Chase vs Wells Fargo Business Checking: Which Is Better for You?

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

• Terms
• Features

	Business Complete Banking	Initiate Business Checking
Best For	None	$25
Opening Deposit	$2,000 to waive monthly fee*	$500 to waive monthly fee**
Interest on Balances	20 teller and paper transactions, then $0.40 cents per transaction thereafter	100, then 50 cents per transaction thereafter
Bank Network & ATMs	$25 for first 25 items per month, 15 cents per item above 25 per month, $2.50 return fee	None
Accounting Software Integrations	Up to $35 for outgoing wires, up to $15 for incoming wires	$30 for outgoing wires, $15 for incoming wires
Business Software Integrations	Up to $35 for outgoing wires, up to $15 for incoming wires	$45 for outgoing wires, $16 for incoming wires
Reserve Accounts	Free in 16,000+ Chase ATMs; $2.50 nonnetwork fee***	Free in 12,000+ Wells Fargo ATMs; $2.50 nonnetwork fee***
Open an Account	Up to $5,000 per month free, then $2.50 per $1,000 per statement cycle	Up to $5,000 per month free, then $0.30 per $100 per statement cycle
APY	None	None
Review	Read our Chase Business Checking review	Read our Wells Fargo Business Checking review
Open an account	Visit Chase	Visit Wells Fargo

*The $15 Chase monthly fee can also be waived by satisfying any one of the following criteria each statement period: 1) Maintaining $2,000 minimum daily balance, having $2,000 in net purchase on Chase Ink® Business Card, OR receiving $2,000 in deposits from Chase QuickAccept^SM or eligible Chase payment solutions; 2) linking a Chase Private Client Checking℠ account; or 3) providing qualifying proof of military status.

**The $10 Wells Fargo monthly fee can also be waived by meeting an average ledger balance of $1,000.

***Third-party operator fees may apply.

	Business Complete Banking	Initiate Business Checking
Debit Card	Free debit card, mailed within 10 business days of application approval	Free debit card, mailed within 5–7 calendar days of application approval
Physical Checks	Cost varies depending on check quantity, style, and design	Cost varies depending on type of checks ordered
Accounting Software Integrations	QuickBooks and FreshBooks	QuickBooks and Xero
Business Payment Integrations	Available with Chase Merchant Services	Clover Mini, Clover Flex, Clover Go, Clover Apps, Clover®
Customer Service	Live customer support online or in bank branch locations	Live customer support online or in bank branch locations
Invoicing Products	Available with Chase Merchant Services	Available via Authorize.net
Other Products Available	Business savings & certificates of deposit (CDs), lending products, credit cards, merchant services, collection services	Business savings, CDs, lending, credit cards, merchant services
Review	Read our Chase Business Checking review	Read our Wells Fargo Business Checking review
Open an Account	Visit Chase	Visit Wells Fargo

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 either $300 or $500.

To earn a $300 bonus:

• Step 1: Open a new Chase Business Checking account online or in branch and present the $300 bonus offer (which you can receive by entering your email address on Chase’s website).
• Step 2: Deposit a total of at least $2,000 in new money within 30 days.
• Step 3: Maintain at least a $2,000 balance for 60 days from the offer enrollment.
• Step 4: Complete 5 qualifying transactions within 90 days of enrollment.

To earn a $500 bonus:

• Step 1: Open a new Chase Business Checking account online or in branch and present the $500 bonus offer (which you can receive by entering your email address on Chase’s website).
• Step 2: Deposit a total of at least $15,000 in new money within 30 days.
• Step 3: Maintain at least a $15,000 balance for 60 days from the offer enrollment.
• Step 4: Complete 5 qualifying transactions within 90 days of 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

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

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

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.

Bottom Line

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.