Chase Platinum Business Checking Review 2022
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.
This article is part of a larger series on Business Banking.
Chase offers three outstanding business checking account options for small business owners looking for a traditional, brick-and-mortar banking experience. The highest tier is the Chase Platinum Business CheckingSM account. Like the other two Chase accounts, it has no minimum balance or opening deposit requirements.
You get up to 500 free monthly transactions and a free cash deposit limit of $25,000 monthly before fees are charged. The account comes with the highest monthly fee of $95, which can be waived if you have a $100,000 average beginning day balance or a $50,000 balance and a link to a Chase Private Client Checking account.
If you cannot qualify to waive it, consider the middle-tier Chase account, Performance Business Checking unless you need the higher free transaction and free cash deposit limit.
Before you decide to open a business checking account, check out Chase’s Platinum Business Checking to see if it’s right for your business.
Chase
What We Like
- $300 bonus when you open a new account
- Easy-to-waive monthly maintenance fee
- Built-in card acceptance with QuickAccept℠ via the Chase MobileⓇ app
What's Missing
- Limited number of free transactions
- ATM fees not reimbursed
- Fee for cash deposits of more than $25,000 per statement period
Features
- Manage debit, deposit, and ATM card settings for individual employees
- Mobile app allows you to deposit checks, view account balances, pay bills, and make transfers
- Integrates with leading accounting software, including QuickBooks
- Accept payments through both the website and mobile app
- Offers free fraud protection services that allows Chase to compare checks at the bank to a signature on file that you provide
- You can earn perks when paired with select Chase business credit cards and savings accounts
How Chase Platinum 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 |
 | N/A | Up to $20,000/month free, then 30 cents/$100/statement cycle | $2.50/transaction at any non-BoA ATM, plus ATM operator fees | None |
 | 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 |
*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 Platinum Business Checking Is a Good Fit
- You need a traditional bank with a wide variety of business banking services: Chase offers a full suite of business banking services including 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 Platinum Business Checking allows you to make $25,000 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 leading small business checking account.
- You prefer the option of in-person banking: With more than 4,700 banking locations in the United States, it’s likely that there’s a brick-and-mortar branch near you.
- You’re looking for a business checking account that offers 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 our top-recommended banks for startups.
- Your limited liability company (LLC) needs a bank to help you accept and manage payments: Chase offers merchant and collection services that can be linked directly to your business checking account, making it an excellent choice for the best business checking accounts for (LLCs).
- You need a bank that also offers lending products like business lines of credit, business loans, commercial real estate, and Small Business Administration (SBA) loans: In addition to the variety of deposit accounts offered by Chase, it also offers multiple lending products, which is why it’s the top-ranking bank for real estate investors.
Platinum Business Checking is the highest 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, or if you cannot qualify to waive the $95 monthly fee, you may want to consider one of Chase’s other business banking options.
Monthly Fee | Monthly Transactions Before Fee | Monthly Cash Deposit Before Fee | Wire Transfer Fees | |
|---|---|---|---|---|
Platinum Business Checking℠ | $95; can be waived | 500, then 40 cents each | $25,000, then $2.50 per $1,000 over | All incoming free, four outgoing free per month |
Business Complete Banking℠ | $15; can be waived | 20 free, then 40 cents each | $5,000, then $2.50 per $1,000 over | $0 or $15 incoming; $35 domestic outgoing; $50 international outgoing |
Performance Business Checking® | $30; can be waived | 250, then 40 cents each | $20,000, then $2.50 per $1,000 over | All incoming free, two outgoing free per month |
When Chase Platinum Business Checking Isn’t a Good Fit
- You want interest-bearing checking: The Chase Platinum Business Checking account does not draw interest. Bluevine is an excellent alternative with a high-interest yield on qualifying deposits.
- You make frequent ATM withdrawals from outside of Chase’s ATM network: While Chase doesn’t charge for out-of-network ATM withdrawals with its Platinum Business Checking, you’ll still have to pay third-party ATM fees. If you frequently make ATM withdrawals and don’t want to worry about third-party fees, Novo is a good alternative, as it refunds all ATM fees at the end of the month.
- You want the same amount of monthly transactions for a cheaper monthly fee: Bank of America’s Advantage Relationship Banking offers up to 500 free transactions and up to $20,000 in free cash deposits per month for a monthly fee of $29.95, which can also be waived.
Chase Platinum Business Checking Overview
| |
|---|---|
Required Opening Deposit | None |
Required Balance Minimum | None |
Transaction Limit Before Fees | 500, 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 | $95; waivable if conditions are met* |
Domestic Wire Transfer Fees | All incoming wires and four 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 does not charge out-of-network fees, although ATM operator fees will apply |
Cash Deposited | $2.50 per $1,000 after you deposit $25,000 in a billing cycle |
APY | N/A |
Open an Account |
*The $95 monthly fee can be waived by maintaining a combined average daily balance of either $100,000 or more in qualifying business deposit and business investment balances or $50,000 and link a Chase Private Client Checking℠ account.
| |
|---|---|
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 & certificates of deposit (CD), lending products, credit cards, merchant services, collection services |
Subaccounts | Link up to 99 Chase Platinum Business Checking subaccounts |
Open an account |
Chase Platinum Business Checking Requirements
You can open a business account with Chase directly through its website or by stopping by 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 Platinum Business Checking Features
Chase Platinum Business Checking, the highest tier of Chase’s business checking products, has some outstanding features that can help your business grow.
Retirement & Lending Services
By opening an account with Chase, you can get access to Everyday 401(k) by J.P. Morgan. This service provides low-cost 401(k) plans starting as low as $75 per month plus $5 per participant.
In addition, Chase offers several commercial lending products, including:
- Commercial real estate loans
- SBA loans
- Equipment financing
- Trade financing
Access to Chase Business Services
Chase Business Services offers a variety of additional features for your business needs. They include:
- Merchant services
- Collection services
- Chase QuickDeposit
- Send and receive payments with Zelle®
- ACH payment services
- Access and security manager
- Wire transfers
Payment Acceptance Through Chase QuickAcceptSM
If your business needs to accept credit card payments, you can do that with Chase’s QuickAcceptSM. Payments can be accepted through the Chase website or mobile app with QuickAccept, with payment being delivered same-day for free. In addition to payment acceptance, QuickAccept allows you to enter card transactions, issue refunds, and track disputes. You aren’t required to sign a monthly contract and there are no hidden fees.
The fee structure for entries or swipes through Quick Accept or Smart Terminal is 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 that’s 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.
Account Opening Bonus
Chase offers a $300 account opening bonus with its Platinum Business Checking. It’s a bonus you can only earn once per account, and only once every two years from the last enrollment date. In addition, you must meet the following criteria to earn the $300 bonus:
- Visit a branch or Chase’s website and open a new Chase Business CheckingSM 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.
Fraud Protection Services
A free and optional service with Chase Platinum Business Checking, Fraud Protection Service allows Chase to compare your signatures on file with the company with returned checks to limit fraudulent transactions. You can upload a file or enter information about checks you have written, and Chase will use that information as checks return to keep your account safe.
Free ATM Usage in the Chase Network
If you use one of the more than 16,000 Chase ATMs, you’ll pay no ATM fees. With Platinum 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.
Waiving the Monthly Fee
The Chase Platinum Business Checking account costs $95 a month, but that fee can be waived one of two ways:
- Maintaining a combined average daily balance of $100,000 or more in qualifying business deposit and business investment balances
- Maintaining a combined average daily balance of $50,000 and linking a Chase Private Client Checking℠ account
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.
In addition, by linking this checking account to an interest-bearing Chase Business Savings account, you can have the monthly fee on the savings account waived.
Physical Debit Cards
When you open a Chase Platinum Business Checking account, you’ll receive a free business debit card. Chase provides unlimited debit card purchases and free Chase in-network ATM transactions. If needed, you can also request associate debit and employee deposit cards.
Chase Platinum Business Checking Pros & Cons
| PROS | CONS |
|---|---|
| $300 bonus when you open an account | Limited number of free account transactions |
| Easy-to-waive monthly maintenance fee | Doesn’t offer ATM fee reimbursements |
| Built-in card acceptance with QuickAccept℠ via the Chase MobileⓇ app | Fee for cash deposits of more than $25,000 per statement period |
Chase’s Platinum Business Checking offers a great account opening bonus, an easy-to-waive monthly fee, and built-in card acceptance via the mobile app. If you need fewer transactions or deposit less cash, you might consider one of its lower-tier checking accounts, Business Complete CheckingSM or Performance Business Checking®.
The Chase mobile app has solid reviews on both the Apple App Store and Google’s Play Store. With more than 1.7 million ratings on Google Play, the app has a 4.4 out of 5-star rating. On the Apple 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 Platinum Business Checking
While Chase Platinum 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 the same amount of free transactions for a much lower 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 the same amount of free monthly transactions (500 free) and a slightly lower free cash deposit limit ($20,000) for a much lower monthly fee ($29.95)
- Grasshopper: Best digital-only bank for cash back on debit card purchases
Bottom Line
Like Chase’s other two business checking accounts, Chase Platinum Business CheckingSM is an outstanding banking product. However, if you cannot meet the criteria to waive the monthly fee, you may want to consider Chase’s mid-tier business bank account, Performance Business Checking®. You could even consider Bank of America’s Advantage Relationship Banking, which offers the same amount of monthly free transactions and a slightly lower free cash deposit limit of $29.95 per month.
