Chase Platinum 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 offers three outstanding business checking account options for small business owners seeking traditional, brick-and-mortar banking. The highest-tier account is Chase Platinum Business CheckingSM, which offers up to 500 fee-free monthly transactions and a free cash deposit limit of $25,000 monthly before fees are charged.
It comes with the highest monthly fee of $95, which can be waived if you have a combined average daily balance of $50,000 and link to a Chase Private Client Checking account or a combined average daily balance of $100,000 in qualifying business deposit and business investment balances. Like the other two Chase accounts, it has no opening deposit requirements.
If you cannot qualify to waive the monthly fee, consider the middle-tier Chase account, Performance Business Checking, unless you need the higher free transaction and free cash deposit limit.
Chase
What We Like
- $300 bonus when you open a new account
- Waivable 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
Monthly Fee | Transaction Limits Before Fees | Cash Deposit Fee | Minimum Opening Deposit | |
|---|---|---|---|---|
 | $95; waivable | 500 fee-free paper 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 |
 | $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 |
 | $75, can be offset with earnings allowance | 250, then 50 cents per transaction | Three-10ths of a cent per $1 deposited | $25 |
*Transactions refer to debits and deposits or 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 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, and retirement planning. Its multiple business products are why we ranked it 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 in our list of the leading small business checking accounts.
- You want unlimited fee-free electronic deposits: Under Chase, all electronic deposits, including electronically deposited items, ACH and ATM transactions, and Chase QuickDeposit, are free.
- You prefer the option of in-person banking: With more than 4,700 locations in the United States, it’s likely that there is a brick-and-mortar branch near you.
- You are looking for a business checking account with a cash bonus for opening an account: Chase offers a $300 cash bonus to new businesses that meet its qualification requirements. This is one reason why Chase is among our top-recommended banks for startups.
- Your limited liability company 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 a business checking account for LLCs.
- You need a bank that also offers lending products: In addition to the variety of deposit accounts offered by Chase, it offers multiple lending products—like business lines of credit, business loans, commercial real estate, and Small Business Administration (SBA loans)—which is why it is one of the top banks 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 fee-free transactions per month, then 40 cents per item after the limit | $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 fee-free paper transactions per month, then 40 cents per item after the limit | $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 fee-free transactions per month, then 40 cents per item after the limit | $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 pays qualified users 2.00% interest on balances up to $100,000.
- You want to bank without a monthly fee: Chase Platinum Business Checking is the bank’s most expensive business checking product at a monthly service fee of $95, which can only be waived by meeting steep activity requirements. If you don’t mind banking exclusively online, digital-only banks tend to be more affordable. The fee-free First Internet Bank is a good choice because, like Chase, it offers a full range of business banking services.
- 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. 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 transactions per month, then $0.40 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 | $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 Transfer 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 |
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 $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 $50,000 and linking a Chase Private Client Checking account, or $100,000 or more in qualifying business deposit and business investment balances.
| |
|---|---|
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 & 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
To open a business bank account with Chase, you may 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
Personal Identification
- Two forms of ID (at least one must be a valid government-issued ID)
Tax Identification Number
- SSN, ITIN (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 DBA)
- Trust documentation
Complete List
Partnership
Personal Identification
- Two forms of ID (at least one must be a valid government-issued ID)
Tax Identification Number
- EIN
Business Documentation
- Written Partnership Agreement (for General Partnerships) or Certified Partnership Agreement (for Limited Partnerships, Limited Liability Partnerships, and Limited Liability Limited Partnerships)
- Joint Venture Agreement (for General Partnerships)
- Active Status Verification (for Limited Partnerships, Limited Liability Partnerships, and Limited Liability Limited Partnerships only. Partnerships registered more than 1 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
Limited Liability Corporation (LLC)
Personal Identification
- Two forms of ID (at least one must be a valid government-issued ID)
Tax Identification Number
- 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 (Limited Liability Companies registered more than 1 year ago also require one of the following: Certificate of Good Standing, Status Report, OR Long Form or Short Form Standing)
- Assumed Name Certificate
Corporation
Personal Identification
- Two forms of ID (at least one must be a valid government-issued ID)
Tax Identification Number
- 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 1 year ago also require one of the following: Certificate of Good Standing, Status Report, Long Form Standing or Short Form Standing)
Unincorporated Business Association or Organization
Personal Identification
- Two forms of ID (at least one must be a valid government-issued ID)
Tax Identification Number
- EIN
Business Documentation
- Articles of Association
- Charter document validating existence
- IRS Confirmation of EIN Issuance
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 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.
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 QuickAccept. 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 are not 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 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.
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 Checking 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 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.
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
- SBA loans
- Equipment financing
- Trade financing
Business Credit Cards
Chase offers nine business credit cards. Perks of Chase credit cards include cash back rewards, redeemable points, and airline miles rewards.
Chase Platinum Business Checking Pros & Cons
| PROS | CONS |
|---|---|
| $300 bonus when you open an account | Limited number of free account transactions |
| Waivable 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 their lower-tier checking accounts, Business Complete Checking or Performance Business Checking.
The Chase mobile app has solid reviews on both App Store and Google Play. With more than 1.7 million ratings on Google Play, the app has a rating of 4.4 stars out of 5. On App Store, Chase is rated 4.8 stars out of 5, with more than 4.1 million ratings. Some reviewers like the app’s ease of use and navigation layout, while others mentioned issues with push notifications from the app.
Alternatives to Chase 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. Many online-only banking solutions offer affordable business checking products with useful tools and cost-saving features. Here are a few alternatives worth checking out:
- Bluevine* is the best digital-only banking solution for earning interest. Should your account meet its activity requirements, you can access an APY of 2.00% on balances up to $100,000.
- Relay* is the best digital-only banking solution for teams. It lets you create up to 20 sub-accounts within one checking account and issue up to 50 debit cards to team members. If you want to distribute financial management duties, you can give team members access to your business accounts and customize access levels and spending limits to ensure responsible use.
- Grasshopper is the best digital-only bank for flexible lending solutions. It offers traditional and nontraditional business financing, including SBA lending, commercial real estate lending, yacht lending, and venture capital & private equity lending.
*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
Like Chase’s other two business checking accounts, Chase Platinum Business Checking 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 for a much lower monthly fee of $29.95.
