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Banking | Versus

Chase vs Wells Fargo Business Checking 2023: Which Is Better for You?

Published July 20, 2023

Published Jul 20, 2023

Matthew Sexton

REVIEWED BY:
Matthew Sexton

Ricci Recto

WRITTEN BY:
Ricci Recto

This article is part of a larger series on Business Banking.

TABLE OF CONTENTS
  1. 1 Quick Comparison
  2. 2 Use Cases
  3. 3 Features
  4. 4 User Reviews
  5. 5 Bottom Line

If you need a business checking provider that offers both online and in-person banking services, Chase and Wells Fargo are great options. Chase offers a $15 basic business checking account called Business Complete Banking, which provides unlimited digital transactions and in-house merchant services.

Meanwhile, Wells Fargo’s basic checking account, Initiate Business Checking, has a lower and easier-to-waive monthly fee of $10 but caps its fee-free monthly transaction allowance 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
  • 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

Chase logo.
Business Complete Banking
Wells Fargo logo.
Initiate Business Checking
Required Opening Deposit
None
$25
Monthly Fee

$15; waivable You can waive the monthly fee by meeting one or more of the following criteria:
1. Maintain a $2,000 minimum daily balance OR have $2,000 in net purchases on the Chase Ink® Business Card, OR receive $2,000 in deposits from Chase QuickAccept℠ or eligible Chase payment solutions
2. Link to a Chase Private Client Checking℠ account
3. Provide qualifying proof of military status.




$10; waivable You can waive the monthly fee by maintaining a minimum daily balance of $500 or an average ledger balance of $1,000.
Transaction Limit Before Fees
Unlimited digital transactions
20 teller and paper transactions, then 40 cents per transaction thereafter
100, then 50 cents per transaction thereafter
Automated Clearing House (ACH) Fees
$2.50 per item for first 10 payments
15 cents for succeeding payments
1% of transaction value for same-day ACH or real-time payments
None through Zelle
Domestic Wire Transfer Fees
$0 to $5 for outgoing wires sent through Chase digital banking
$35 for outgoing wires sent through Chase branches
$0 for incoming
$25 to $30 for outgoing wires
$15 for incoming wires
International Wire Fees
$0 to $5 for outgoing foreign currency wires sent through Chase digital banking
$50 for outgoing wires sent through Chase branches
$0 for incoming wires
$40 to $45 for outgoing wires in United States dollars (USD)
$30 to $35 for outgoing wires in foreign currency
$16 for incoming wires
ATM Network
Chase ATMs
Wells Fargo ATMs
Out-of-network ATM Fees
$3 Third-party operator fees may apply.
$2.50 Third-party operator fees may apply.
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
Annual Percentage Yield (APY)
None
None
Review
Chase logo.
Business Complete Banking
Wells Fargo logo.
Initiate Business Checking
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
Via Chase Merchant Services
Clover Mini, Clover Flex, Clover Go, Clover Apps, and Clover
Invoicing Products
Via Chase Merchant Services
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
Review

When To Use

  • You want nationwide branch access: While Chase’s branches span all lower 48 states, Wells Fargo only has branches in 36 US states 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 $0.30 for every $100 deposited after the limit, which means that every $1,000 costs $3.00.
  • You want a sign-up bonus: Chase customers can earn a sign-up bonus of $300 by completing specific activities. Meanwhile, Wells Fargo does not offer a sign-up bonus.
  • You want lower monthly fees: Chase Business Complete Checking charges a monthly maintenance fee of $15, and 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 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. And 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 accounts an APY of 2.0% on qualifying balances of up to $250,000 and less. Refer to our review of Bluevine business checking 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.
  • You want a higher cash deposit limit: Business Complete Banking and Initiate Business Checking have a fee-free cash deposit limit of $5,000. Meanwhile, Bank of America’s Business Fundamentals Banking has a monthly fee of $16 and a cash deposit limit of $7,500. Learn more by reading our Bank of America business checking review.

Comparison of Chase vs Wells Fargo Business Checking Features

Chase
Wells Fargo
Overall Rating This score is reflective of the features of the platform and not the overall quality of the financial provider. A feature not offered by a provider earns a 0-star score, which is averaged into the overall rating.
4.3 stars
3.7 stars
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 little to 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.

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: 5 out of 5
Wells Fargo: 5 out of 5

Both providers let you open your business checking account online.

Chase: 4 out of 5

Chase’s monthly fee is higher than Wells Fargo’s. However, you have more options for waiving the fee.

You can waive the Business Complete Banking monthly fee 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 cents 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 per $1,000.

Chase: 4 out of 5

Chase has 16,000 ATMs and charges $3 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 or $500. Customers can only receive one bonus per account. Additionally, they are only eligible for the bonus once every two years from their last enrollment date.

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. If you want to earn the $500 welcome bonus, your deposit should be worth $15,000 or greater.
  • 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.

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.

Read our review of Chase business checking for a more 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 to Chase:

  • Wells Fargo Navigate Business Checking: This mid-sized account charges a $25 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 3/1,000ths of a cent fee for every $1 deposited in cash.

Refer to our Wells Fargo business checking review for a detailed breakdown of each account.

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
Capital One
WalletHub Rating
3.8 (based on nearly 27,000 reviews1)
3.3 (based on around 1,100 reviews2)
Users Like
  • Fast account opening process
  • Helpful customer service staff members
Users Dislike
  • Hard requirements to waive fees
  • Impersonal customer service
  • Poor security
  • Difficult to reach customer service through phone

Both providers received mixed reviews from users. In both cases, most reviewers discussed topics outside of business checking.

Chase earned a rating of 3.8 on WalletHub. Dissatisfied customers primarily called out the bank’s fees and customer service. One user said that they found the bank’s monthly service fees and minimum balance requirements too high. Additionally, several also found the bank’s customer service impersonal. However, many liked that the bank made it convenient to open an account.

Meanwhile, Wells Fargo has a WalletHub rating of 3.3. Most reviews were focused on customer service. Since Wells Fargo is a national bank with thousands of branches spread across the country, experiences with customer service vary. Positive reviews typically highlight anecdotes about good service from specific Wells Fargo staff members. However, many note that it was difficult to reach staff through the helpline.

Another topic negative reviews often discussed is the way Wells Fargo handled fraud. Many customers claimed to be victims of fraud and received little or no help from the bank when they reached out.

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. Additionally, it received slightly better ratings from past users.

For additional tips on selecting a business banking provider, refer to our guide to opening a business bank account.

User review references:
1Chase on WalletHub
2Wells Fargo on WalletHub

About the Author

Ricci Recto

Find Ricci OnLinkedIn

Ricci Recto

Ricci Recto is a Banking Staff Writer for Fit Small Business. Upon completing her bachelor’s degree at Ateneo de Manila University, she worked as a content writer in the digital marketing industry. She also has previous experience as an editorial intern for the travel publication GRID Magazine.