Chase Business Checking Review 2024

Chase business checking is best for business owners who deal with high cash deposit amounts and process many transactions each month. It’s also ideal for account holders with larger balances, which are needed to easily waive the account’s steep monthly fees and make the most of its features. The fact that Chase is a full-service bank with a nationwide branch network may be another selling point for small business owners, especially those expanding quickly.

Business owners considering this bank should know that Chase welcome bonuses and promotions are often available for business checking. But if your business doesn’t need unlimited transactions and can’t meet requirements to avoid fees, other accounts may be better.

Forbes Advisor looks at several factors to review and rate banks, including features and benefits, service fees, interest rates and ATM access. We assign separate ratings to financial institutions and their product offerings, such as checking accounts, savings accounts and CDs. Banks and accounts are rated on a scale of one to five stars, with one star being the lowest score possible and five stars being the highest.

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Chase Business Complete Banking®

Chase Business Complete Banking is a business checking account that integrates with Chase QuickAccept. This feature allows you to accept card payments from customers or clients directly to your bank account with same-day deposits. You’ll pay the following fees when processing credit card payments:

• 2.6% + $0.10 for tap, dip or swipe transactions
• 3.5% + $0.10 for keyed transactions

Aside from Chase QuickAccept processing fees, the Business Complete Banking account has a monthly maintenance fee. Ordinarily, this fee is $15, but you can reduce it to $0 by meeting one of the following conditions each monthly statement period:

• Maintaining a $2,000 minimum daily balance
• Making $2,000 in purchases with a Chase Ink Business credit card
• Receiving $2,000 in deposits through QuickAccept or other eligible Chase Payment Solutions services
• Linking a Chase Private Client or JPMorgan Classic Checking account
• Providing proof of military service as a veteran or active duty member

Chase Business Complete Banking—and other business bank accounts from Chase—allow you to send and receive money via Chase QuickDeposit, wire transfer and Chase Online Bill Pay. Enrollment in Chase QuickDeposit is subject to approval. If you get the green light, you’re required to sign a two-year contract for a check scanner. You’ll pay a $25 monthly fee for a single-feed scanner or a $50 fee for a multiple-feed scanner.

In terms of other fees you may pay, there’s no fee for the first 20 deposits and withdrawals made with a teller or by paper check. After that, you’ll pay $0.40 for each additional transaction. This account allows for unlimited debit and ATM transactions and up to $5,000 in free cash deposits per month.

This account includes a debit card for the account holder, and Business Associate Debit Cards and Business Employee Deposit Cards are available upon request with no additional fees.

In addition to Business Complete Banking, you can also choose the Chase Performance Business Checking® or Chase Platinum Business Checking℠ account. In terms of how these accounts compare with the regular Business Complete Banking option, the biggest differences lie in the fees and features.

Performance Business Checking has a $30 monthly service fee, while the Platinum Business Checking account has a $95 monthly fee. These can be waived by maintaining a minimum daily balance of $35,000 or $100,000, respectively, in your business deposit accounts with Chase. Alternatively, you can meet different deposit and activity minimums to avoid the fees.

Another key difference is that only Chase Business Complete Banking offers QuickAccept. Performance and Platinum business checking accounts do provide merchant services, but not the speedy point-of-sale solution provided with Business Complete bank accounts.

Business Savings

Chase offers two business savings accounts for earning interest on your deposits, both with waivable monthly fees.

• Chase Business Total Savings℠: This account currently pays 0.01% APY on all balances and waives the $10  monthly maintenance fee when you maintain an average balance of at least $1,000 or link a Chase Business Complete Banking account. Perks include 15 free transactions and up to $5,000 in free cash deposits per month.
• Chase Business Premier Savings℠: This account pays 0.01% APY or 0.02% APY when you link a qualifying Chase Business Checking account that has at least five customer transactions per statement period APY. The $20 monthly fee is waived when you maintain an average balance of $25,000 or link a qualifying Chase Business Checking account. Perks include 30 free transactions and $10,000 in free cash deposits per month.

Given the rock-bottom APYs on these savings accounts, competitors like Bluevine, EverBank and American Express® will be more appealing for interest-bearing business bank accounts.

Business CDs

Chase also offers business certificates of deposit (CDs) that earn fixed interest in a federally insured account. There’s a minimum $1,000 deposit required to open a CD, and terms range from one month to 10 years. Currently, the Chase Business Certificates of Deposit rates are from 0.02% to 5.00% depending on the CD term, deposit amount and whether you qualify for relationship rates with linked business checking. Overall, Chase business CDs are more competitive than what many big banks offer and a little less prohibitive, with many terms earning the same APY on all balances.

You won’t pay monthly fees for any Chase business CD, but there are early withdrawal penalties for withdrawing principal prior to the maturity date. This penalty is equal to $25 plus an additional 1% or 3% of the amount withdrawn, with the higher fee charged on longer terms.

Business Credit Cards

There are 10 different Chase business credit cards (including co-branded cards) to choose from for earning everyday and travel rewards on business spending. Some cards charge annual fees between $95 and $450, while others have no annual fee. Different cards reward cash back, points, miles or hotel rewards. Some of the best business credit cards from Chase are the Ink Business Premier® Credit Card and the Ink Business Preferred® Credit Card, which offer high rewards rates and frequent welcome bonuses.

FEATURED PARTNER OFFER

Chase Business Complete Banking®

Offer

Earn up to $300*

Minimum Deposit Requirement

$0

Monthly Maintenance Fee

The monthly charge will be waived if you do any of the following: Maintain at least a $2,000 minimum daily balance in your account. Spend at least $2,000 on purchases with a Chase Ink business credit card. Receive $2,000 in deposits from QuickAccept transactions or other eligible payment methods Link a Chase Private Client checking account. Provide valid, qualifying proof of military status.

$15

Waivable

Learn More

On Chase's Website

Earn up to $300*

$0

The monthly charge will be waived if you do any of the following: Maintain at least a $2,000 minimum daily balance in your account. Spend at least $2,000 on purchases with a Chase Ink business credit card. Receive $2,000 in deposits from QuickAccept transactions or other eligible payment methods Link a Chase Private Client checking account. Provide valid, qualifying proof of military status.

$15

Waivable

*Offer Details

• Earn $300 when you open a new Chase Business Complete Checking® account. For new Chase business checking customers with qualifying activities.
• Multiple ways to waive the $15 Monthly Service Fee, including maintaining a minimum daily balance or purchases on your Chase Ink® Business credit card.
• Helping you save money. Multiple ways to waive $15 service fee and unlimited digital transactions helps you keep more of your money.

Chase QuickAccept and Chase QuickDeposit can both make managing cash flow for your business easier. QuickAccept removes obstacles in accepting and processing card payments from customers so you can get paid virtually anywhere. You could use this feature to accept payments, whether you have a brick-and-mortar location or run a mobile business such as a food truck operation or a pop-up retail store.

The QuickDeposit feature also takes the hassle out of accepting check payments if you have customers or clients who’d rather pay by check than card. Being able to deposit checks without visiting a branch can save you time, which can be an invaluable resource for a business owner.

You can access any Chase business checking account online or through the Chase mobile app, which has 4.8 stars on iOS and 4.4 stars on Google Play. With Chase digital banking, you can:

• Check balances
• Transfer funds between accounts
• Schedule bill payments
• Set up account alerts
• Enroll in and view paperless statements
• Schedule wire transfers
• Move money through Chase QuickPay with Zelle

Chase allows you to access all of your business accounts online, including Business Complete Banking accounts as well as business savings accounts, CDs, business lines of credit and your merchant services account if you have one.

Currently, you can bank in person with Chase at over 4,700 branches and 16,000 ATMs.

If you need to speak to a person about your account, you can do so by calling Chase customer service at 800-242-7338. Support for merchant services can be reached at 888-886-8869. You can sign in online to Chase Business banking and send a secure message or visit a Chase branch for help. Chase also offers support through its X (formerly Twitter) account, @ChaseSupport.

Opening a Chase business checking account is similar to opening other business bank accounts. Chase lets sole proprietorships, corporations and LLCs open accounts online. If you have a different business type, you’ll need to visit a Chase branch to open your account.

When applying, Chase asks for personal identifying information, including your name, date of birth, Social Security number, address, email and phone number.

To identify your business, you’ll also provide the following information:

• Employer Identification Number (EIN).
• Basic proof of identification, such as a business license and legal name.
• Additional supporting documents establishing your business type, such as a DBA name, partnership and operating agreement or registration.

Finally, you’ll make a deposit and set up any recurring transfers you want. If you qualify for a welcome bonus, try to meet the requirements within the specified time frame. Be sure to start using this account right away for business expenses and avoid using it for anything else.

Chase charges $3 for transactions made at out-of-network ATMs in the U.S. The fee increases to $5 for withdrawals at ATMs outside the U.S. There’s also a 3% foreign transaction fee when completing transactions in currencies other than U.S. dollars. You’ll also pay a $5 card replacement rush fee if you request express shipping. Separate fees apply for wire transfers.

Chase business checking accounts could be attractive options for small business owners who are comfortable managing their money online.

Plus, the option to visit a branch or ATM means you can still get personalized service when and if you need it.

Compared to other business checking options, the monthly service fee is relatively low and may be easy to sidestep. However, keep in mind there are banks that offer free business checking accounts.

Features like QuickAccept and QuickDeposit can eliminate some of the headaches of making sure cash is moving smoothly through your business and may make Chase Business Complete Banking the best choice for your needs.

Whichever options you choose, establishing a small business checking account is one of the most important steps in starting and growing your business.