Chase vs Bank of America Business Account
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Chase's basic tier business account has more features, while Bank of America has lower balance requirements. Read on for a detailed comparison.
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Chase and Bank of America are two strong contenders when it comes to business banking.
While they might look similar, there are some significant differences between them.
In this guide, see how Chase and BofA compare in terms of fees, features, minimum requirements, and more. By the end, you'll have the best pick for your business.
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.
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
Chase vs. Bank of America Business Account Overview
Chase offers 3 business checking accounts:
- Basic tier: Chase Business Complete Checking
- Mid-tier: Chase Performance Business Checking
- Premium: Chase Platinum Business Checking
Bank of America only has 2 business checking options:
- Basic tier: Business Advantage Fundamentals™ Banking
- Mid-tier: Business Advantage Relationship Banking
Bank of America actually lets you switch between these 2 accounts anytime you want. This gives you more flexibility to upgrade or downgrade as your business needs fluctuate.
Here's how they compare in a nutshell:
| Account | Monthly fee | Minimum balance to waive | Chase Business Banking Accounts |
|---|---|---|
| Chase Business Complete Checking | $15 | $2,000 |
| Chase Performance Business Checking | $30 | $35,000 |
| Chase Platinum Business Checking | $95 | $100,000 | Bank of America Business Banking Accounts |
| Business Advantage Fundamentals Banking | $16 | $5,000 |
| Business Advantage Relationship Banking | $29.95 | $15,000 |
Overall, Chase requires higher minimum balances to waive monthly fees. Read on to see if their features justify the higher requirements.
Is Chase or Bank of America Better for Your Business?
Why you may choose Chase
- Large bonus offers
- Built-in credit card processing for the basic tier account
- Free outgoing wires starting from the mid-tier account
- Find out more
Why you may choose Bank of America
- Lower requirements to waive fees
- More no-fee transactions per statement cycle
- Integrates with QuickBooks and other business apps
- More benefits with Preferred Rewards program
- Find out more
Bottom line: Chase's basic-tier business checking account is better, especially if you need credit card processing. However, Bank of America has lower balance requirements and more no-fee transactions at every tier.
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.
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
Silver Business Checking Package - Up to $800 Bonus
Earn up to an $800 bonus when you open a new, eligible U.S. Bank business checking account online with promo code Q1AFL24 and complete qualifying activities, subject to certain terms and limitations. Offer valid through April 23, 2024. Member FDIC. Complete these steps to earn the offer:
Earn your $350.
- 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.
Basic Business Checking - Up to $400 Bonus
- Business owners get up to $400 welcome bonus!*
- Open a business checking account by June 30 and get up to $400 when you use promo code NEW400 on your application and maintain a minimum average daily balance of $50,000.*
- Zero opening deposit and cash deposits accepted
- Zero minimum monthly balance requirements
- Two domestic wire reimbursements monthly
- Unlimited domestic ATM fee reimbursements
- Enhanced Visa benefits and first 50 checks free
- Dedicated relationship manager and more
Read on for a more detailed side-by-side comparison of Bank of America and Chase business bank accounts.
Basic Tier Accounts Comparison
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| | |
| Get Deal | Get Deal | |
Chase Business Complete Banking® - $300 Bonus | Business Advantage Fundamentals™ Banking | |
|---|---|---|
Chase Business $300 Bonus - | Business Advantage Fundamentals™ Banking - | |
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 |
| 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. |
| Get Deal | Get Deal | |
First, let's compare each bank's basic business account offerings:
Chase Business Complete Checking vs.
Bank of America Business Advantage Fundamentals Banking
The biggest difference is that Chase Business Complete Checking includes payment processing built into the account. This makes it ideal for small retailers and food services that accept credit cards.
On the other hand, Bank of America has lower requirements to waive the monthly fee. So it may be the better choice for new businesses.
| Account | Chase Business Complete Banking | Bank of America Business Advantage Fundamentals Banking |
|---|---|---|
| Monthly fee | $15 | $16 |
| How to waive fee | Achieve $2,000 minimum daily balance, deposits from Chase QuickAccept, OR Chase Ink Business Card purchases each month | Spend $250 in new net qualified debit card purchase OR maintain $5,000 combined average monthly balance |
| Minimum opening deposit | $0 | $100 |
| Free transactions per month | 20 | 200 |
| Free cash deposits per month | $5,000 | $7,500 |
| Benefits | Built-in credit card processing | Cash Flow Monitor and Connected Apps |
Chase's basic account is better for retailers and food services that want convenient credit card processing. Bank of America is better for new and very small businesses.
Now let's go over the features of each account in more detail.
Chase Business Complete Banking
The most unique thing about Chase Business Complete Banking is the integrated credit card processing. Normally, you would have to open a merchant account separately. With this account, you get both banking and processing all in one.
The features include:
- On-the-go mobile processing with the QuickAccept card reader
- Competitive processing rates at just 2.6% + $0.10 per swipe.[1] This is on par with cheap mobile processors like Square
- Same-day deposits into your checking account. This could be really helpful for keeping your cash flow moving
If your business also takes cash, you can make up to $5,000 in cash deposits for free each month. After that, there will be a fee.[2]
Learn more about Chase Business Complete Banking
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.
Bank of America Business Advantage Fundamentals Banking
Bank of America's account is a standard basic business account. But it does have some benefits.
First, the monthly fee is easier to waive. You can waive it with only $250 in qualifying debit card purchases each statement/billing cycle. No minimum balance required. This is better for new businesses with inconsistent cash flow.
Second, Bank of America has better built-in tools to help manage your business. Some features include:
- Connect your business apps such as QuickBooks.
- See your business metrics all in one place
- Get automatic cash flow projections
You get access to Account Management with no additional fees (normally $15/mo). This lets you add users and grant customized access for each.
This account also has a higher limit for no-fee cash deposits. You get up to $7,500 each statement cycle.[3] This could be better for you if your business takes in more cash.
Learn more about Bank of America Business Fundamentals Banking
Business Advantage Fundamentals™ Banking
- No fee for first 200 transactions per statement cycle
- No fee for first $7,500 in cash deposited per statement cycle
- Waive the $16 monthly fee in a variety of ways
Mid-Tier Accounts
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These accounts are ideal for mid-size businesses that can keep a higher minimum balance and have more cash deposits and paper transactions.
Below, we'll compare Chase and BofA's mid-tier options:
Chase Performance Business Checking vs.
Bank of America Business Advantage Relationship Banking
| Chase Performance Business Checking | Bank of America Business Advantage Relationship Banking | |
|---|---|---|
| Monthly fee | $30 | $29.95 |
| How to waive fee | Maintain $35,000 combined average beginning day balance | Maintain a $15,000 combined average monthly balance |
| Minimum opening deposit | $0 | $100 |
| Free transactions per month | 250 | 500 |
| Free cash deposits per month | $20,000 | $20,000 |
| Wire transfer benefits | No fees for incoming wires 2 most expensive outgoing domestic wires each month for free | No fees for incoming wires |
| Other benefits | No non-Chase ATM fees charged by Chase No fees for counter checks, money orders, cashier's checks Link up to 99 Chase Performance Business Checking subaccounts No Monthly Service Fee on a linked Chase Total Checking® account | No fees for stop payments QuickBooks integration Customize account access per employee No monthly fee for one extra Business Advantage Relationship Banking account and one Business Advantage Savings account |
Overall, Bank of America's mid-tier account offers better value as the minimum balance requirement isn't nearly as high. And you get twice as many transactions per statement cycle with no fees.
Chase Performance Business Checking
The Performance Business Checking account gives you more no-fee transactions and cash deposits. It also adds 2 free outgoing domestic wires each month.
Unlike the basic tier account, this one doesn't have built-in card processing. But you can sign up for Chase Payment Solutions to process cards.
You also get up to 99 sub-accounts for your employees, accountants, and other staff you want to grant access to.
Bank of America Business Advantage Relationship Banking
Bank of America's account has a much lower minimum to avoid the monthly fee. Growing businesses can level up without needing to keep an outrageous balance.
The amount of no-fee cash deposits is the same, but BofA gives you twice as many no-fee transactions (500 vs. Chase's 250). But there are no outgoing wire waivers.
Business Advantage Relationship Banking
- No fee for first 500 transactions per statement cycle
- No fee for first $20,000 in cash deposited per statement cycle
- Waive the $29.95 monthly fee by maintaining a $15,000 combined average monthly balance
Even though this is BofA's highest-tier account, larger businesses have more room to grow with the Preferred Rewards for Business program (more later).
Premium Tier Accounts
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Only Chase has a premium account option. But it's comparable to Bank of America's higher-tier account in terms of no-fee transactions and cash deposits.
| Chase Platinum Business Checking | Bank of America Business Advantage Relationship Banking | |
|---|---|---|
| Monthly fee | $95 | $29.95 |
| How to waive fee | Maintain $100,000 combined average beginning day balance | Maintain a $15,000 combined average monthly balance |
| Minimum opening deposit | $0 | $100 |
| Free transactions per month | 500 | 500 |
| Free cash deposits per month | $25,000 | $20,000 |
| Benefits | Free incoming wires 4 most expensive outgoing wires each month for free Free stop payments No non-Chase ATM fees charged by Chase No fees for counter checks, money orders, cashier's checks Link up to 99 Chase Platinum Business Checking subaccounts No monthly fee on a linked Chase Premier Plus Checking account | QuickBooks integration Customize account access per employee No-fee incoming wires and stop payments One extra checking account and savings account for no monthly fee |
Instead of a premium bank account, Bank of America offers a Preferred Rewards for Business program. This program gives you extra benefits depending on your balance.
Chase Platinum Business Checking
This premium account is a huge jump from the mid-tier level. You're upgraded to 500 free transactions per month. But this is something that Bank of America offers with their mid-tier account.
The biggest benefit is that 4 of your most expensive outgoing wires per month are free. If you regularly send wires, this could be valuable.
Bank of America Preferred Rewards for Business
Bank of America has a Preferred Rewards for Business program instead of a premium account. There are no fees to enroll in this program. Based on your balance, you get more perks, including:
- Fee waivers on select banking services
- More bonus rewards when using BofA business credit cards
- Interest rate booster on Business Advantage Savings accounts
- Interest rate discount on loans
These perks go beyond standard checking benefits. They can be valuable if you use Bank of America's other services, like their business credit cards and loans.
The biggest rewards will be for clients with at least $100,000 combined balance. At this level, there are no fees on 4 online outgoing wires per statement cycle and you get unlimited no-fee transactions at non-Bank of America ATMs in the U.S. (which is similar to Chase's premium account).
- Gold: $20,000 minimum
- Platinum: $50,000 minimum
- Platinum Honors: $100,000 minimum
Learn more about the Preferred Rewards program here.
Which Bank is Better for Transactions & Cash Deposits?
Bank of America wins in this department. Their accounts offer a larger number of no-fee transactions at every tier.
| Account | Free transactions per month* | Free cash deposits per month | Chase Business Banking Accounts |
|---|---|---|
| Chase Business Complete Checking | 20 | $5,000 |
| Chase Performance Business Checking | 250 | $20,000 |
| Chase Platinum Business Checking | 500 | $25,000 | Bank of America Business Banking Accounts |
| Business Advantage Fundamentals Banking | 200 | $7,500 |
| Business Advantage Relationship Banking | 500 | $20,000 |
*Note that this is just for teller transactions and checks. Both accounts offer unlimited electronic deposits, debit card purchases, and ATM transactions.
Chase has lower post-allowance fees after exceeding the free limit. Chase charges $0.40 per transaction,[4] while BofA charges $0.45 per transaction.[5]
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
Which Bank is Better for Wire Transfers?
Both Chase and Bank of America offer unlimited no-fee incoming domestic and international wires at the mid-tier level. But BofA's account only requires $15,000 combined balance, while Chase requires $35,000.
However, Chase offers better outgoing wire benefits. Chase's higher-tier accounts both offer a certain number of free outgoing wires per month:
- Performance Checking: 2 free most expensive outgoing domestic wires
- Platinum Checking: 4 free most expensive outgoing wires
Bank of America's accounts don't have outgoing wire waivers. However, if you're in the Preferred Rewards program and become a Platinum Honors member ($100K+ combined balance), you get no fees on 4 online outgoing wires per statement cycle.
Bottom Line: Which Bank is Better?
Both Chase and Bank of America are highly reputable banks with a wide range of services and excellent customer support.
Here are the most important distinctions:
- Chase's basic tier business checking account is superior if you want the convenience of banking and credit card processing all in one.
- Bank of America has lower balance requirements and offers more no-fee transactions and cash deposits at every tier.
- Bank of America has a Preferred Rewards for Business program instead of a premium account. This lets you get extra benefits starting from a $20k balance.
- Chase gives you some free outgoing wires starting with the mid-tier account ($35k balance). BofA doesn't have any no-fee outgoing wires until you're a Preferred Rewards Platinum Honors member ($100k balance).
- Bank of America offers more flexibility because you can switch between the 2 accounts anytime.
Ultimately the best bank for you will depend on your monthly banking activity, how much of a balance you can maintain, and what features you want.
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.
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
Silver Business Checking Package - Up to $800 Bonus
Earn up to an $800 bonus when you open a new, eligible U.S. Bank business checking account online with promo code Q1AFL24 and complete qualifying activities, subject to certain terms and limitations. Offer valid through April 23, 2024. Member FDIC. Complete these steps to earn the offer:
Earn your $350.
- 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.
Gold Business Checking Package - Up to $800 Bonus
Earn up to an $800 bonus when you open a new, eligible U.S. Bank business checking account online with promo code Q1AFL24 and complete qualifying activities, subject to certain terms and limitations. Offer valid through April 23, 2024. Member FDIC. Complete these steps to earn the offer:
Earn your $350.
- 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.
Platinum Business Checking Package - Up to $800 Bonus
Earn up to an $800 bonus when you open a new, eligible U.S. Bank business checking account online with promo code Q1AFL24 and complete qualifying activities, subject to certain terms and limitations. Offer valid through April 23, 2024. Member FDIC. Complete these steps to earn the offer:
Earn your $350.
- 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.
Basic Business Checking - Up to $400 Bonus
- Business owners get up to $400 welcome bonus!*
- Open a business checking account by June 30 and get up to $400 when you use promo code NEW400 on your application and maintain a minimum average daily balance of $50,000.*
- Zero opening deposit and cash deposits accepted
- Zero minimum monthly balance requirements
- Two domestic wire reimbursements monthly
- Unlimited domestic ATM fee reimbursements
- Enhanced Visa benefits and first 50 checks free
- Dedicated relationship manager and more
References
- ^ Chase. Chase QuickAccept, Retrieved 4/22/2022
- ^ Chase. How Business Complete Banking Works, Retrieved 4/04/2024
- ^ Bank of America. Fees at a Glance, Retrieved 4/22/2022
- ^ Chase. Additional Banking Services and Fees, Retrieved 01/21/2024
- ^ Bank of America. Business Schedule of Fees, Retrieved 01/21/2024
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