Chase Business Complete Banking Review 2023
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.
Ricci Recto has two years of writing experience creating digital marketing content for finance clients. She specializes in business banking.
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. Its lowest-tier business checking product, Business Complete Banking, comes with a low and easily waivable monthly fee, built-in card acceptance, and an account opening bonus. It’s a great product for organizations needing in-person banking support and making fewer than 20 transactions and less than $5,000 in cash deposits per month.
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
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 |
$15; waivable |
Unlimited electronic transactions*; 20 fee-free paper transactions per month, then $0.40 per item |
Up to $5,000 free per month, then $2.50 per $1,000, per statement cycle |
None |
| Visit Chase | ||||
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$16; waivable |
200 fee-free transactions per month, then $0.45 per item |
Up to $7,500 free per month, then $0.30 per $100, per statement cycle |
$100 |
| Visit Bank of America | ||||
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$10; waivable |
100 fee-free transactions per month, then $0.50 per item |
Up to $5,000 per month free, then $0.30 per $100, per statement cycle |
$25 |
| Visit Wells Fargo | ||||
*Electronic transactions refer to electronic deposits, electronically deposited items, ACH, and ATM transactions, Chase QuickDepositSM, debit card purchases, and internal transfers. Paper transactions refer to deposits and withdrawals made with a teller and paper checks written on the account.
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 services, and business services—in one place, Chase provides that opportunity. The wide range of products is why Chase is our pick for the best banks for small business.
- You make cash deposits regularly: 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 among our top-recommended small business checking accounts.
- You want unlimited fee-free electronic transactions: Chase Business Complete Banking provides unlimited fee-free electronic deposits, electronically deposited items, ACH and ATM transactions, Chase QuickDeposit, debit card purchases, and internal transfers.
- You want an in-person banking provider with a wide geographic reach: Chase has over 4,700 banking locations across 48 states.
- You want a bank that rewards you for opening an account: New Chase business account owners can receive a $300 bonus by meeting specific qualifying activities. It’s one of the reasons we selected Chase as the leading bank for startups.
- You need commercial lending products: If you need 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 one of our top banks for real estate investors.
- You need a bank with 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 LLCs.
Business Complete Banking is the most basic business checking account Chase offers. If you need to deposit higher amounts of cash every month, send wire transfers frequently, or have a higher amount of monthly transactions, you may want to consider one of Chase’s other business banking options.
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Business Complete Banking℠ |
$15, waivable |
Unlimited electronic transactions; 20 fee-free paper transactions per month, then $0.40 per item after the limit* |
$5,000, then $2.50 per $1,000 over |
$0 or $15 incoming; $35 domestic outgoing; $50 international outgoing |
| Visit Chase | ||||
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Performance Business Checking® |
$30, waivable |
250 fee-free transactions per month, then $0.40 per item after the limit |
$20,000, then $2.50 per $1,000 over |
All incoming free, two outgoing free per month |
| Read our Chase Performance Business Checking® review | ||||
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Platinum Business Checking℠ |
$95, waivable |
500 fee-free transactions per month, then $0.40 per item after the limit |
$25,000, then $2.50 per $1,000 over |
All incoming free, four outgoing free per month |
| Read our Chase Platinum Business Checking℠ review | ||||
When Chase Business Complete Banking Isn’t a Good Fit
- You make over 20 in-person paper transactions per month: Chase Business Complete Banking only offers up to 20 fee-free paper check deposits and withdrawals each month. The higher-tier Chase business accounts are suitable for businesses with a higher transaction volume. If your business operates in Washington D.C., Louisiana, Maryland, New Jersey, New York, or Texas, you can also consider Capital One’s Basic Business Checking account, which offers unlimited fee-free transactions for a monthly fee of $15.
- You want an interest-bearing checking account: The Chase Business Complete Banking checking account does not earn interest. An excellent alternative is Bluevine, which pays qualified accounts interest at a rate of 1.50% on balances up to $100,000.
- 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 deposit over $5,000 in cash monthly: While businesses needing higher deposit limits could upgrade to a higher-tier Chase account, Bank of America offers a free cash deposit limit of $7,500 for nearly the same monthly fee (which can also be waived).
Chase Business Complete Banking Overview
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Required Opening Deposit | None |
Required Balance Minimum | None |
Transaction Limit Before Fees | Unlimited electronic transactions; 20 fee-free paper transactions per month, then 40 cents per item after the limit |
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 Transfer Fees | Up to $50 for outgoing wire transfers, up to $15 for incoming wire transfers |
ATM Fees | $3 for any inquiries, transfers or withdrawals at a non-Chase ATM plus third-party fees |
Overdraft Fees | $34 per transaction after the first transaction that reduces the account’s balance to negative $50 |
Annual Percentage Yield (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.
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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 | QuickBooks and other leading accounting software |
Business payment integrations | Available with Chase Merchant Services |
Customer service | Live customer support online or in bank branch locations |
Invoicing products | Available with Chase Merchant Services |
Other products available | Business savings, certificates of deposit (CD), lending products, credit cards, merchant services, collection service |
Open an account |
Chase Business Complete Banking Requirements
To open a business bank account with Chase, you may apply directly through its website or visit one of its 4,700 banking centers.
Chase’s document requirements depend on how your business is organized. View the requirements per company structure below.
Sole Proprietorship
Personal Identification
- Two forms of ID (at least one must be a valid government-issued ID)
Tax Identification Number (TIN)
- Social Security number, international TIN (ITIN for non-US citizens), or an employer identification number (EIN)
Business Documentation
- Varies based on state of organization
- Assumed name certificate, also known as trade name certificate, fictitious business name statement, or doing-business-as (DBA)
- Trust documentation
Partnership
Personal Identification
- Two forms of ID (at least one must be a valid government-issued ID)
TIN
- EIN
Business Documentation
- Written partnership agreement for general partnerships or certified partnership agreement for limited partnerships (LPs), limited liability partnerships (LLPs), and limited liability limited partnerships (LLLPs)
- Joint venture agreement for general partnerships
- Active status verification for LPs, limited liability partnerships, and limited liability limited partnerships only. Partnerships registered more than one year ago also require one of the following: certificate of good standing, status report, long form standing, or short form standing
- Website validation—must be obtained free of charge
- Assumed name certificate
LLC
Personal Identification
- Two forms of ID (at least one must be a valid government-issued ID)
TIN
- EIN or Social Security number/ITIN (for single-member LLCs only)
Business Documentation
- Certified articles of organization (certificate of formation)―filed with state agency
- Website validation
- Active status verification―LLCs registered more than one year ago also require one of the following: certificate of good standing, status report, long form standing, or short form standing
- Assumed name certificate
Corporations
Personal Identification
- Two forms of ID (at least one must be a valid government-issued ID)
TIN
- EIN
Business Documentation
- Certified articles of incorporation (also known as certificate of formation)
- Website validation―must be obtained free of charge.
- Active status verification―corporations registered more than one year ago also require one of the following: certificate of good standing, status report, long form standing, or short form standing
Unincorporated Business Association or Organization
Personal Identification
- Two forms of ID (at least one must be a valid government-issued ID)
TIN
- EIN
Business Documentation
- Articles of association
- Charter document validating existence
- IRS confirmation of EIN issuance
Chase Business Complete Banking Features
While 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.
Waivable 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:
- Maintain a $2,000 minimum daily balance
- Make $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
Account Opening Bonus
One major perk with Chase checking is the opportunity to earn a $300 bonus for opening an account. You are only eligible for the bonus every two years from the last enrollment date, and only once per account. In addition, you must meet one of the following criteria to qualify for 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 (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 that use debit cards 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 $3 per out-of-network transaction. In addition, ATM operators may charge third-party fees.
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.
Other Chase Business Products
Business Savings
- The Chase Total Business Savings account is an interest-drawing savings account with a monthly fee of $10, waivable with an average ledger balance of $1,000 or a linked Chase Business Complete Banking account.
- The Chase Business Premier Savings account is an interest-drawing savings account designed for businesses with higher savings balances. It has a monthly fee of $20, which can be waived by either meeting an average ledger balance of $25,000 or linking the account to any Chase business checking account.
For both accounts, the minimum deposit requirement is $25. APY varies depending on the state your business is located in.
Business CDs
Chase Business Certificates of Deposit (CDs) earn fixed interest rates on Federal Deposit Insurance Corp. (FDIC)-insured deposits for an opening deposit of $1,000 and no monthly fee. Terms range between 31 days and 10 years. You can access interest rates by choosing longer terms or depositing higher balances. You can earn higher relationship rates if your CD is linked to a Chase business checking account.
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.
Business Credit Cards
There are a total of nine Chase business credit cards, including cards that offer cash back rewards, cards that earn redeemable points, and cards that offer airline miles rewards.
Chase Business Complete Banking Pros & Cons
| PROS | CONS |
|---|---|
| $300 bonus upon account opening | Doesn’t earn interest |
| 4,700 branch locations nationwide | Limited number of fee-free paper transactions per month |
| Unlimited electronic transactions | 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 provides unlimited electronic transactions, which include electronic deposits, electronically deposited items, ACH and ATM transactions, Chase QuickDeposit, debit card purchases, and internal transfers.
However, it has low limits for cash deposits, teller withdrawals, and deposits that involve paper checks. Higher tiers of Chase accounts allow you to raise both to meet your company’s needs. Chase business checking accounts do not earn interest.
Reviews for the Chase mobile app on both the App Store and Google Play are good. The app has 4.8 out of 5 stars on App Store with more than 4.1 million ratings and 4.4 out of 5 stars on Google Play with more than 1.7 million ratings. Users who rated the app highly were pleased with its ease of use and navigation layout. However, some noted issues with push notifications from the app, which led them to leave lower ratings.
Alternatives to Chase Business Complete Banking
Today’s digital banking solutions offer higher interest rates, lower fees, and additional cost-saving features. If you don’t mind banking exclusively online, here are a few alternatives you can consider:
- First Internet Bank is the best full-service online bank. Its business checking accounts provide unlimited fee-free transactions with no monthly fees or minimum balance requirements. It also offers savings accounts, business CDs, and lending products.
- Oxygen* is best for cash back on debit card purchases. The mobile-only banking solution offers up to 5% cash back on debit card transactions with select partner retailers.
- Lili* is best for tax preparation assistance. Its Tax Optimizer feature lets you create a dedicated tax sub-account that automatically sweeps excess income for taxes. It also uses your banking data to automatically fill out your Schedule C Form.
*Providers are fintech platforms backed by and FDIC-insured through a supporting bank partnership (The Bancorp Bank for Oxygen and Choice Financial group, Inc., for Lili).
Bottom Line
Chase is one of our top choices for business banks due to account-opening bonuses, easily waivable monthly fees, and access to a wide variety of business banking products. If you’re looking for a business checking account that offers unlimited electronic transactions, access to in-person banking, and built-in card acceptance, the Chase Business Complete Banking account is a great choice. As your needs change, Chase offers two other checking products that can easily scale as your business grows.
