Chase Performance Business Checking 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 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. The account 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.
What We Like
- Up to $500 bonus when you open an account
- Easy-to-waive monthly fee
- Monthly transaction allowance of 250 and cash deposit allowance of $20,000
What We Don’t Like
- Limited number of free transactions
- ATM fees not reimbursed
- Average daily balance requirement of $35,000 to waive monthly fee of $30
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
How Chase Performance Business Checking Stacks Up With Its Competitors
Monthly Fee | Monthly Transaction Limit Before Fees | Monthly Cash Deposit Limit Before Fees | Minimum Opening Deposit | |
|---|---|---|---|---|
| $30, waivable | Free electronic deposits; 250 fee-free transactions per month, then 40 cents | Up to $20,000, then $2.50 per $1,000 | None |
 | $29.95, waivable | 500 transactions, then 45 cents | Up to $20,000, then 30 cents per $100 | $100 |
 | $25, waivable | 250 transactions, then 50 cents | Up to $20,000, then 30 cents per $100 | $25 |
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.
Monthly Fee | Monthly Transactions Before Fee | Monthly Cash Deposit Before Fee | Wire Transfer Fees | |
|---|---|---|---|---|
Performance Business Checking® | $30; can be waived | Unlimited electronic deposits; 250 fee-free transactions, then 40 cents per item after the limit | $20,000, then $2.50 per $1,000 | All incoming free, two outgoing free per month |
Business Complete BankingSm | $15; can be waived | Unlimited debit card and Chase ATM transactions; 20 fee-free paper transactions, then 40 cents per item after the limit | $5,000, then $2.50 per $1,000 | $0 or $15 incoming; $35 domestic outgoing; $50 international outgoing |
Platinum Business CheckingSm | $95; can be waived | Unlimited electronic deposits; 500 fee-free transaction, then 40 cents per item after the limit | $25,000, then $2.50 per $1,000 | All incoming free, four outgoing free per month |
When Chase Performance Business Checking Is a Good Fit
- You prefer the option of in-person banking: Chase has more than 4,700 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 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 Bluevine Business Checking review 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 Chase doesn’t charge for out-of-network ATM withdrawals with its Performance Business Checking, 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 |
Transaction Limit Before Fees | Unlimited digital deposits; 250 fee-free 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 | $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 | Varies† |
*The $30 monthly fee can be waived by maintaining a combined average daily balance of $35,000 or more in qualifying business deposit accounts.
†You are required to contact your banker for information about Chase Performance Business Checking interest options.
| |
|---|---|
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 4,700 banking centers.
Chase’s document requirements depend on how your business is organized. Here are the requirements per company structure.
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-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
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, LLPs, 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 to opening a business bank account for a checklist of documents banks typically require.
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 a rating of 4.4 stars on Google Play (based on approximately 1.7 million reviews) and 4.8 stars on the App Store (based on approximately 4 million reviews). Users said that they found the app easy to navigate, reliable, and responsive. However, many disliked that the app displays numerous ads and popups.
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.
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 savings 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:
- 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 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 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.
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, 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.
Business Credit Cards
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 Airlines, United Airlines, IHG, and World of Hyatt.
Our Chase credit cards buyer’s guide can provide more information on the available credit cards.
Chase Performance Business Checking User Reviews
There are no user reviews specific to the Chase Performance Business Checking account. Chase as an institution has a rating of 3.8 stars on WalletHub1 (based on 26,700-plus reviews), 3.7 stars on ConsumerAffairs2 (based on more than 1,400 reviews), and 2.5 stars on DepositAccounts3 (based on 270-plus reviews). A few users liked that the bank provides user-friendly digital banking options. However, many complained that the bank’s customer service is 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 Reviews Reference
