Chase Performance Business Checking Review 2023

For businesses that want a traditional, brick-and-mortar bank that provides full-service banking with a wide variety of business banking services, Chase is a great choice. Its midtier business checking product, Performance Business Checking, is well-suited for businesses with higher transaction volume. The account offers unlimited electronic transactions, 250 free monthly transactions, and up to $20,000 in free cash deposits monthly.

Performance Business Checking costs $30 a month, but customers can waive the fee by maintaining a combined average daily balance of $35,000 in qualifying Chase business deposit accounts.

Chase

What We Like

• $300 bonus when you open an account
• Easy-to-waive monthly fee
• Built-in card acceptance with QuickAccept^SM via the Chase MobileⓇ app

What's Missing

• Limited number of free transactions
• ATM fees not reimbursed
• Fee for cash deposits of more than $20,000 per statement period

Features

• Manage debit, deposit, and ATM card settings for individual employees
• Deposit checks, view account balances, pay bills, and make transfers 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 allows 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

Visit Chase

How Chase Performance Business Checking Stacks Up With Its Competitors

	Monthly Fee	Transaction Limit Before Fees	Cash Deposit Fee	Minimum Opening Deposit
	$30; waivable	250 fee-free transactions per month, then 40 cents per item*	Up to $20,000 free per, then $2.50 per $1,000, per statement cycle	None
	Visit Chase
	$29.95; waivable	500 free per month, then 45 cents per item	Up to $20,000 free per month, then 30 cents per $100, per statement cycle	$100
	Visit Bank of America
	$25; waivable	250 free per month, then 50 cents per item	Up to $20,000 free per month, then 30 cents per $100, per statement cycle	$25
	Visit Wells Fargo

*Transactions refer to all debits, deposits, and withdrawals made with a teller and paper checks written on the account. Electronic transactions, including electronic deposits, electronically deposited items, automated clearing house (ACH) and ATM transactions, Chase QuickDeposit, debit card purchases, and internal transfers, are free.

When Chase Performance Business Checking Is a Good Fit

• You’re looking for a bank that provides a wide array of business banking services: The products Chase offers include savings, lending products, retirement planning, and other business services. The multiple business products offered are why we ranked Chase number one among the best banks for small business.
• 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 Chase is one of our leading 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, ACH and ATM transactions, and Chase QuickDeposit.
• You prefer the option of in-person banking: Chase has more than 4,700 banking locations in the United States.
• You want a bank that offers account opening rewards: Provided new Chase business checking customers meet specific activity requirements, they can receive a $300 bonus. It’s one of the reasons we selected Chase as the top-recommended bank for startups.
• Your limited liability company (LLC) needs full-service banking that helps track expenses and cash flow and can scale services as the business grows: Chase offers merchant and collection services, making it our top choice for the best business checking accounts for LLCs.
• You need a bank offering lending products: Chase has business lines of credit, business loans, Small Business Administration (SBA), and commercial real estate loans to go with its excellent business checking product. This is why it’s one of our top banks for real estate investors.

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.

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 digital-only banks such as First Internet Bank. Like Chase, it offers a full range of business banking services.
• You’re looking for an interest-bearing checking account: The Chase Performance Business Checking account doesn’t draw interest. Bluevine is an excellent alternative because it offers a 2.00% APY on deposits up to $100,000.
• You have to make frequent ATM withdrawals from outside of Chase’s ATM network: While Chase doesn’t charge for out-of-network ATM withdrawals with its Performance Business Checking, you’ll 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.
• You make more than 250 transactions per month: Although Chase has no limit for electronic transactions, debits and teller withdrawals and deposits involving paper checks are limited to 250 per month. Bank of America offers up to 500 free transactions for a monthly fee of $29.95. Businesses that operate in Louisiana, Maryland, New Jersey, New York, Texas, and Washington, D.C., can also consider the Capital One Basic Business Checking account, which offers unlimited fee-free transactions for a monthly fee of $15.

Chase Performance Business Checking Overview

• Terms
• Features

Required Opening Deposit	None
Required Balance Minimum	None
Transaction Limit Before Fees	250 fee-free transactions per month, then 40 cents per item after the limit
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	$30; waivable if conditions are met*
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
ATM Fees	Chase doesn’t charge out-of-network fees, although ATM operator fees will apply
Overdraft Fees	$34 per transaction after the first transaction that reduces the account’s balance to negative $50
Cash Deposited	$2.50 per $1,000 after you deposit $20,000 in a billing cycle
APY	N/A
Open an Account	Visit Chase

*The $30 monthly fee can be waived by maintaining a combined average daily balance of $35,000 or more in qualifying business deposit accounts.

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	Integrations available with Chase Merchant Services
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
Open an Account	Visit Chase

Chase Performance Business Checking Requirements

To open a business bank account with Chase, 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. Here are the requirements per company structure.

Sole Proprietorship

Partnership

LLC

Corporation

Unincorporated Business Association or Organization

Chase Performance Business Checking Features

Chase Performance Business Checking, the middle tier of Chase’s business checking products, has some outstanding features that can help your business grow.

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.

Payment Acceptance Through Chase QuickAccept^SM

Using Chase QuickAccept^SM, you can accept payments from anywhere through the Chase Business Online website and the Chase Mobile app. The payment is delivered the same day at no additional fee. You can also enter card transactions, issue refunds, track disputes, and more through the service. There are no hidden fees or 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.

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’ll still likely be charged by the out-of-network ATM operator.

Account Opening Bonus

You can earn a $300 bonus for opening a Chase business checking account. 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 to earn the bonus:

• Visit a branch or Chase’s website and open a new Chase Business Checking^SM 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

Perks With Chase Business Credit Cards & Savings

Chase offers a $750 bonus cash back and 1.5% on every purchase made with its Chase Ink Business Unlimited card. If you make $2,000 in monthly purchases on your card, that will waive your checking account’s monthly fee.

Owning a Chase Performance Business Checking account qualifies you to waive the monthly fee for Chase’s higher-tier business checking account, Chase Business Premier Savings.

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 Products

Business Savings

There are two types of business accounts offered by Chase:

1. 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.
2. 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 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 (CD) earn fixed interest rates on Federal Deposit Insurance Corporation (FDIC)-insured deposits for an opening deposit of $1,000 and no monthly fee. Terms range from 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.

Lending & Retirement Services

Chase offers business lines of credit, business loans, commercial real estate loans, and SBA loans. The company also offers equipment and trade financing.

In addition, you can access 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.

Business Credit Cards

There are nine Chase business credit cards. These include cards that offer cash back rewards, cards that earn redeemable points, and cards that offer airline miles rewards.

Chase Performance Business Checking Pros & Cons

Chase has a great account opening bonus, easily waived monthly fees, and built-in card acceptance. Although Performance Business Checking offers unlimited fee-free electronic transactions, there’s still a limit of 250 monthly free teller withdrawals and deposits involving paper checks.

If you need more free transactions per month or a higher free cash deposit limit, Chase does offer Platinum Business Checking℠, which is one tier higher than Performance Business Checking. Additionally, none of Chase’s business checking products earn interest.

The Chase mobile app has good reviews on both App Store (4.8 out of 5 stars) and Google Play (4.4 out of 5 stars). Those who rated the app highly were pleased with the ease of use and navigation layout. Some of the negative reviews noted issues with push notifications from the app.

Alternatives to Performance Business Checking

If you want lower fees, higher interest rates, and other cost-saving features, it’s usually better to go with a digital-only banking solution. Here are a few alternatives you can consider:

1. Bluevine* is the best digital-only bank for earning interest. Qualified accounts earn an APY of 2.00% on balances up to $100,000.
2. First Internet Bank is best for full-service online banking. Its business banking product selection includes fee-free business checking, fee-free business savings, and lending products.
3. Relay* is best for affordable wire transfers. Under the Relay Standard business checking account, incoming wire transfers are free, while outgoing wire transfers cost $5 for domestic recipients and $10 for international recipients.

*Providers are financial technology (fintech) platforms backed by and FDIC-insured through a supporting bank partnership (Coastal Community Bank for Bluevine and Evolve Bank & Trust for Relay)

Bottom Line

Chase is one of our top choices for business banks and checking accounts due to bonuses available, waivable monthly fees, and multiple account types that can grow with your business. Chase Performance Business Checking, its middle-tier business checking product, is a great option for businesses with high transaction and cash deposit volumes. If your business continues to grow, Chase offers one higher tier of business banking that can continue to support your company.