This article is part of a larger series on Business Banking.
If you’re opening a business bank account and need a banking provider that offers both online and in-person banking services, Chase and Wells Fargo are excellent options. Both offer business checking accounts, business savings accounts, lending products, and merchant services. However, compared to Chase, Wells Fargo has lower monthly fees and easier requirements for waiving fees.
Here is a summary of what each provider is best for:
- Chase: Businesses that want a full range of banking services from a provider with nationwide locations
- 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 Quick Comparison
When To Use Each
When To Use an Alternative
- You want to earn interest on checking balances: Neither Chase Business Complete Checking nor Wells Fargo Initiate Business Checking earn interest on balances. Businesses that want high-yield checking accounts should look to Bluevine, a digital-exclusive banking solution that offers qualified accounts an annual percentage yield (APY) of 2.0% on balances of up to $100,000.
- You want a higher cash deposit limit: Chase and Wells Fargo’s lowest tier accounts share a fee-free cash deposit limit of $5,000. Bank of America offers a higher cash deposit limit of $7,500. In our list of best small business checking accounts, it’s named the best bank for low cash deposit fees.
- You rely on wire transfers: Both Chase and Wells Fargo charge steep fees for sending and receiving wire transfers. Under the financial technology (fintech) solution Relay, all incoming wire transfers are free while outgoing domestic and international wire transfers cost $5 and $10, respectively.
Chase vs Wells Fargo Business Checking Account
Chase and Wells Fargo offer scalable business checking accounts, in which higher tiers charge higher fees in exchange for access to more features. Chase’s lowest tier account, called Business Complete Checking, charges a waivable monthly fee of $15 and requires no opening deposit. Meanwhile, Wells Fargo’s lowest tier account, called Initiate Business Checking, charges a waivable monthly fee of $10 and requires an opening deposit of $25.
Both accounts charge fees for domestic and international wire transfers. Since Chase and Wells Fargo both have physical locations, they both support cash deposits.
Chase also offers a sign-up bonus of $300. To earn the bonus, customers need to complete one or more of the following requirements:
- Open a new Chase Business 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
Customers can only receive one bonus per account. Additionally, they’re only eligible for the bonus once every two years from their last enrollment date.
Chase vs Wells Fargo Business Checking Account Overview
Businesses wanting a full range of banking services from a provider with nationwide locations
Businesses with low transaction volumes seeking low-cost in-person banking and access to a full range of banking services
Interest on Balances
Bank Network & ATMs
Free in 16,000+ Chase ATMs; $2.50 nonnetwork fee
Free in 12,000+ Wells Fargo ATMs; $2.50 nonnetwork fee
Accounting Software Integrations
QuickBooks and FreshBooks
QuickBooks and Xero
Business Payment Integrations
Integrations available with Chase Merchant Services
Clover Mini, Clover Flex, Clover Go, Clover Apps, Clover®
Open an Account
Because Chase and Wells Fargo offer similar products, neither holds a massive edge over the other. Both don’t earn interest on checking account balances, although they integrate with popular accounting software and offer business payment integrations through built-in merchant services.
One advantage Chase has over Wells Fargo is that it offers fast access to cash from merchant services earnings. Chase’s merchant services system, QuickAccept, lets business owners process credit card and debit card payments and doesn’t charge extra fees. Through it, Chase customers can access their earnings the same day they receive them. Although Wells Fargo also offers merchant services, it doesn’t come with the same fast access to cash.
Chase and Wells Fargo charge the same nonnetwork ATM fee. While Chase has 16,000 ATMs, Wells Fargo has 12,000.
Chase vs Wells Business Checking Fargo Account Costs
20 paper or teller transactions, then 40 cents cents per transaction thereafter
100, then 50 cents per transaction thereafter
Cash Deposit Fee
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
Chase charges a waivable monthly maintenance fee of $15. Customers can waive their fees by meeting one of the following requirements:
- Maintain a $2,000 average daily balance
- Have $2,000 in net purchases on Chase Ink Business Card(s)
- 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
Requirements for waiving the monthly fee at Wells Fargo are slightly easier to meet. Customers must either:
- Maintain a $500 daily balance
- Maintain a $1,000 average ledger balance
Chase allows an unlimited number of fee-free ATM and debit card transactions. However, it only offers 20 fee-free paper or teller transactions. Each transaction after the limit costs 40 cents.
Wells Fargo limits fee-free transactions to 100 per month. After hitting the limit, customers must pay 50 cents per transaction. Wells Fargo defines transactions as all checks deposited and all withdrawals posted to an account, including electronic and paper. Debit card payments and purchases aren’t counted in the limit.
Chase and Wells Fargo both allow up to $5,000 worth of fee-free cash deposits. Chase charges $2.50 for every $1,000 deposited after the limit while Wells Fargo charges 30 cents for every $100 deposited after the limit.
Chase vs Wells Fargo Business Checking Account Sample Scenario
Number of Transactions
Cash Deposited In A Month
Possible Monthly Fees
2 cash deposits worth $1,000 each x $2.50 = $5
2 cash deposits worth $1,000 each x $3 = $6
(150 transactions - 20 free transactions) x 40 cents = $52
(150 transactions - 100 free transactions) x 50 cents = $25
Possible Total Fee
Businesses that make more than 20 paper or teller transactions per month will save money by choosing Wells Fargo. Although it has a higher transaction fee, it also has a higher transaction limit. Chase only becomes the more affordable option after hitting 420 transactions. However, users must note that Chase’s transaction limit only includes paper and teller transactions while Wells Fargo’s transaction limit also includes electronic transactions.
Chase also has more affordable cash deposit fees. Wells Fargo charges 30 cents per $100 deposited after the limit of $5,000, which means that every $1,000 deposited after the limit costs $3. With Chase, every $1,000 deposited after the limit of $5,000 only costs $2.50.
There are very few differences between Chase and Wells Fargo’s business checking products. Wells Fargo’s monthly account maintenance fees are slightly lower, and requirements for waiving monthly fees are easier to meet than Chase’s. However, Chase has lower cash deposit fees and allows unlimited electronic transactions. Although Wells Fargo has more branches, Chase has more ATM networks and covers a larger number of states.