Chase Performance Business Checking is suitable for any business that generates a moderate to high monthly transaction volume and needs access to full-service, in-person banking. It offers unlimited electronic deposits, unlimited incoming wires, a fee-free transaction allowance of 250, and a fee-free cash deposit allowance of $20,000. The account charges a monthly fee of $30, which can be waived with a combined average daily balance of $35,000 in qualifying Chase business deposit accounts.
Pros
- Branches in 48 states
- Unlimited electronic deposits
- Monthly transaction allowance of 250 and cash deposit allowance of $20,000
Cons
- $30 monthly fee
- Average daily balance requirement of $35,000 to waive monthly fee
- ATM fees not reimbursed
Features
- Manage debit, deposit, and ATM card settings for individual employees
- Deposit checks, view account balances, pay bills, and make transfers through the mobile app
- Integrates with QuickBooks and other leading accounting software
- Accept payments through both the website and mobile app
- Free fraud protection services allow Chase to compare checks at the bank to a signature on file that you provide
- Earn perks when paired with select Chase business credit cards and savings accounts
How Chase Performance Business Checking Stacks Up With Its Competitors
Chase Business Checking Accounts Comparison
Performance Business Checking is the middle tier of three business checking accounts offered by Chase. If your cash deposit amounts or transactions fall in line with one of Chase’s other accounts, you may want to consider one of Chase’s other business banking options. Read our overall review of Chase Business Checking for a more detailed comparison.
When Chase Performance Business Checking Is a Good Fit
- You prefer the option of in-person banking: Chase has more than 4,800 banking locations across 48 states.
- Your business makes frequent cash deposits: Chase Performance Business Checking allows $20,000 in cash deposits monthly before charging fees for every $1,000 over that amount. It’s one of the reasons we put Chase on our list of the best small business checking accounts.
- You want unlimited fee-free electronic deposits: The Chase Performance Business Checking account offers unlimited fee-free electronic deposits, electronically deposited items, automated clearing house (ACH) and ATM transactions, and Chase QuickDeposit.
When Chase Performance Business Checking Isn’t a Good Fit
- You want to bank without a monthly fee: Chase charges a monthly service fee of $30 for the Performance Business Checking account. If you want fee-free business checking and don’t mind banking exclusively online, consider full-service digital-only banks such as First Internet Bank. Read our First Internet Bank business checking review to learn more about First Internet Bank’s many banking products.
- You are looking for a fee-free interest-bearing checking account: Although Chase Performance Business Checking offers interest-earning options, it charges a monthly fee. Bluevine is an excellent alternative because it offers a 2.00% annual percentage yield (APY) on deposits up to $250,000. Our review of Bluevine business checking can tell you more about how to qualify for Bluevine’s highest APY.
- You have to make frequent ATM withdrawals from outside of Chase’s ATM network: While Performance Business Checking doesn’t charge fees for out-of-network ATM use, you will still have to pay third-party ATM fees. Novo is a good alternative, as the company refunds all ATM fees at the end of the month. Learn more through our Novo business checking review.
Chase Performance Business Checking Overview
 | |
|---|---|
Required Opening Deposit | None |
Required Balance Minimum | None |
Monthly Fees | $30; waivable if conditions are met* |
Transaction Limit Before Fees | Unlimited digital deposits; 250 fee-free transactions per month, then 40 cents per item after the limit |
Excess Transaction Fee | 40 cents per item |
ACH Payment Fees | $25 for first 25 items per month, 15 cents per item above 25 per month, $2.50 return fee |
Domestic Wire Transfer Fees | All incoming wires and two most expensive outgoing wires free each month; up to $35 for outgoing wires |
International Wire Transfer Fees | Free for incoming; up to $50 for outgoing wires |
Out-of-Network ATM Fees | |
Overdraft Fees | $34 per transaction after the first transaction that reduces the account’s balance to negative $50 |
Monthly Cash Deposit Allowance | $20,000 |
Excess Cash Deposit Fee | $2.50 per $1,000 |
APY |
| |
|---|---|
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 Payment Solutions |
Customer Service | Live customer support online or in bank branch locations |
Invoicing Products | Integrations available with Chase Payment Solutions |
Other Products Available | Business savings and certificates of deposit (CD), lending products, credit cards, merchant services, and collection services |
Subaccounts | Link up to 999 Chase Performance Business Checking subaccounts |
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. Click on your company structure below to see the additional requirements.
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
You can also refer to our guide on how to open a business bank account for a checklist of documents banks typically require upon account opening.
Chase Performance Business Checking Features
Digital Banking
You can manage your Chase Performance Business Checking account through the Chase website or mobile app.
Digital banking lets you do the following:
- Enable fraud protection services
- Manage your account
- View account activity
- Move money through the Chase Payment Center
- Send and receive money through Zelle
The mobile app can do all of the above while also supporting mobile check deposits. It also provides budgeting and reporting tools.
The app has 4.8 stars on the App Store[1] (based on approximately 5.2 million reviews) and 4.4 stars on Google Play[2] (based on approximately 1.8 million reviews). Users said that they found the app easy to navigate, reliable, and responsive. However, many disliked that it displays numerous ads and popups. A handful of customers also complained that it disabled the screenshot function.
Text Banking
You can also access your banking information through text banking, which lets you view account balances, review transactions, and view credit card bill information. This feature is free, but message and data rates may apply.
Physical Debit Cards
Chase provides a free business debit card with unlimited debit card purchases and free Chase ATM transactions. You can also request associate debit and employee deposit cards.
Fraud Protection Services
Chase helps protect your cash flow from fraud with check monitoring and approval, payment limits, and alerts to any changes to your account. An optional service, Chase allows you to upload a file or enter information about checks you have written, and Chase will compare checks presented for payment against that file to prevent fraud. This service is free with Chase Performance Business Checking.
Free ATM Usage in the Chase Network
There are no ATM fees if you use one of the more than 16,000 ATMs in the Chase network. With Performance Business Checking, Chase doesn’t charge for using an out-of-network ATM. You will still likely be charged by the out-of-network ATM operator.
Access to Chase Business Services
You can get access to Chase Business Services, including merchant services, collections services, and Chase QuickDeposit. You can also send or receive payments with Zelle®. Chase also offers ACH payment services, access and security managers, and wire transfers.
Other Chase Business Banking Products
There are two types of business accounts offered by Chase:
- Chase Total Business Savings is an interest-drawing savings account with a monthly fee of $10. However, you can only waive the monthly fee by linking your account to a Chase Business Complete Banking account or maintaining an average ledger balance of $1,000.
- Chase Business Premier Savings, an interest-drawing savings account, is 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 a Performance Business Checking, Platinum Business Checking, or Analysis Business Checking account.
For both accounts, the minimum deposit requirement is $25. APY varies by location.
Chase Business 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 to 10 years. You can access interest rates by choosing longer terms or depositing higher balances. If your CD is linked to a Chase business checking account, you can earn higher relationship rates.
Chase offers business lines of credit, business loans, commercial real estate (CRE) loans, and Small Business Administration (SBA) loans. The company also offers equipment and trade financing.
In addition, Chase provides 401(k) plans through Everyday 401(k) by J.P. Morgan. Chase provides access to those plans with low costs, starting as low as $75 per month plus $5 per participant.
There are a total of 10 Chase business credit cards. These include cards that earn cash back, cards that earn redeemable points, and cards that earn airline miles. Chase also has credit cards partnered with specific companies, such as Southwest, United, IHG, and World of Hyatt.
Our roundup of the best Chase business credit cards can provide more information on the available business cards.
Chase Performance Business Checking User Reviews
User review platforms contain no Chase Performance Business Checking reviews. Most comments instead discuss Chase as an institution. The bank has a rating of 3.8 on WalletHub[3] (based on 27,000-plus reviews), 1.6 on ConsumerAffairs[4] (based on more than 4,000 reviews), and 2.5 on DepositAccounts[5] (based on more than 275 reviews).
Common sentiments include:
- Good digital banking experience: Customers said that Chase’s web and mobile banking platforms were user-friendly.
- Poor in-person banking experience: Many reviewers found the bank’s customer service inefficient and impersonal. A few others criticized the bank for failing to hire enough staff to accommodate its large customer base, claiming that lines at Chase tellers are often long.
Bottom Line
Chase Performance Business Checking is a great option for businesses with moderate to high transaction and cash deposit volumes. With waivable monthly fees and generous allowances for day-to-day transactions and cash deposits, it makes everyday banking affordable. If your business continues to grow, Chase offers one higher tier of business banking that can continue to provide support.
User review references:
1App Store
2Google Play
3WalletHub
4ConsumerAffairs
5DepositAccounts
