Chase Business Checking: Convenient and Accessible Solutions
One of the most adaptable brick-and-mortar company checking accounts available is the Chase Business Total BankingSM account. It has a wide branch network and convenient internet tools, and it lays minimal restrictions on transactions. Also, you may take credit card payments without purchasing additional merchant services.
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Chase Business Checking Review – Our Verdict
Chase for Business, a service provided by Chase Bank, caters to business banking needs. Chase Bank combines the best of both worlds for small companies by providing a wide range of brick-and-mortar locations with a robust suite of online banking services.
Chase Bank, a conventional bank, seems not to want to lag behind its digital bank rivals and wants to draw clients, therefore, it is giving new clients a $300 incentive when they create a Chase Business Checking account. When it comes to the top business checking accounts, it comes in at number four.
Pros
- Widely accessible (in 29 states)
- Outstanding company credit cards
- A range of solutions designed for various company sizes
- A good selection of banking products and services
- Credit cards and business loans are readily available
Cons
- Their interest rates on savings accounts are lower
- Accounts must be opened at a physical location
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Chase Business Checking Banking at a Glance
One of the top business bank accounts for Indiana is Chase Business Comprehensive Banking. The finest of both the physical and online worlds are available to users of this business account: In addition to user-friendly online banking capabilities, it grants access to 16,000 Chase automated teller machines and 4,700 Chase locations located across the United States.
There are a lot of perks that come with opening this business checking account, and the incentive for doing so is only the beginning. You will get a $300 bonus when you open a Chase Business Comprehensive Banking account as long as you transfer $2,000, keep the account open for at least 60 days, and carry out one of the five necessary actions within 90 days of offer registration.
The good news is that you are able to create a business account at Chase Bank even if you are unable to afford to keep the minimum deposit required to obtain the bonus. If this describes your situation, the good news is that there is no minimum required deposit to open a business account at Chase Bank. However, there are even more advantages and benefits.
For brand-new holders of company credit cards, Chase Bank furthermore offers a $750 incentive cashback as well as limitless 1.5% cash back returns on every purchase. All you need to do is make purchases totaling $7,500 in the first 3 months after your account is opened.
Who Chase Business Checking is Best For
This account is for business owners that need on-site assistance, have access to many ATMs around the nation, and utilize convenient mobile and banking technologies.
If your company conducts several transactions but you don’t want to be charged a fee for each one since online transactions are free, you may also take into consideration opening a Chase Business Total Banking account.
Due to the fact that Chase Bank does not pay interest on most of its accounts, the Chase Business Total Banking account is not a smart choice for customers who are interested in the possibility of making money through their financial institutions.
Also, because you must physically visit a Chase office to create a Chase Business Total Banking account, we wouldn’t advise this account for those who don’t want to come in person to open an account.
Pricing
Chase Bank includes 3 business checking accounts: Chase Performance Business Checking, Chase Business Complete Banking, and Chase Platinum Business Checking. In our analysis, we focus mostly on Chase Business Complete Banking, which is best suited to small-company owners.
We’ve examined the key features of the three business checking accounts to help you make sense of the pricing structure.
| Chase | Chase Business Complete Banking | Chase Performance Business Checking | Chase Platinum Business Checking |
| Monthly Fee | $15 or $0 monthly fee if you maintain $2,000 minimum daily balance | $30 or $0 monthly fee if you maintain $35,000 combined average beginning day balance | $95 or $0 monthly fee if you maintain $100,000 combined average beginning day balance |
| Cash Deposit Fee | Fee-free at $5,000 in cash deposits per statement cycle | Fee-free at $20,000 in cash deposits per statement cycle | Fee-free at $25,000 in cash deposits per statement cycle |
| Mobile and Online Banking | ✅ | ✅ | ✅ |
| Multiple User Accounts | ✅ | ✅ | ✅ |
| Accept Card Payment | ✅ | ✅ | ✅ |
| Fraud Prevention Services | ✅ | ✅ | ✅ |
| Fee-free Incoming Wires | ❌ | ✅ | ✅ |
| Cash Management Support | ❌ | ❌ | ✅ |
| Platinum Business Customer Service | ❌ | ❌ | ✅ |
Types of Chase Business Checking Accounts
Chase has many price categories. For new and small companies, Chase offers the Business Comprehensive Checking account, which offers basic checking services at a minimal fee. Its top-tier “Platinum” plan, in contrast, is meant for businesses that are more established and have steady cash flow.
Chase Business Complete Banking
Chase’s Comprehensive Business Checking account requires no initial deposit, costs $15 per month, and offers a variety of useful features for businesses.
- Once you open a new Chase Business Comprehensive Checking account, you’ll get a $300 bonus
- Deposits made today using QuickAccept (SM)
- Unlimited ACH transfers, Chase Quick Deposit, and electronic deposits (SM)
- Additional methods for a charge waiver
- With Chase QuickAccept, you may accept credit card payments whenever you want
- Easy access to over 4,700 branches and 16,000 ATMs
- Simple account administration with the Chase Mobile® app and the Chase Business website
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Chase Performance Checking
Chase Performance Business Checking is $30 per month, or free as long as your company’s combined average daily amount of deposits is $35,000 or more.
The following items are included in the Chase Performance account:
- There are no extra fees for positive or reverse positive payments
- Incoming wire transfers and electronic payments are limitless
- Costs $30 monthly plus a $25 starting deposit
- Free domestic wire transfers twice a month
- 250 monthly transactions
Chase Platinum Checking
Chase Platinum Business Checking costs $95 per month or is free if the firm maintains an average daily balance of $100,000 in eligible deposits and investments.
In addition, Chase Platinum includes:
- Costs $95 per month and a $25 startup deposit
- 500 monthly transactions
- monthly cash contributions of $25,000
- No fees for the top 4 monthly outgoing wire transactions
Chase specialized business checking accounts
You get credit for transactions depending on your account balance, just as with any other regular checking account. The account costs are then offset by that credit. Hence, evaluating checking accounts may be quite beneficial if you have a large account balance. (For accounts with lesser balances, the fees might kill you.)
In addition to its analyzed checking, Chase now provides an interest-bearing option. You forfeit the opportunity to get earning credits in exchange for the opportunity to earn interest (0.14%). Instead, you’ll merely be responsible for covering the costs yourself. Before opening this account, you should definitely do the math.
What about the escrow accounts for Chase? All you need to know is that they abide by all applicable laws. (And if you are unaware of what these accounts are or how they operate, you are exempt from their application.)
Chase Savings Accounts
You may pick from two conventional savings accounts, certificates of deposit, and a few more savings accounts from Chase in addition to its checking accounts (CDs).
By maintaining a $1,000 account balance, you may avoid the minimal monthly maintenance cost for the Complete Savings account. Another possibility for getting the charge waived?
Creating a connection between your Total Savings and Total Business Checking accounts. Really simple Whole Savings’ APY is relatively low, despite the fact that it does generate some income.
You may choose Superior Savings if you want to try for a greater (albeit still modest) APY. With this account, your APY increases the more you save. And to avoid paying the monthly service charge, you’ll need a good account balance. A $25,000 average balance is required to waive the cost, or you may connect your account to a Platinum Business Checking, Performance Business Checking, or Analysis Business Checking account.
Be aware that the number of withdrawals you may make from your Chase Total Savings or Premier Savings account is capped at six each cycle. Regulation D, a federal regulation that restricted transactions on savings accounts, used to be the reason behind that. Chase has however maintained its restriction despite the fact that the legislation has changed.
Hence, you will be subject to a charge of $5 for each transaction made from your Chase savings account if you make more than six withdrawals or transfers in a given month.
Your last chance to save money? Certificates of deposit from Chase. The APY on them, though, isn’t that fantastic. Even the highest APY is far less than what you can receive from other banks, and the beginning APY is rather low.
However, keep in mind that you won’t be able to make any additional deposits or withdrawals for the duration of your term, which might be anywhere from one month to sixty months, depending on the period you pick.
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Chase Bank Business Account Features
There are a lot of fantastic things about the Chase Business Checking account, and one of them is the fact that even the basic plan comes with a lot of excellent features. The key characteristics are stated below.
Mobile and Online Banking
Online bill payment, fraud prevention, SMS banking, account notifications, and Chase QuickPay with Zelle are just a few of the capabilities available with Chase Online and mobile banking. You also have the ability to utilize collection and cash-flow services, set up numerous users to access your account, and download account activities to financial software.
Sign-up bonus:
This is a great chance for company owners who are interested in opening a checking account and receiving a bonus for doing so. When you join Chase Business Comprehensive Banking, you have the opportunity to earn $300.
In order to get this bonus, you will need to make a deposit of $2,000 within 20 days, keep that amount for 60 days, and execute five qualifying actions. Some of these activities include making purchases with a debit card and making deposits via Chase QuickAccept.
Unlimited Electronic Deposits
You are permitted an infinite number of electronic deposits, including deposited products, debit card purchases, ACH transfers, ATM purchases, internal transfers, and Chase QuickDeposit (mobile deposit). Similar to many web-based business checking accounts, this offers a great degree of flexibility with regard to online payments.
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Integrated Credit Card Processing
When it comes to Chase’s Business Checking accounts, only Business Complete gives you access to Chase QuickAccept, which allows you to take credit card payments using the Chase mobile app. Pay-as-you-go, this integrated credit card processing solution links to a mobile card reader to enable tap, swipe, and dip purchases.
Your bank account will automatically be credited with processed payments, so you can easily keep track of both your finances and your sales. For transactions that are tapped, dipped, or swiped, the fee is 2.6% plus 10 cents; for transactions that are keyed, the fee is 3.5% plus 10 cents.
No Minimum Opening Deposit
A minimum amount of money is often required to create a bank account for a brick-and-mortar company checking account. One of the only accounts that don’t do that is Chase Business Total BankingSM. You can establish a Business Comprehensive BankingSM account even if you don’t have any additional money.
Wide Range of Products and Services
Chase provides a comprehensive variety of financial products and services, including business loans, merchant services, business credit cards, and cash management tools, that may help your company manage its finances more successfully.
Security and Fraud Protection
With the help of two-factor authentication and fraud monitoring, Chase protects your business accounts with cutting-edge security measures.
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Where Chase Business Checking Falls Short
Many small company owners use Chase Business Checking as their banking option, however, it has disadvantages just like any other financial product. The following are some possible problems with Chase Business Checking:
- Monthly fees: It’s not easy to pay the $15 monthly charge for Chase Business Complete Banking. If you know you won’t be able to maintain a $2,000 daily amount or meet one of the other conditions to avoid the monthly cost, you may want to look into a business checking account that doesn’t charge a fee.
- Transaction fees: Monthly fees aren’t the only thing you’ll pay at Chase; there are also potential transaction costs for things like using ATMs that aren’t owned by the bank, sending money internationally, and depositing cash or checks.
- Minimum balance requirements: Businesses that are short on cash flow may find it difficult to maintain the minimum level required to avoid monthly fees.
- Limited free transactions: There is no restriction to the number of electronic deposits you can make into this Chase Business Checking account, but you are restricted to 20 free in-person transactions each month (Further transactions are 40 cents each.).
For instance, Capital One Spark Business Basic Checking® charges the same monthly rate as Chase Business Complete Banking while offering unlimited in-person and online transactions at no additional cost.
- Customer service: Business owners have voiced complaints about Chase’s customer service, including excessive wait periods and challenges in having problems fixed.
- Limited branch locations: Although having a sizable branch network, Banks, particularly those in rural or isolated regions, may not have locations that are convenient for all company owners.
Before making a choice, it’s crucial to thoroughly weigh the advantages and disadvantages of each financial product and to compare your alternatives to find the finest ones that meet your company’s unique requirements.
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Alternatives to Chase Business Checking Account
We’ve outlined the finest alternatives in case you’re unsure if the Chase Bank Business account is the best choice for your company.
Bluevine
Bluevine is a great choice. You may avoid paying fees every month while still making bill payments and applying for modest loans in a matter of minutes. In contrast to Chase, it just takes a few minutes to create an account and there is no minimum deposit required, making it ideal for companies of all sizes.
In addition, account holders are permitted an unlimited number of transactions and the opportunity to earn 1.5% interest on their balance (up to and including $100,000) provided they satisfy a certain level of monthly activity.
Pros
- Accounting platform invoices top 4 monthly outgoing wire transactions or for incoming wire transfers
- No fees for the Low-cost small company checking accounts
- Account that pays interest
- 500 monthly transactions
- No minimum balance is necessary
- A checking account with physical paper checks
- Costs $95 per month and a $25 startup deposit
- Monthly cash contributions of $25,000
Cons
- With no savings alternatives
- High charges for cash deposits
- There are no actual locations for branch offices
- No weekend client service
Novo
Novo is another excellent choice for small enterprises. In contrast to Chase Bank, the mobile-only bank provides a user-friendly interface, a 10-minute application process, refunds for ATM costs, and no monthly fees.
Novo provides no-cost ACH transfers. You may quickly log into your app on a mobile device and send money, pay bills, finance payroll, or transfer funds to your personal account. Yet Novo lacks in two areas: it doesn’t enable customers to set up regular payments, and despite being a digital bank, it doesn’t accept cash deposits.
Pros
- No inbound wire fees, no ACH transfer fees, and no transaction limit
- Use your account to get special pricing on business-related software
- Worldwide refunds for all ATM costs
- No minimum balance needed or monthly fees
- Integration with well-known company applications like Shopify, Stripe, QuickBooks, and Xero
Cons
- Bill pay does not support recurring payments
- Cash cannot be deposited
- Cannot transmit wires internationally or domestically (International wires are nonetheless accessible via Wise integration..)
- Insufficient money/returned uncollected monies costs are $27
Axos
Axos is a virtual bank since it doesn’t have any physical facilities and solely provides online business banking. Unlike several of its rivals, it is independent of another financial institution. It operates as a bank on its own. As a result of its liberal terms and selection of services, Axos often appears on lists of the “Best Business Checking Accounts” online.
Axos is an online-only bank that is simpler to use and navigate than the majority of conventional banking solutions. It’s a fantastic choice for small or digital enterprises since it takes care of creating an excellent online presence and experience for its clients.
Sadly, if you maintain a minimum amount of $5,000, the APY you may earn is only up to 0.20 percent for basic checking and 1.0 percent for interest checking.
Pros:
- All ATM costs are automatically refunded (domestic)
- New clients get a welcome bonus (terms apply)
- Transactions are free of charge indefinitely
- 24/7 customer service
- Cash deposits may be made at MoneyPass and AllPoint ATMs
- No minimum opening deposit or monthly expenses
Cons:
- Integrations are limited
- It does not have the highest APY
- There are no actual locations
Chase Business Checking Account – Frequently Asked Questions
We’ve compiled a list of the most frequently asked questions regarding Chase Bank Business accounts.
Do I Need a Business Checking Account?
A corporate checking account is a great way to keep the money coming in and going out of your company distinct from your own personal finances. Among the benefits of a company checking account are increased credibility, improved bookkeeping, and simplified tax return filing.
Having a separate company bank account may protect your personal assets from being seized in the event of a lawsuit or a debt collection attempt, and it can also get you a business credit card or line of credit.
Is Chase a Good Business Account?
Overall, Chase Bank provides several advantages to small company owners seeking in-person help as well as convenient online banking services. You may deposit cash, use any of their fee-free ATMs located in more than 2,000 locations nationwide, or stop by any of their branches, or you can manage your account entirely from the convenience of your own mobile device.
What Are the Most Important Features of a Business Checking Account?
The most crucial aspects of a Business Checking account will depend on the kind of your company, the services you provide, and your own banking preferences, just as they do with any other financial choice. Integration with several other accounting systems, payment capabilities and e-commerce, debit card security features, and ATM fee rebates are some business-specific features to consider.
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Bottom Line on Chase Business Checking Account
Overall, Chase Bank has a lot to offer small company owners, particularly if you need to make a cash deposit, get help from a real person, or use an ATM without paying a charge, but you still want the convenience of a mobile banking app.
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