Chase Platinum Business Checking Review 2023
This article is part of a larger series on Business Banking.
As Chase’s highest-tier business checking account, Platinum Business Checking is the most expensive. It charges a monthly fee of $95, which can be waived with a combined average daily balance of $100,000 ($50,000 if you have a Chase Private Client Checking account). It is designed for high-performing businesses and provides a monthly allowance of 500 free transactions and $25,000 worth of cash deposits. Like Chase’s lower-tier business checking accounts, Platinum Business Checking has no opening deposit requirements.
What We Like
- Full-service bank that can scale with your business
- Waivable monthly maintenance fee
- 500 free transactions per month
What's Missing
- Limited number of free transactions
- ATM fees not reimbursed
- Monthly fee of $95
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
Monthly Fee | Transaction Limits Before Fees | Cash Deposit Fee | Minimum Opening Deposit | |
|---|---|---|---|---|
 Chase Platinum Business Checking | $95; waivable | Free electronic deposits; 500 fee-free transactions per month, then 40 cents per item | Up to $25,000 per month free, then $2.50 per $1,000 per statement cycle | None |
 Business Advantage Relationship Banking | $29.95; waivable | 500 fee-free transactions per month, then 45 cents per item | Up to $20,000 per month free, then 30 cents per $100 per statement cycle | $100 |
 Optimize Business Checking | $75; can be offset with earnings allowance | 250, then 50 cents per transaction | Three-10ths of a cent per $1 deposited | $25 |
Chase Business Checking Accounts Comparison
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. Refer to our comparison of Chase’s business checking accounts for additional details.
Monthly Fee | Monthly Transactions Before Fee | Monthly Cash Deposit Before Fee | Wire Transfer Fees | |
|---|---|---|---|---|
Platinum Business Checking℠ | $95; can be waived | Unlimited electronic deposits; 500 fee-free transactions, then 40 cents per item | $25,000, then $2.50 per $1,000 | All incoming free, four outgoing free per month |
Business Complete Banking℠ | $15; can be waived | Unlimited debit card and Chase ATM transactions; 20 fee-free paper transactions, then $0.40 per item | $5,000, then $2.50 per $1,000 | $0 or $15 incoming; $35 domestic outgoing; $50 international outgoing |
Performance Business Checking® | $30; can be waived | Unlimited electronic deposits; 250 fee-free transactions, then 40 cents per item | $20,000, then $2.50 per $1,000 | All incoming free, two outgoing free per month |
When Chase Platinum Business Checking Is a Good Fit
- You prefer the option of in-person banking: With more than 4,700 locations across 48 states, it’s likely that there is a brick-and-mortar Chase branch near you.
- 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, and retirement planning. Its extensive banking product selection is why we included it in our list of the best small business checking accounts.
- You want access to premium customer service: Chase has a dedicated customer service phone line for Platinum Business Checking users.
- You can maintain high balances across multiple accounts: Although Chase Platinum Business Checking costs $95 per month to maintain, you can waive the fee by maintaining an average beginning day balance of $100,000 across qualifying Chase accounts. If you have a Chase Private Client Checking account, the minimum average daily beginning day balance lowers to $50,000.
When Chase Platinum Business Checking Isn’t a Good Fit
- 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). Our comparison of Chase vs Bank of America’s business accounts highlights the main differences between options.
- You want interest-bearing checking: The Chase Platinum Business Checking account does not draw interest. Bluevine pays 2.00% interest on qualifying balances up to $250,000. See our Bluevine business checking review for a list of Bluevine’s monthly activity requirements for earning interest.
- 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 will still have to pay third-party ATM fees. Novo is a good alternative because it refunds all ATM fees at the end of the month. Learn more by reading our Novo business checking review.
Chase Platinum Business Checking Overview
Chase Platinum Business Checking Requirements
To open a business bank account with Chase, you may apply directly through its website or visit one of its 4,700 banking centers. Document requirements depend on how your business is organized.
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 SSN/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.
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.
Waivable 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 beginning day balance of $100,000 or more in qualifying business deposit and business investment balances.
- Maintaining a combined average beginning day balance of $50,000 in qualifying business deposit and business investment balances and linking a Chase Private Client Checking account.
Your combined balance covers linked business savings accounts, CDs, investments, and other Chase Platinum Business Checking accounts (excluding client funds savings accounts).
Business Platinum Line
The Chase Business Platinum Line offers Chase Platinum Business Checking users dedicated concierge support via phone call.
Digital Banking
Like with other Chase business checking accounts, you can manage your Platinum Business Checking account through the Chase website or mobile app. The following features are available:
- Fraud protection services
- Account management
- Viewing account activity
- Moving money through the Chase Payment Center
- Sending and receiving money through Zelle
The mobile app can do all of the above while supporting mobile check deposits. It also provides budgeting and reporting tools.
On Google Play, the app has a rating of 4.4 (based on approximately 1.7 million reviews). On the App Store, it has a rating of 4.8 (based on approximately 4 million reviews). Most users found the app reliable and responsive. However, many complained that ads and popups made the app clunky.
Text Banking
You can access your banking information through text banking, which lets you view account balances, review transactions, and see credit card bill information. This feature is free, but message and data rates may apply.
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
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 will pay no ATM fees. With Platinum 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.
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 will 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.
Cash Management Services
Platinum Business Checking provides access to the following services:
- Account reconciliation
- Economy lockbox
- Commercial sweeps
- Automatic debit transfer with zero balance account functionality
- Cash vault services
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. Designed for smaller businesses, it lets you waive the monthly fee by linking your Chase Business Complete Banking account or maintaining an average ledger balance of $1,000.
- Chase Business Premier Savings is an interest-drawing savings account 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 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, and you can earn higher relationship rates if your CD is linked to a Chase business checking account.
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
- Small Business Administration (SBA) loans
- Equipment financing
- Trade financing
Business Credit Cards
There are 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 the companies Southwest, United, IHG, and World of Hyatt.
Our list of the best Chase business cards can provide more information on the available options.
Chase Platinum Business Checking User Reviews
Of the available Chase reviews, none are specific to the Chase Platinum Business Checking account. Chase as a banking services provider has a rating of 3.8 stars on WalletHub1 (based on more than 26,000 reviews), 3.7 stars on ConsumerAffairs2 (based on 1,400-plus reviews), and 2.5 stars on DepositAccounts3 (based on more than 200 reviews).
Positive reviews highlight that Chase provides a good digital banking experience. Meanwhile, those who left negative reviews criticized the in-person banking experience, having claimed that branches are often understaffed. Several users also complained of inefficient and impersonal customer service.
Bottom Line
Chase Platinum Business Checking is a good business checking product for businesses that can meet the account’s average daily balance requirements. Otherwise, its $95 monthly service fee might be too steep. 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 for a much lower monthly fee of $29.95.
User reviews references:
