Chase vs Wells Fargo Business Checking: Which Is Better?

Chase and Wells Fargo business checking accounts offer great options for online and in-person banking services. I’ve carefully reviewed each to define the similarities and differences. Chase Business Complete Checking provides 20 free in-person transactions and unlimited electronic Includes deposits made via ATM, ACH wire, and Chase QuickDeposit℠ and debit card transactions transactions for a waivable $15 monthly fee Monthly fee can be waived by meeting one of the following qualifying activities:
• Maintain a linked Chase Private Client Checking
• Meet Chase Military Banking requirements
• Maintain a minimum balance of $2,000
• Deposit at leaset $2,000 through Chase Payment Solutions
• Spend at least $2,000 on eligible purchases with the Chase Ink® Business Card . Meanwhile, Wells Fargo offers the Initiate Business Checking account, which has a lower and easier-to-waive $10 monthly fee Monthly service fee can be waived by meeting one of the following requirements:
• Maintain a $500 minimum daily balance
• Maintain an average $1,000 ledger balance and allows 100 combined digital and paper transactions.

Each provider has different features that make it a good fit depending on your business needs. Here is a summary of what each is best for:

Chase Deposit products offered by Wells Fargo Bank, N.A. Member FDIC : Businesses wanting a full range of banking services from a provider with nationwide locations and unlimited free electronic transactions and those with fewer than 20 in-person transactions monthly
Wells Fargo JPMorgan Chase Bank, N.A. Member FDIC : Businesses with low transaction volumes seeking low-cost in-person banking and access to a full range of electronic banking services with a reasonable, easily waivable monthly fee

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No monthly fees, no inbound or domestic wire fees, and no ATM fees North One offers refunds of two ATM withdrawal fees per month for Standard customers and refunds of up to six ATM withdrawal fees per month for Plus customers. Some restrictions apply. Integrations available for 20+leading accounting and payment processing providers Envelopes to segment funds for taxes, payroll, & more under one single account Team banking allows you to issue virtual or physical debit cards for your team members Visit North One

Featured Partner This is a paid placement. However, our team of experts approved it as an appropriate product and our content remains editorially independent.

Not finding what you're looking for? Try North One today

No monthly fees, no inbound or domestic wire fees, and no ATM fees North One offers refunds of two ATM withdrawal fees per month for Standard customers and refunds of up to six ATM withdrawal fees per month for Plus customers. Some restrictions apply.
Integrations available for 20+leading accounting and payment processing providers
Envelopes to segment funds for taxes, payroll, & more under one single account
Team banking allows you to issue virtual or physical debit cards for your team members

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Chase vs Wells Fargo Business Account Quick Comparison

Terms
Features

	Business Complete Banking	Initiate Business Checking
Required Opening Deposit	None	$25
Monthly Fee	$15; waivable Monthly fee can be waived by meeting one of the following qualifying activities: • Maintain a linked Chase Private Client Checking • Meet Chase Military Banking requirements • Maintain a minimum balance of $2,000 • Deposit at least $2,000 through Chase Payment Solutions • Spend at least $2,000 on eligible purchases with the Chase Ink® Business Card	$10; waivable Monthly service fee can be waived by meeting one of the following requirements: • Maintain a $500 minimum daily balance • Maintain an average $1,000 ledger balance
Transaction Limit Before Fees	Unlimited digital transactions 20 teller and paper transactions, then 40 cents per transaction	100, then 50 cents per transaction
ACH Fees	$2.50 per item for the first 10 payments; 15 cents for succeeding payments, and a $2.50 return fee 1% of transaction value for same-day ACH or $25 per transaction, whichever is less	$1.50 per item
Domestic Wire Transfer Fees	Incoming: $15 Outgoing: Up to $35	Incoming: $15 Outgoing: Up to $40
International Wire Fees	Incoming: $15 Outgoing: Up to $50	Incoming: $15 Outgoing: Up to $40
ATM Network	Chase ATMs	Wells Fargo ATMs
Out-of-network ATM Fees	$3.00	$3.00
Cash Deposited	Up to $5,000 per month free, then $2.50 per $1,000 per statement cycle	Up to $5,000 per month free, then 30 cents per $100 per statement cycle
APY Annual Percentage Yield	None	None
Open an Account	Visit Chase	Visit Wells Fargo Bank

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 other leading accounting software	QuickBooks, Quicken, 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, CDs, lending products, and credit cards	Business savings, CDs, lending products, and credit cards
Open an Account	Visit Chase	Visit Wells Fargo Bank

When to Use Chase vs Wells Fargo vs Alternatives

You want nationwide branch access: While Chase’s branches span all lower 48 states Chase has branches in all mainland states, which excludes Alaska and Hawaii. , Wells Fargo only has branches in 36 states There are no branches in Hawaii, Indiana, Kentucky, Louisiana, Maine, Massachusetts, Michigan, Missouri, New Hampshire, Ohio, Oklahoma, Rhode Island, Vermont, and West Virginia. and Washington, D.C.
You make frequent cash deposits: Chase has a slight edge over Wells Fargo when it comes to cash deposit fees. Both providers only offer up to $5,000 fee-free cash deposits per statement cycle. However, while Chase charges $2.50 for every $1,000 deposited after the limit, Wells Fargo charges 30 cents for every $100 deposited after the limit, which means that every $1,000 costs $3.
You want a sign-up bonus: Chase customers can earn a sign-up bonus of $300 by completing specific activities, while Wells Fargo does not offer a sign-up bonus. See our guide to the best business bank account promos for more details on how to earn Chase’s cash back rewards.

You want lower monthly fees: Chase Business Complete Checking charges a monthly maintenance fee of $15, while Wells Fargo’s monthly fee is slightly lower at $10. Businesses only need to maintain an average daily balance of $500 or an average ledger balance of $1,000 to waive Wells Fargo’s monthly fees.
You make more than 20 in-person transactions per month: Wells Fargo provides 100 fee-free transactions per month. However, the limit also includes electronic deposits and withdrawals. Although Chase offers an unlimited number of fee-free debit card and Chase ATM transactions, it limits teller and paper transactions to 20 per month. After the limit, the fee is 40 cents per transaction.

You want to earn interest on checking balances: Neither Business Complete Checking nor Initiate Business Checking earns interest on balances. The best provider for earning APY is Bluevine, a digital-exclusive banking solution that offers qualified Standard Checking accounts an APY of 1.5% on balances of up to $250,000. Refer to our Bluevine business checking review for a list of requirements you need to meet to access Bluevine’s APY.
You want to bank without a monthly fee: Both providers lack fee-free checking accounts, so we recommend U.S. Bank’s Silver Business Checking, which has a monthly fee of $0 and no minimum balance requirements. It is available in all states through online banking. Read our review of U.S. Bank business checking to see if it fits the bill.

If your business fits any of these scenarios, look into our list of the best small business checking accounts for additional options.

Fraud Protection, Account Security & Risk Mitigation

Most banks have security protocols in place to protect account holders against cyber attacks and account fraud. Protecting your account against unauthorized activity is an important part of the financial security of your business. Below, we will review the security features in place for each bank.

Chase

Chase offers a few types of security to monitor your business account. These fraud prevention tools are available based on the needs of your business.

ACH debit block is a tool that can be activated to prevent unauthorized payments from being processed electronically.
Positive Pay is available to prevent fraudulent checks from processing. This allows authorized checks to be processed and allows you to make decisions on checks that are presented with exceptions.
Zero Liability Protection is a card protection feature that protects your account against unauthorized charges made with your debit or credit card. It also runs a continuous 24/7 card monitoring system that reviews activity and blocks unusual transactions. If you notice a suspicious transaction, you can lock and unlock your card as needed.

If you experience fraud on your Chase account, you can call 1-866-564-2264 for immediate help. For additional guidance, visit Chase’s fraud reporting page.

Wells Fargo

Wells Fargo has similar measures in place to prevent fraudulent activity on business accounts.

Automatic sign off is a feature available in online banking, and it will automatically log you out of a session that’s inactive.
Encrypted online sessions are also available and may block outdated browsers for security reasons.
24/7 fraud monitoring is always running to monitor unusual activity on your account or debit card.
Zero Liability Protection is a program Wells Fargo also participates in, so you are not responsible for an unauthorized card transaction as long as it’s reported promptly.
Sign-in using face or fingerprint is also available, offering online users additional security.

If you feel your account has been compromised, you can reach the fraud prevention department by calling 1-800-225-5935. You can also visit Wells Fargo’s fraud reporting page for more information.

Comparison of Chase vs Wells Fargo Business Checking Account Features

	Chase	Wells Fargo
Overall Rating This score is reflective of the features of each platform compared against its competitor; it does not reflect the overall quality of the financial provider. A feature not offered by a provider earns zero stars, which is averaged into the overall rating.	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: ★★★★★: Feature enhances your banking experience at no cost. ★★★★: Feature has a few minor drawbacks/limits or comes at a slight cost. ★★★: Feature has a few drawbacks/limits or comes at a slightly high cost. ★★: Feature has a few major drawbacks/limits or comes at a high cost. ★: Feature has major drawbacks/limits. 0: 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 lower-cost ACH transactions. 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 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 Checking monthly fee of $15 by doing at least one of the following:

Maintain a linked Chase Private Client Checking
Meet Chase Military Banking requirements
Maintain a minimum balance of $2,000
Deposit at least $2,000 through Chase Payment Solutions
Spend at least $2,000 on eligible purchases with the Chase Ink^® Business Card

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

Wells Fargo has a smaller ATM network. It has 12,000 machines and charges $3.00 for out-of-network use.

Chase: 5 out of 5

Chase offers a sign-up bonus of up to $500. 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.
- Your new money deposit amount will be determined in the following manner at 30 days from offer enrollment:
  - $300 when you fund with $2,000 to $9,999
  - $500 when you fund with $10,000 or more
Maintain the new money balance (at least $2,000 for the $300 offer OR at least $10,000 for the $500 offer) 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. A program to provide access to cash in as little as one business day is in place.

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.

Read our review of Chase business checking for a detailed comparison of Chase’s three accounts.

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 with 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 $2.50 fee plus 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.

Once you decide on a provider, see our guide on how to open a business bank account. It includes a free downloadable checklist of documents typically required upon account opening.

Chase vs Wells Fargo Business Checking User Reviews

	Chase	Wells Fargo
WalletHub Rating	3.8 (from over 27,000 reviews)	3.7 (from over 12,000 reviews)
Trustpilot Rating	1.3 (from around 2,000 reviews)	1.3 (from about 1,300 reviews)
Users Like	Easy account opening process Reliable app Good customer support	Low account fees Quick availability of funds from check deposits Good customer support
Users Dislike	Lack of dispute resolution process Long waiting time for customer service over the phone	Poor security Freezing of funds for fraud review

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 held funds for an extremely long time when deposits should have been available for use.

Frequently Asked Questions (FAQs)

Chase’s Business Complete Checking, 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.

Chase has a larger banking footprint than Wells Fargo; however, Chase’s fees are slightly higher. Choosing between the two will largely depend on the individual needs and location. In general, both banks offer a wide range of business banking services at reasonable rates.

Yes. Wells Fargo has accounts tailored for small businesses with low transaction volume and affordable monthly fees that are easily waived.

Chase Bank has branches in all mainland states and Washington D.C. It offers 24/7 fraud protection with a large variety of business products and services. It has exceptional online banking features and integrates with software from accounting to merchant services.

Bottom Line

Compared with Chase Business Complete Checking, 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.

Chase vs Wells Fargo Business Checking: Which Is Better?

Chase vs Wells Fargo Business Account Quick Comparison

When to Use Chase vs Wells Fargo vs Alternatives