Chase Business Checking Minimum Balance
Discover the current minimum balance for Chase business checking accounts and how to avoid fees.
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No one likes paying unnecessary fees. Before you open a Chase business checking account, know the minimum balance requirements so you can avoid them.
There are also other ways to skip the monthly fee without worrying about a minimum. Read on to find out.
Do Chase Business Accounts Have a Minimum Balance?
Chase business checking accounts have a minimum balance or other requirements if you want to skip the monthly fees. There is no free business checking option.
The entry-level business account, Chase Business Complete Banking, requires the lowest minimum daily balance of $2,000. Here's a quick overview of all three accounts:[1]
| Account | Monthly Service Fee | Minimum Balance to Waive Monthly Fee |
|---|---|---|
| Chase Business Complete Banking | $15 | $2,000 |
| Chase Performance Business Checking | $30 | $35,000 |
| Chase Platinum Business Checking | $95 | $100,000 |
Get more details below.
How to Waive Chase Business Checking Monthly Fees
Chase Business Complete Banking:
Waive the $15 monthly fee by meeting any one of the following criteria each statement period:
- $2,000 minimum daily ending balance
- $2,000 in eligible purchases on your Chase Ink® Business Card(s)
- $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
Chase Performance Business Checking®:
Waive the $30 monthly service fee by maintaining a $35,000 combined average beginning day balance.
Chase Platinum Business Checking:
Waive the $95 monthly service fee by maintaining a $100,000 combined average beginning day balance ($50,000 when linked to Chase Private Client Checking).
Chase Business Complete Banking® - $300 Bonus
- 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.
- Full-service business banking. Convenient access to all your business banking services in one place -- lending, checking, credit card and payment solutions.
- Your choice of payment types. Choose from a full range of options for accepting payments and making deposits that include Zelle®, Online Bill Pay, wire transfers and ACH payments.
- Convenient access to payment processing. Process all major debit and credit cards with QuickAccept®. It's a built-in feature with your Business Complete Checking account.
- Helping you save money. Multiple ways to waive $15 service fee and unlimited digital transactions helps you keep more of your money.
- Full-featured banking online and on-the-go. Manage your business' finances on your terms with the latest online and mobile banking technology.
- Trusted and secure financial partner. We're committed to helping you grow and protect your business.
Many banks require a minimum balance because it costs them money to maintain your account. So keeping a certain minimum helps them make money from your deposits. Premium accounts usually require higher minimums, because they get more services and fee waivers.
What Is Minimum Daily Ending Balance?
Chase Business Complete Banking requires $2,000 minimum daily ending balance to waive the monthly fee.
A minimum daily ending balance means you need to have at least that much in your account balance at the end of each business day during the monthly statement period.
Your balance can dip below the minimum during the day, but you must bring it back up to the required minimum by the end of the business day.
This means, your account may still incur a monthly fee for that particular statement period.
What is Average Beginning Day Balance?
Chase Performance Business Checking and Platinum Business Checking both require average beginning day balances.
This is based on the average of your balances at the beginning of each day. It's computed by adding all your beginning day balances and dividing them by the number of days in a month.
Chase lets you combine accounts to meet the minimum requirement. This means you can combine all your daily balances from eligible business accounts, which include:
- Linked Chase business savings accounts
- Chase Business CDs
- Other Chase business checking accounts
Is Chase Business Checking Worth It?
Chase Business Complete Banking is a good option despite having a minimum balance. The $2,000 minimum is reasonable for small businesses. And there are other ways to waive the monthly fee too.
What's special about it is that it comes with built-in credit card processing (no need for a separate merchant account). This makes it especially convenient for small retailers, food, or service businesses.
You also get unlimited electronic deposits, which is more generous than other entry-level business checking accounts.
Plus, you can even snag a welcome bonus to boost your funds.
However, for businesses that may not need a physical bank, there are free online business banking accounts without minimums.
Comparison with Other Business Checking Accounts
Here is a comparison of minimum balances for entry-level business checking accounts of other banks.
|  |  | |
| Get Deal | Get Deal | Get Deal | |
Chase Business Complete Banking® - $300 Bonus | Business Advantage Fundamentals™ Banking | Silver Business Checking Account Package | |
|---|---|---|---|
Benefits and Features | |||
| Monthly Fee | $16 (can be waived by maintaining a $5,000 combined average monthly balance or using your Bank of America business debit card to make at least $250 in new net qualified purchases each statement cycle) | ||
| Minimum Deposit to Open | |||
| Balance Requirement | None. $2,000 minimum daily ending balance to waive the monthly fee (but can be waived in other ways) | ||
| Cash Deposit Fee | No cash deposit processing fee for first $5,000 per statement period | No fee for first $7,500 in cash deposited per statement cycle at an ATM or Financial Center, then 30¢ per $100 deposited thereafter | $2,500 of free cash deposits or 25 free cash transaction per statement cycle, whichever comes first, then $0.33 per $100 |
| Transaction Fees Per Month | Free electronic transactions; 20 free teller & paper transactions per month ($0.40/each after) | No fee for first 200 transactions per statement cycle ($0.45/each after); No fees for electronic debits, debit card transactions, and remote check deposits. | 125 free per statement cycle, then $0.50 each |
| Get Deal | Get Deal | Get Deal | |
Chase Business Complete Banking requires a minimum daily balance of at least $2,000 to waive the $15 monthly fee.
Bank of America has a higher minimum balance of $5,000, but, you can also waive the fee with just $250 of purchases on the BofA business debit card each month. While US Bank offers a free business checking account.
These options might be more appealing for new and small businesses that don't yet have steady finances.
Chase Business Complete Banking® - $300 Bonus
- 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.
- Full-service business banking. Convenient access to all your business banking services in one place -- lending, checking, credit card and payment solutions.
- Your choice of payment types. Choose from a full range of options for accepting payments and making deposits that include Zelle®, Online Bill Pay, wire transfers and ACH payments.
- Convenient access to payment processing. Process all major debit and credit cards with QuickAccept®. It's a built-in feature with your Business Complete Checking account.
- Helping you save money. Multiple ways to waive $15 service fee and unlimited digital transactions helps you keep more of your money.
- Full-featured banking online and on-the-go. Manage your business' finances on your terms with the latest online and mobile banking technology.
- Trusted and secure financial partner. We're committed to helping you grow and protect your business.
Silver Business Checking Package - Up to $800 Bonus
Earn up to $800 bonus when you open a new, eligible U.S. Bank business checking account online with promo code Q2AFL24 and complete qualifying activities, subject to certain terms and limitations. Offer valid through August 30, 2024. Member FDIC. Complete these steps to earn the offer:
Earn your $400.
- Complete $5,000 in new money deposits within 30 days of account opening and maintain for 60 days after account opening.
Earn your $800.
- Complete $25,000 in new money deposits within 30 days of account opening and maintain for 60 days after account opening.
Bank of America Business Advantage Checking Account - $200 Bonus Offer
- Open a new eligible business checking account by June 30, 2024
- Make Qualifying Deposits* of $5,000 or more in new money within 30 days of opening the new eligible business checking account
- Maintain an average balance of $5,000 for the next 60 days (day 31-90) during the maintenance period**
**The maintenance period begins thirty-one (31) days after account opening and ends ninety (90) calendar days after account opening.
Member FDIC
How to Open a Chase Business Checking Account
Here are the general steps to opening a business checking account with Chase.
- Gather 2 IDs (at least one government-issued ID), SSN or EIN, and documents related to your specific business category.
- Open an account online or visit a nearby Chase branch.
- Wait for the bank's approval, which may take several days to process.
- Fund your account.
What Happens If You Go Below the Minimum Balance?
You will incur a monthly fee if you drop below the minimum balance requirement. But your account will stay open and you can keep using it.
However, it's not a good idea to keep an account with a very low balance. You can be charged a monthly fee and overdraw the account (which will just pile on more fees).
Plus, it may impact your relationship with your bank. They may not be so accommodating to your requests or give favors, such as pre-approvals to loans, that they typically extend to their "good" customers.
Yes, most checking accounts tolerate zero balances. However, it's not good to keep an empty account, since it's easy to overdraft it, and the bank may close your account for inactivity.
Bottom Line
Chase business checking accounts require a minimum or some other criteria to waive the monthly fee. So before you open an account, make sure you are able to meet the requirements. Read the fine print carefully.
If you don't want to worry about maintaining a minimum, check out free business checking accounts with no minimum balances and monthly fees.
References
- ^ Chase. Additional Banking Services and Fees, Retrieved 9/25/2023
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