The Chase Performance Business Checking account is tailored to meet the needs of businesses with a high transaction volume. It’s also well suited for small and midsize companies searching for a cost-effective way to manage cash flow, deposits, wires, and payroll.
There is a $30 monthly fee—unless you maintain a minimum balance of $35,000. This is an aggregated total of all your Chase accounts combined under the same Employee Identification Number (EIN). You also get the benefit of 250 transactions per month at any of the 4,700 in-person branches or 15,000 ATMs across 48 states Chase has physical locations in all states except Alaska and Hawaii. .
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Pros
- 250 free transactions per month
- Unlimited electronic deposits
- Interest option available with branch approval
Cons
- Average daily balance of $35,000 required to avoid a $30 monthly fee
- $34 overdraft fee
- Out-of-network ATM fees not reimbursed
- Great for businesses with high transaction volume: Performance Business Checking offers unlimited electronic transactions, 250 free transactions, and up to $20,000 in cash deposits without an additional fee.
- Business owners wanting to manage daily finances from one platform: This account integrates well with online tools, such as QuickBooks, to help manage cash flow, deposits, wires, and payroll. Everything can be added under one login to streamline the bookkeeping process.
Chase Performance Business Checking Alternatives & Comparison
Monthly Fee | Monthly Transaction Limit Before Fees | Monthly Cash deposit Limit before Fees | ||
|---|---|---|---|---|
| $30 (waivable) | Unlimited electronic deposits; | $20,000 | |
 | $30 (waivable) | N/A | N/A | Online Only |
 | $20 (waivable) | 300 | $10,000 of cash deposits or 100 transactions, whichever comes first | All states |
Best For | Learn More | |
|---|---|---|
| The Relay Pro account is a great option for businesses that do not need access to an in-person bank. It charges a $30 fee and includes free ACH, bill pay, and wires, with many software integrations. | Read our Relay business checking review |
| U.S. Bank has a Gold Business Checking account that’s most suitable for business owners who are searching for in-person banking and have moderate transaction volume. The account has a $20 waivable fee and allows for 300 free transactions per statement cycle. | Read our U.S. Bank business checking review |
Chase Performance Business Checking Reviews from Users
Reviews listed in this section are not for the Chase Performance Business Checking account, as all reviews online are for the bank as an institution.
| Users Like | Users Dislike |
|---|---|
| No minimum opening balance on checking accounts | Long wait times in branch lines |
| Over 4,700 branches to choose from | Lengthy hold times for customer service by phone |
| App and website are user-friendly | Some accounts do not earn interest |
Chase has a wide range of reviews online. Nearly every site I checked showing a number counter had thousands of reviews on record. In general, customers seem happy with the products and the large banking footprint with branches throughout the US.
The low-rated reviews mostly stemmed from customers waiting long in a branch’s queues or waiting on the phone for long periods. Many voiced opinions that customer service wait times could use improvement to shorten the wait. Overall, the bank has a large variety of products that are well-accepted by consumers and plenty of online tools that make banking easier.
Here’s how Chase scored on third-party review sites:
- Play Store[1]: 4.4 out of 5
- App Store[2]: 4.8 out of 5
- WalletHub[3]: 3.6 out of 5
- Trustpilot[4]: 1.3 out of 5
Chase Performance Business Checking Overview of Terms & Features
Chase Performance Business Checking Requirements
To open a business bank account with Chase, apply directly through its website or visit one of its 4,800 banking centers. Additional Chase Performance Business Checking requirements depend on how your business is organized.
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 (non-United States 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
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, LLLPs, and LLLPs only. Partnerships registered more than one year ago also require one of the following: Certificate of good standing, status report, or long form or short form standing)
- Website validation—must be obtained free of charge
- Assumed name certificate
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, or long form or short form standing)
- Assumed name certificate
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)
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
How to Open a Chase Performance Business Checking Account
- Step 1: Visit Chase Bank.
- Step 2: Answer the question, “Are you an existing Chase Customer?”
- Step 3: Click the blue Get Started button on the bottom right
- Step 4: Follow the path.
- If you said you are a current customer, you will be prompted to log in.
- If you choose “No,” you will be taken to a screen to enter your business information and set up a profile.
- Step 5: Complete the application; once done, you will receive a notification regarding your approval status. If approved, you can set up your online banking. Ensure you complete the requirements to get the account funded and active.
Chase Performance Business Checking Features
- 250 free in-person transactions per month
- ATM cardless access by phone
- Complimentary fraud protection
- Free incoming wires and two free outgoing domestic wires per statement cycle
- $20,000 in cash deposits at no charge
- Account integrates with payment solutions for credit card payments
- ACH available to add to account (Standard and Same Day)
- Free online bill pay
- QuickBooks Integration
- Unlimited electronic transactions
- Cash flow management tools available
Other Chase Bank Products
- Payment Solutions: Chase offers a complete suite of tools allowing you to accept credit and debit cards as payment in person or online.
- Business Credit Cards: There are multiple business credit cards available at Chase. Some cardmember programs come with a welcome offer for meeting certain criteria, and rewards programs allow members to earn cash-back, airline miles, or credit card reward points. Our roundup of the best Chase business credit cards features options that may be of interest to you.
- Loans and Financing: Chase offers a wide range of financing options for business owners. You can choose from a business line of credit, a small business loan, or commercial real estate financing. Chase is also a Small Business Administration (SBA) preferred lender.
How We Evaluated Chase Performance Business Checking
This unbiased Chase Performance Business Checking review was completed by comparing the product with similar accounts at other financial institutions. I compared some of its perks to see if the product offerings and costs are similar. In general, Chase has a well-rounded selection of business products available. Unfortunately, I was unable to find any customer reviews for the Performance Business Checking account specifically, as most reviews listed were for the bank as an institution.
Frequently Asked Questions (FAQs)
Yes, Chase has some very appealing small business checking accounts. Many have service fees that can be waived by meeting certain criteria. In addition, Chase offers competitive rates on additional business services you may need for financial management.
The service fee for the Chase Performance Business Checking is $30. This fee can be waived by keeping a daily balance of $35,000 across all your Chase accounts sharing the same Employee Identification Number (EIN).
Chase’s Performance Business Checking is a high transaction account. It allows up to 250 in-person transactions per statement cycle. You can also deposit up to $20,000 in cash per statement cycle without paying a fee. The account integrates with many financial management tools, such as QuickBooks, to make bookkeeping easier.
Chase has three business checking accounts to choose from. The service fees range from $15-$95 per statement cycle, and all fees are waivable by maintaining a minimum balance. Business Complete Banking account has a $2,000 minimum balance, Performance Business Checking has a minimum balance of $35,000, and Platinum Business Checking has a minimum balance of $100,000. These fees are only accessed if the combined balance falls below the minimum.
Bottom Line
Chase Performance Business Checking is a good option for growing businesses needing higher transaction limits. The account is tailored to business models that collect large amounts of cash, allowing up to $20,000 to be deposited without charging a fee. It also offers 250 transactions per month with unlimited electronic transactions. Since it has waivable monthly fees and built-in financial tools, it’s a good option for businesses searching for affordable, in-person banking.
