Chase Performance Business Checking Review 2022

For companies that have grown out of the startup stage with more monthly transactions, Chase’s midtier business banking option, Performance Business Checking, is an excellent choice. This tier of Chase’s outstanding business product allows up to 250 free monthly transactions and up to $20,000 in free cash deposits monthly.

For businesses looking for a traditional, brick-and-mortar bank that provides full-service banking with a wide variety of business banking services, Chase is a great choice. The checking account costs $30 a month, but that fee can be waived if you maintain a combined average daily balance of $35,000 or more in qualifying Chase business deposit accounts.

Before you decide to open a business checking account, check out Chase’s Performance Business Checking to see if it’s right for your business.

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

	Annual Percentage Yield (APY)	Cash Deposit Fee	ATM Fee	Minimum Opening Deposit
	N/A	Up to $20,000/month free, then $2.50/$1,000/statement cycle	No non-Chase ATM fees; ATM operator fees apply	None
	Visit Chase
	N/A	Up to $20,000/month free, then 30 cents/$100/statement cycle	$2.50/transaction at any non-Bank of America ATM, plus ATM operator fees	None
	Visit Bank of America
	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
	Visit Bluevine*

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	Annual Percentage Yield (APY)	Cash Deposit Fee	ATM Fee	Minimum Opening Deposit
	N/A	Up to $20,000/month free, then $2.50/$1,000/statement cycle	No non-Chase ATM fees; ATM operator fees apply	None
	Visit Chase
	N/A	Up to $20,000/month free, then 30 cents/$100/statement cycle	$2.50/transaction at any non-Bank of America ATM, plus ATM operator fees	None
	Visit Bank of America
	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
	Visit Bluevine*

*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 Performance Business Checking Is a Good Fit

• You’re looking for a bank that provides a wide array of business banking services: This includes 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 our choice for the best small business checking account.
• You prefer the option of in-person banking: Chase has more than 4,700 banking locations in the United States.
• You’re looking for a business checking account with easily waivable, low monthly fees and a cash bonus for opening an account: Chase offers a $300 cash bonus when you open a business account with some qualifications required. It’s why Chase is one of the best banks for startups.
• Your limited liability company (LLC) needs a full-service bank that helps track expenses and cash flow, and can scale services as the business grows: Chase offers merchant and collection services, making it an excellent choice for the best business checking accounts for LLCs.
• You need a bank offering business lines of credit, business loans, commercial real estate, and Small Business Administration) SBA loans: These go with its excellent business checking product, and it’s why it’s the best bank 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’re looking for an interest-bearing checking account: The Chase Performance Business Checking account doesn’t draw interest. Bluevine is an excellent alternative with a high-interest yield on qualifying deposits.
• 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 want more monthly transactions for a similar monthly fee: Bank of America offers up to 500 free transactions and up to $20,000 in free cash deposits per month on its Advantage Relationship Banking. The monthly fee is $29.95, which can also be waived.

Chase Performance Business Checking Overview

• Terms
• Features

Required Opening Deposit	None
Required Balance Minimum	None
Transaction Limit Before Fees	250, 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	$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 Fees	Incoming wires are free; up to $50 for outgoing wires
ATM Fees	Chase doesn’t charge out-of-network fees, although ATM operator fees will apply
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	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 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

You can open a business account with Chase directly through its website or by stepping into one of more than 4,700 banking centers to open an account in person.

General requirements for documentation to open an account 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, not including nonprofit corporations

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% + 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% + 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 offering enrollment
• Maintain at least a $2,000 balance for 60 days from the offer enrollment; however, 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.

You can also waive a savings account monthly fee by linking your checking to a Chase Business Savings account. The savings account can also earn you interest.

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 & security managers, and wire transfers.

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.

Chase Performance Business Checking Pros & Cons

Chase has a great account opening bonus, easily waived monthly fees, and built-in card acceptance. While a higher number of free transitions than Business Complete Banking, there’s still a limit of 250 monthly free transactions. 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.

The Chase mobile app has good reviews on both the Apple App Store and Google’s Play Store. It has a 4.4-star rating out of 5 on Google Play with more than 1.7 million ratings. On the App Store, Chase is rated 4.8 stars out of 5, with more than 4.1 million ratings.

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

While Chase Performance Business Checking 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 with limited cash deposits but want an account that earns interest for qualified deposits
• Bank of America: Best for companies that want a higher amount of free transactions (500 free) and the same free cash deposit limit $20,000) for a similar monthly fee ($29.95)
• Grasshopper: Best digital-only bank for cash back on debit card purchases

Bottom Line

For businesses that need more free monthly transactions and a higher free cash deposit limit than Chase’s lowest-tier business checking account, Performance Business Checking can give you an account that meets your needs. 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. If your business continues to grow, Chase offers one higher tier of business banking that can continue to support your company. Regardless of which Chase checking account you choose, you’re getting one of the best available.