Chase and Wells Fargo business checking accounts offer great options for online and in-person banking services. Chase Business Complete Banking provides unlimited digital transactions and in-house merchant services at a waivable $15 monthly fee. Meanwhile, Wells Fargo offers Initiate Business Checking with a lower and easier-to-waive $10 monthly fee but caps fee-free monthly transactions at 100 combined digital and paper transactions.
Here is a summary of what each provider is best for:
- Chase: Businesses wanting a full range of banking services from a provider with nationwide locations and unlimited fee-free online transactions
- Wells Fargo: Businesses with low transaction volumes seeking low-cost in-person banking and access to a full range of banking services
Chase vs Wells Fargo Business Account Quick Comparison
Debit Card | Free debit card, mailed within 10 business days of application approval | Free debit card, mailed within 5 to 7 calendar days of application approval |
Accounting Software Integrations | QuickBooks and FreshBooks | QuickBooks and Xero |
Business Payment Integrations | Available with Chase Payment Solutions | Clover point-of-sale (POS) solutions |
Invoicing Products | Chase Payment Solutions | Via Authorize.net |
Other Products Available | Business savings, certificates of deposit (CDs), lending products, and credit cards | Business savings, CDs, lending products, and credit cards |
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Comparison of Chase vs Wells Fargo Business Checking Features
Chase | Wells Fargo | |
|---|---|---|
4.2 ★ | 3.7 ★ | |
Geographic Availability | ★★★★★ | ★★★★ |
Online Account Opening | ★★★★★ | ★★★★★ |
Monthly Fees | ★★★ | ★★★★ |
Monthly Transaction Limits | ★★★★ | ★★★★ |
Monthly Cash Deposit Limits | ★★★★ | ★★★★ |
ATM Network And Fees | ★★★★ | ★★★★ |
Welcome Bonus | ★★★★★ | 0 |
Merchant Services | ★★★★ | ★★★ |
Higher-tier Accounts | ★★★ | ★★★★ |
Other Products | ★★★★★ | ★★★★★ |
Rating Explanation: ★★★★★ 5: This feature enhances your banking experience at no cost. ★★★★ 4: This feature has a few minor drawbacks/limits or comes at a slight cost. ★★★ 3: This feature has a few drawbacks/limits or comes at a slightly high cost. ★★ 2: This feature has a few major drawbacks/limits or comes at a high cost. ★ 1: This feature has major drawbacks/limits. 0: This feature is unavailable. | ||
When comparing Chase vs Wells Fargo business checking accounts, Chase’s nationwide presence, slightly advanced payment processing system, and cash back rewards to new account holders provide an advantage over Wells Fargo. Businesses that prefer transacting online can also benefit from its unlimited and fee-free electronic transactions.
However, Wells Fargo provides low-cost banking through lower monthly fees and non-network ATM fees. It is advantageous for small businesses that favor banking in-person since it offers a 100-transaction limit, which includes online and branch transactions.
Chase: 5 out of 5
Chase has in-person branches in all 48 mainland states.
Wells Fargo: 4 out of 5
Wells Fargo covers 36 states and Washington, D.C. The states excluded in Wells Fargo’s brick-and-mortar branch network are:
- Hawaii
- Indiana
- Kentucky
- Louisiana
- Maine
- Massachusetts
- Michigan
- Missouri
- New Hampshire
- Ohio
- Oklahoma
- Rhode Island
- Vermont
- West Virginia
However, unlike Chase, Wells Fargo has brick-and-mortar branches in Alaska.
Chase & Wells Fargo: 5 out of 5
Both providers let you open your business checking account online.
Chase: 3 out of 5
You can waive the Business Complete Banking monthly fee of $15 by doing at least one of the following:
- Maintain a $2,000 average daily balance
- Have $2,000 in net purchases on your Chase cards
- Have $2,000 in deposits from Chase QuickAccept or other eligible Chase Payment Solutions transactions
- Link a Chase Private Client Checking account
- Provide qualifying proof of military status
Wells Fargo: 4 out of 5
Initiate Business Checking has a monthly fee of $10. Requirements for waiving the fee are relatively easy to meet:
- Maintain a $500 daily balance, or
- Maintain a $1,000 average ledger balance
Chase: 4 out of 5
Chase allows an unlimited number of fee-free electronic transactions, including:
- Check deposits through Chase QuickDeposit
- Debit card transactions
- In-network ATM deposits and withdrawals
- Payments and transfers made through the Chase website or mobile app
However, it only offers 20 fee-free paper or teller transactions. Each transaction after the limit costs 40 cents.
Wells Fargo: 4 out of 5
Wells Fargo limits fee-free transactions to 100 per month. Wells Fargo defines transactions as all checks deposited and all withdrawals posted to an account, including electronic and paper. Debit card payments and purchases are not counted in the limit.
After hitting the limit, there is a 50-cent fee per transaction.
Chase: 4 out of 5
While Chase and Wells Fargo both allow up to $5,000 worth of fee-free cash deposits, Chase’s excess cash deposit fees are lower. It charges $2.50 for every $1,000 deposited after the limit.
Wells Fargo: 4 out of 5
Wells Fargo charges 30 cents for every $100 deposited after the limit, which amounts to $3.00 per $1,000.
Chase: 4 out of 5
Chase has 16,000 ATMs and charges $3.00 for out-of-network use.
Wells Fargo: 4 out of 5
Although Wells Fargo charges lower out-of-network ATM fees, it has a smaller ATM network. It has 12,000 machines and charges $2.50 for out-of-network use.
Chase: 5 out of 5
Chase offers a sign-up bonus of $300. To earn the bonus, customers need to complete the following requirements:
- Open a new Chase Business Complete Checking account.
- Deposit a total of $2,000 or more in new money into the 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 the business at Chase or its affiliates.
- Complete five qualifying transactions within 90 days of offer enrollment. These refer to debit card transactions, receiving QuickAccept payments, QuickDeposit, ACH credits, incoming and outgoing wire transfers, and bill pay through Chase digital banking.
Wells Fargo: 0 out of 5
Wells Fargo lacks a welcome bonus.
Chase: 4 out of 5
Chase’s merchant services system, QuickAccept, lets business owners process credit card and debit card payments and does not charge extra fees. Through QuickAccept, Chase customers can access their earnings the same day they receive them—as long as payments are completed and approved by 5 p.m. Pacific Time or 8 p.m. Eastern Time daily, except Saturdays.
Wells Fargo: 3 out of 5
Although Wells Fargo also offers merchant services, it does not come with the same fast access to cash.
Chase: 3 out of 5
Chase’s higher-tier accounts are called Performance Business Checking and Platinum Business Checking:
- Chase Performance Business Checking: This is a mid-range account with a waivable monthly fee of $30. It offers unlimited electronic deposits, 250 free transactions, and $20,000 in free cash deposits. Refer to our review of Chase Performance Business Checking for more information.
- Chase Platinum Business Checking: An account designed for high-volume business. It has a waivable monthly fee of $95 and provides unlimited electronic deposits, 500 free transactions, and $25,000 in free cash deposits. For a breakdown of the account’s terms and features, read our Chase Platinum Business Checking review.
Wells Fargo: 4 out of 5
Wells Fargo’s higher-tier accounts, Navigate Business Checking for medium-sized businesses and Optimize Business Checking for high-volume businesses, have slightly lower fees compared to Chase.
- Wells Fargo Navigate Business Checking: This mid-sized account charges a $25 waivable monthly fee and offers 250 free transactions and $20,000 in free cash deposits. It has a minimum opening deposit requirement of $25.
- Wells Fargo Optimize Business Checking: A premium account that charges a $75 monthly fee. It provides 250 free transactions, unlimited free incoming wire transfers, and five free outgoing wire transfers. There is a $0.0030 fee for every $1 deposited in cash.
Chase: 5 out of 5
Outside of business checking, Chase also offers savings accounts, CDs, business lines of credit, small business loans, commercial real estate financing, and employee retirement solutions.
Wells Fargo: 5 out of 5
Other Wells Fargo business banking products include savings accounts, CDs, business lines of credit, Small Business Administration (SBA) loans, credit cards, and payroll services.
Chase vs Wells Fargo Business Checking User Reviews
Chase | Wells Fargo | |
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WalletHub Rating | 3.8 (from more than 27,000 reviews on WalletHub[1]) | 3.2 (from more than 1,100 reviews on WalletHub[2]) |
Trustpilot Rating | 1.3 (from around 1,600 reviews on Trustpilot[3]) | 1.3 (from about 1,100 reviews on Trustpilot[4]) |
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Chase and Wells Fargo have mixed reviews from users. Most of the reviewers discussed various banking products and services.
Chase customers said that they are satisfied with the bank’s ease of opening a business account online. They also liked the bank’s reliable app and helpful customer service support. However, some reported that it takes at least an hour of waiting to be served when calling the bank. A few also commented that the bank’s dispute resolution process was unsatisfactory.
Meanwhile, Wells Fargo clients appreciate the bank’s low account fees and the quick availability of funds when depositing a check. They also shared their positive interactions with bank representatives and said that the staff was friendly and knowledgeable. However, some claimed that the bank offers little fraud protection and that their funds were put on hold for suspected fraud activity.
Frequently Asked Questions (FAQs)
Chase’s Business Complete Banking, the lowest tier account, has no minimum opening deposit.
You need to deposit at least $25 to open Wells Fargo’s basic tier account, Initiate Business Checking.
Yes, Chase offers a $400 bonus if you open a new Chase Business Complete Banking account and meet the qualifying activities.
Bottom Line
Compared to Chase Business Complete Banking, Wells Fargo Initiate Business Checking has slightly lower fees. However, Chase has a little more to offer: a nationwide brick-and-mortar branch presence, unlimited digital transactions, in-house payment processing solutions with access to same-day deposits, and signup bonuses for new accounts.
For additional tips on selecting a business banking provider, refer to our guide to opening a business bank account.
User review references:
[1]WalletHub | Chase
[2]WalletHub | Wells Fargo
[3]Trustpilot | Chase
[4]Trustpilot | Wells Fargo
