Chase Bank is one of the largest banks in the US, with the second highest number of physical branches. This makes them well-positioned to offer a Business Checking product that can meet the needs of just about any size business. In this Chase Business Checking review, we take a deep look at what Chase Bank offers, including the pros and cons of their different business accounts, and whether or not it may be a fit for you.
Running a business is a lot of work. That last thing you want to do is spend too much time, energy, or money on your administrative tasks. That’s why finding the right business bank account is an important part of managing your business finances.
I recommend taking a deep look at your business banking needs before opening a business checking or savings account. Not all businesses have the same needs, and not all business banking accounts are created equal. This review takes a look at Chase Business Checking and can help you decide if it’s right for your business. Chase offers several flexible business checking accounts, so chances are good you can find a plan that will fit your business banking needs.
Chase Business Checking Account Review
Chase has three main business checking accounts: Chase Total Business Checking®, Chase Performance Business Checking, and Chase Platinum Business Checking.
Each of these accounts has its own features, benefits, and fee structures. Let’s take a look at the common features these accounts share, as well as some of the features that differentiate these accounts.
We’ll also show you how you can even earn a $200 cash bonus when you open a new Chase Business Checking account.
$200 Bonus Offer: To qualify for the $200 cash bonus, you must:
- Open a new Chase Business Checking Account
- Make a minimum qualifying deposit of $1,000 or more,
- Maintain a balance of $1,000 or more for 60 days, and
- Complete a minimum of 5 qualifying transactions within 60 days (debit card purchases, Chase Quick Deposit, wire transfers, ACH transfers, or check payments).
- Learn More.
Chase Business Checking Account Features
Chase Bank offers several different checking account options. But they all share some things in common, including the following:
- 5,100 Chase Bank locations
- 16,000 Chase ATMs
- Business Debit Cards
Here are some more features offered by Chase Business Checking Accounts:
Online Banking, Mobile Banking, and Bill Pay:
- Online Banking: Manage your account, check balances, send and receive money, make transfers, receive account alerts, receive paperless statements, and much more.
- Mobile Banking: Chase features mobile banking apps for both iOS and Android devices.
- Online Bill Pay: Make secure payments to vendors, contractors, and others free of charge when made to a qualified account.
- QuickDeposit: Deposit checks online, anywhere, anytime. See below for more information about QuickDeposit.
- Chase QuickPay® with ZelleSM: Send money to nearly anyone using his or her email address or mobile phone number.
- Account Activity Sync: Easily sync your account information with QuickBooks, QuickBooks Online, Xero, and other accounting platforms.
- Account Alerts: Receive email, text, and push alerts for transactions such as low balance alerts, deposits, and more.
- Paperless Statements: Paperless statements may make you eligible for reduced monthly fees.
Chase QuickDeposit – Deposit Checks Remotely
Chase QuickDeposit is a quick and easy way for businesses to deposit checks. Businesses can use the Chase mobile-banking app to deposit checks free of charge. Simply load the app and follow the prompts.
Businesses that need to deposit a large number of checks may be better off acquiring check scanner, which allows you to scan and deposit checks in bulk. You can receive a free Single Feed Check Scanner when you sign up for a two-year contract at $25 a month. This is sufficient for businesses that process a moderate number of physical checks.
If your business processes a large number of physical checks, you will be better off obtaining a Multi-Feed Check Scanner, which you can receive a free when you sign a two-year contract for $50 per month. Additional scanners are available for purchase and can be linked to your account. All check and deposit item fees will be billed and processed according to your account maintenance fee schedule, so be sure to read the details of your agreement.
Chase Merchant Services
Merchant services are a premium service that allows businesses to receive payments at Point of Sale (POS), chip card terminals, online, in-person, and over the phone. Chase Bank also offers merchant service solutions for e-commerce, mobile sales, and remote transactions. You can work with your local Chase branch to help you determine the best methods for processing payments for your business. They can walk you through your options, including potential contracts or equipment and monthly fees.
Additional Premium Services Available to Chase Bank Customers:
The following premium services are available to Chase Bank Business customers. Pricing and eligibility vary based on the service:
- Business Credit Cards
- Lines of Credit
- Payroll Solutions through ADP®
- Wire transfers and ACH payments
Chase Bank Checking Account Options – Different Plans for Different Business Needs
Chase bank offers three business checking account options: Chase Total Business Checking®, Chase Performance Business Checking, and Chase Platinum Business Checking.
Chase Total Business Checking®
The Chase Total Business Checking® is the entry-level business checking account offered by Chase Bank. But entry-level doesn’t necessarily mean it won’t meet your needs. Here are some of the prime features:
- Monthly Service Fee: $15, $12, or $0. The Monthly Service Fee is $15 ($12 when you enroll in paperless statements). The monthly Service Fee is waived when you maintain a minimum daily balance of: $1,500 or more, or if you maintain a linked Chase Private Client Checking or Chase Premier Platinum Checking personal account.
- 100 transactions per month at no charge
- Unlimited electronic deposits
- $5,000 in cash deposits per statement cycle without an additional fee
- Domestic and International wire transfer availability
The $5,000 cash deposit limit refers to actual cash deposits, not total deposits from checks, online transfers, credit card payments and other methods. Keep this in mind if your business handles a lot of cash transactions.
Chase Performance Business Checking
This is the mid-level checking account offered by Chase Bank. It is designed for businesses that handle more transactions each month, or that deal with more cash deposits.
- Monthly Service Fee: $30 or $0. Monthly Service Fee is waived when you maintain a combined average daily balance of $35,000 or more in qualifying business deposit accounts
- 250 transactions per month at no charge
- Unlimited electronic deposits and incoming wire transfers
- $20,000 in cash deposits per statement cycle without an additional fee
- All incoming wires and two outgoing domestic wires at no charge per statement cycle
Chase Platinum Business Checking
The Chase Platinum Business Checking account is Chase Bank’s top-level bank account.
- Monthly Service Fee: $95 or $0. Monthly Service Fee is waived when you maintain a combined average daily balance of $100,000 or more in qualifying business deposit and business investment balances
- 500 transactions per month at no charge
- Unlimited electronic deposits and incoming wire transfers
- $25,000 in cash deposits per statement cycle without an additional fee
- All incoming wires and your 4 most expensive outgoing wires per month at no charge
Visit a Chase Bank branch for more information on these accounts. This is only a top-level overview of the features and potential fees for each of these accounts. It’s a good idea to visit a Chase Bank branch for more information to determine which account is best for your business.
Chase Bank Business Checking Pros and Cons
- $200 Sign Up Bonus (visit Chase website for more information).
- Scalable – Chase Bank offers checking accounts that will take you from startup to commercial banking services, making it easy to grow with your business.
- 5,100 branches and 16,000 ATMs provide easy access.
- User-friendly mobile app and online banking
- Full-service business banking solutions, including excellent business credit cards
- You can only open this account in-person. You must visit a Chase Bank branch to open a Chase Bank Business Checking account. (Click to get coupon code before you open your account to get the bonus).
- Some plans may be expensive if you don’t qualify for free checking (though this is relatively easy to avoid for the Chase Total Checking account – simply maintain an average minimum daily balance of $1,500).
- Transaction limitations. Some plans place restrictions on the amount of cash you can deposit, or on the number of transactions allowed per month.
- Chase Business Savings Account only offers average interest rates on savings.
Final Thoughts on Chase Bank Checking Accounts
Chase Bank offers business checking and savings accounts to meet any size business need, from the online startup, to enterprise commercial banking, and everything in-between. There are some associated costs depending on which account you open, and your business needs. But the thousands of branch locations and ATMs make this a convenient option for many businesses.
Chase Bank also offers a full suite of options to support your business, including business savings accounts, small business loans, merchant services, credit cards (including some of our favorite business credit cards, cash back credit cards, and travel credit cards), and much more.
And to top it off, the $200 sign up bonus for new business checking accounts makes Chase Bank an attractive option for many businesses.