can be easily waived
- Built-in card acceptance with QuickAccept℠ via the Chase MobileⓇ app
What's Missing
- Limited number of free transactions
- ATM fees not reimbursed
- Fee for cash deposits of more than $5,000 per statement period
Features
- Manage debit, deposit, and ATM card settings for individual employees
- Deposit checks, view account balances, pay bills, and make transfers easily through the mobile app
- Integration with QuickBooks and other leading accounting software
- Accept payments to your account through both the website and mobile app
- Free fraud protection services allows the bank to compare checks to a signature on file that you provide
- Allows you to earn perks when paired with select Chase business credit cards and savings accounts
How Chase Business Complete Banking Stacks Up With Its Competitors
Annual Percentage Yield (APY) | Cash Deposit Fee | ATM Fee | Minimum Opening Deposit | |
|---|---|---|---|---|
 | N/A | Up to $5,000/month free, then $2.50/$1,000/statement cycle | $2.50/transaction at any non-Chase ATM, plus ATM operator fees | None |
 | N/A | Up to $7,500/month free, then 30 cents/$100/statement cycle | $2.50/transaction at any non-Bank of America ATM, plus ATM operator fees | None |
 | 1.5% on balances up to $100,000 | $4.95/deposit; accepted at Green Dot locations | No fees at 38,000+ MoneyPass ATMs nationwide | None |
*Provider is a financial technology (fintech) platform backed and Federal Deposit Insurance Corp. (FDIC)-insured through a supporting bank partnership with Coastal Community Bank.
When Chase Business Complete Banking Is a Good Fit
- You want a bank that offers a full suite of banking services: If you need a bank that allows you to keep all of your banking—including savings, lending products, retirement, and business services—in one place, Chase offers that opportunity. The wide range of products is why Chase is our pick for the best banks for small business.
- Your banking needs include making frequent cash deposits: For businesses that handle cash frequently, Chase allows $5,000 in cash deposits monthly before charging fees for every $1,000 over that amount. It’s one of the reasons Chase is our top-recommended small business checking account.
- You prefer the option of in-person banking: If your business frequently visits a branch since some transactions are easier to complete in person, Chase has more than 4,700 banking locations in the United States.
- You want a bank that rewards you for opening an account: Chase offers a $300 cash bonus when you open a business account with some qualifications required. It’s one of the reasons we selected Chase as the leading bank for startups.
- Your company needs a bank that also provides merchant services: Chase offers merchant and collection services, which is one of the reasons why we named it among the best business checking accounts for limited liability companies (LLCs).
- You need a bank that offers commercial lending products: If your business needs a business line of credit, business term loan, commercial real estate loan, or a Small Business Administration (SBA) loan, Chase can help. The wide variety of lending products makes it our top bank for real estate investors.
Business Complete Banking is just one of three business checking accounts offered by Chase. If you deposit high amounts of cash every month, send wire transfers frequently, or have a high amount of monthly transactions, you may want to consider one of Chase’s other business banking options.
Monthly Fee | Monthly Transactions Before Fee | Monthly Cash Deposit Before Fee | Wire Transfer Fees | |
|---|---|---|---|---|
Business Complete Banking℠ | $15; can be waived | 20 free, then 40 cents each | $5,000, then $2.50 per $1,000 over | $0 or $15 incoming; $35 domestic outgoing; $50 international outgoing |
Performance Business Checking® | $30; can be waived | 250, then 40 cents each | $20,000, then $2.50 per $1,000 over | All incoming free, two outgoing free per month |
Platinum Business Checking℠ | $95; can be waived | 500, then 40 cents each | $25,000, then $2.50 per $1,000 over | All incoming free, four outgoing free per month |
When Chase Business Complete Banking Isn’t a Good Fit
- You want an interest-bearing checking account: The Chase Business Complete Banking checking doesn’t earn interest. If you’re seeking to earn interest on your business deposits, Bluevine is an excellent alternative with a high-interest yield on qualifying deposits.
- You make frequent ATM withdrawals from outside of Chase’s ATM network: With the Chase Complete Business Checking account, Chase charges $2.50 for out-of-network withdrawals on top of third-party fees. Novo is a good alternative, as it refunds all ATM fees at the end of the month.
- You need more free monthly transactions or a higher free cash deposit limit: While you could upgrade to a higher-tier Chase account, Bank of America offers up to 200 free transactions monthly and a free cash deposit limit of $7,500 for nearly the same monthly fee (which can also be waived).
Chase Business Complete Banking Overview
| |
|---|---|
Required Opening Deposit | None |
Required Balance Minimum | None |
Transaction Limit Before Fees | 20, then 40 cents per transaction |
Automated Clearing House (ACH) Payment Fees | $25 for first 25 items per month, 15 cents per item above 25 per month, $2.50 return fee |
Monthly Fees | $15 (waivable if conditions are met)* |
Domestic Wire Transfer Fees | Up to $35 for outgoing wires, up to $15 for incoming wires |
International Wire Fees | Up to $50 for outgoing wires, up to $15 for incoming wires |
ATM Fees | $2.50 per transaction at any non-Chase ATM, plus ATM operator fees |
Cash Deposited | $2.50 per $1,000 after you deposit $5,000 in a billing cycle |
APY | N/A |
Open an Account |
*The $15 monthly fee can be waived by satisfying any one of the following criteria each statement period: 1) $2,000 minimum daily balance, $2,000 in net purchase on Chase Ink® Business Card, $2,000 in deposits from Chase QuickAccept℠ or eligible Chase payment solutions; 2) linking a Chase Private Client Checking℠ account; or 3) providing qualifying proof of military status.
| |
|---|---|
Debit card | Free debit card, mailed within 10 business days of application approval |
Physical checks | Cost varies depending on type of checks ordered |
Accounting software integrations | Integrates with QuickBooks and other leading accounting software |
Business payment integrations | Integrations available with Chase Merchant Services |
Customer service | Live customer support online or in bank branch locations |
Invoicing products | Integrations available with Chase Merchant Services |
Other products available | Business savings & certificates of deposit (CD), lending products, credit cards, merchant services, collection services |
Open an account |
Chase Business Complete Banking Requirements
Chase allows you to open an account directly through its website or at one of more than 4,700 banking centers to get it done in person.
General requirements for documentation are similar regardless of how your business is organized. For a downloadable PDF with specific information about what documents you’ll need for your business type, click the link below that corresponds to your company structure:
- Sole proprietorship
- Partnership
- LLC
- Corporation
- Unincorporated associations or organizations, excluding nonprofit corporations
Chase Business Complete Banking Features
While the Chase Business Complete Banking is the lowest tier of Chase business checking accounts, it still has some outstanding features that can help your business grow.
Waiving the Monthly Fee
Chase charges a $15 monthly fee for its Business Complete Banking, but there are several ways to get that fee waived. To have that fee waived, meet any of the following criteria in each statement period:
- $2,000 minimum daily balance
- $2,000 in net purchases on your Chase Ink® Business Card(s)
- $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
Account Opening Bonus
One major perk with Chase checking is the opportunity to earn a $300 bonus for opening an account. You’re only eligible for the bonus every two years from the last enrollment date, and only once per account. In addition, the following criteria must be met to earn the bonus:
- 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.
Payment Acceptance Through Chase QuickAcceptSM
Payment acceptance is straightforward with Chase. Through QuickAcceptSM, which can be used on the Chase Business website or through the mobile app, payments are delivered the same day at no additional fee. You can use QuickAccept to enter card transactions, issue refunds, and track disputes among other features. The fee structure is upfront, and there are no monthly contracts.
Fees on entries or swipes through QuickAccept or a Smart Terminal are as follows:
- Key entry transactions: 3.5% plus 10 cents per authorized transaction when card information is inputted through the app or through a Smart Terminal, which is a card reader which is sold separately
- Swipe/dip/tap transactions: 2.6% plus 10 cents per authorized transaction via card reader or Smart Terminal.
Chase will return transaction fees if a payment is refunded in full.
Physical Debit Cards
For businesses who use a debit card frequently, Chase is a good choice because it provides a free business debit card with the account. You get unlimited debit card purchases and free ATM transactions within the Chase network. For businesses that need associate debit and employee cards, those are available as well.
Fraud Protection Services
Chase’s Fraud Protection Services allow you to protect your cash flow from fraud. You get check monitoring and approval, along with payment limits and account alerts. You upload a file or information about checks you have written, and Chase compares them to checks presented for payment against that file. The service is optional and available upon request.
Free ATM Usage in the Chase Network
If you use one of the more than 16,000 ATMs in the Chase network, there are no ATM fees. However, Chase charges $2.50 per out-of-network transaction. In addition, ATM operators may charge third-party fees. Chase is raising its out-of-network fee to $3 on June 12, 2022.
Lending & Retirement Services
If your business is looking for a line of credit, business loans, commercial real estate loans, and SBA loans, Chase can provide those. It also offers equipment and trade financing.
With access to Everyday 401(k) by J.P. Morgan, you can get access through Chase to low-cost 401(k) plans. Some plans start as low as $75 per month plus $5 per participant.
Perks With Chase Business Credit Cards & Savings
Chase provides additional perks that are tied to its Chase Ink Business Unlimited card and its savings account. You can earn a $750 bonus cash back and 1.5% on every purchase made with the Chase Ink Business Unlimited card. If you make $2,000 in monthly purchases on the card, your $15 monthly checking account fee is waived.
If you open a Chase savings account and link it to this Chase checking account, the savings account monthly fee is waived.
Access to Chase Business Services
Chase Business Services is another great perk for small business owners. Chase provides Chase QuickDeposit, collections services, merchant services, wire transfers, ACH payment services, and access & security managers. You can send and receive payments with Zelle® as well.
Chase Business Complete Banking Pros & Cons
| PROS | CONS |
|---|---|
| $300 bonus upon account opening | Limited number of free monthly transactions |
| Easy-to-waive monthly fee | Doesn’t offer ATM fee reimbursements |
| Branch locations nationwide | Fee for cash deposits of more than $5,000 per statement period |
Chase offers an outstanding, brick-and-mortar banking experience, with a great account opening bonus, easily waived monthly fees, and built-in card acceptance. It limits free transactions and has a low fee-free cash deposit limit. However, higher tiers of Chase accounts allow you to raise both to meet your company’s needs.
Reviews for the Chase mobile app on both the Apple App Store and Google’s Play Store are good. The app has a 4.4-star rating out of 5 on Google Play with more than 1.7 million ratings. Meanwhile, on the Apple App Store, it has 4.8 stars out of 5 with more than 4.1 million ratings.
Users who rated the app highly were pleased with its ease of use and navigation layout. Some noted issues with push notifications from the app, which led them to leave lower ratings.
Alternatives to Chase Business Complete Banking
While Chase Business Complete Banking is a great business checking option, it might not be the best choice for your business needs. If you want your checking account to earn interest, don’t mind a digital-only bank, want cash back on debit card purchases, or need higher free transaction limits for a similar monthly fee, you might consider one of the following alternatives:
- Bluevine: Best digital-only bank for businesses that don’t need to deposit cash but want an account that earns interest for qualified deposits
- Bank of America: Best for companies that want a higher amount of free transactions (200 free) and a higher free cash deposit limit ($7,500) for a similar monthly fee ($16)
- Grasshopper: Best digital-only bank for cash back on debit card purchases
Bottom Line
Chase Business Complete Banking is a great checking product if you have a limited number of monthly transactions and smaller amounts of cash deposits. And as your needs change, Chase offers two other checking products that can scale easily as your business grows. These things, combined with the great features of Chase business checking accounts, make Chase an excellent choice. It’s also one of our top choices for business banks and checking accounts due to account-opening bonuses and easily waivable monthly fees.
