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November 5, 2019

Chase Business Checking

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Chase Bank has three checking options for small businesses. So which one is right for you? Find out in our guide.

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One of the largest banks in the United States, Chase serves nearly half of all Americans.

Chase Bank is especially popular for small businesses. It offers three small business checking accounts:

  1. Total Business Checking
  2. Performance Business Checking
  3. Platinum Business Checking

Chase is also well known for their small business lending program. Keep reading to find the perfect match for your small business checking account.

Banking with Chase offers benefits like:

  • Chase Mobile Banking and Chase Online Banking
  • Access to over 16,000 ATMs
  • Around-the-clock customer service
  • Free debit cards

Chase Business Checking Coupon

    Chase

    Chase Total Business Checking®

    • Get $200 as a new Chase business checking client, when you open a Chase Total Business Checking® account with qualifying activities
    • Access to 16,000 ATMs and nearly 5,000 Chase branches
    • Chase has business specialists at your local branch to help with your business needs
    • Account Alerts are a great way to stay on top of your account's activity and enhance security
    • Unlimited electronic deposits at no charge, including Chase QuickDeposit℠, ACH and ATM

TYPES OF CHASE BUSINESS CHECKING ACCOUNTS

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The minimum deposit to any Chase Business checking account is $25. But each offers specific perks for customers.

We break down your choices below.

Total Business Checking

Best for: Budding small businesses with limited activity.

The service fee for this entry-level account is $15 a month ($12 if you enroll in paperless statements). That fee is waived if you maintain a minimum daily balance of $1,500 or link to a Chase Private Client Checking or Sapphire Checking account.

Pros

  • Free domestic and international wire transfers

  • Deposit $5,000 in cash at no additional fee

  • Unlimited electronic deposits

  • 100 transactions a month at no added cost.

Cons

  • No advanced features like linked business subaccounts and non-Chase ATM fees waivers

  • Fees for exceeding the monthly transaction limit.

Estimate how many transactions you expect to make before opening an account.

Performance Business Checking

Best for: Established businesses with a moderate amount of activity.

This mid-range business checking account offers some perks for minimal fees. The monthly service fee is $30. It will be waived if you maintain a minimum daily balance of $35,000.

Pros

  • Unlimited electronic deposits and incoming wires

  • $20,000 cash deposits per statement cycle without an additional fee

  • Free for all incoming domestic wires and 2 outgoing domestic wires each statement cycle

  • 250 transactions a month at no additional charge

  • Fee waivers for using non-Chase ATMs

  • Can link to Chase Business subchecking accounts and associate/employee debit cards

Cons

  • The $35,000 needed to waive the monthly fee may be too steep for some businesses.

Chase Platinum Business Checking

Best for: Large-scale businesses with an established cash flow.

This upper-tier checking account has a variety of features, including no charges for returned deposited items, for cashed checks, for extended overdrafts, and more.

The service fee is $95 a month. It can be waived by maintaining a minimum daily balance of $100,000 across business deposit and business investment accounts.

Pros

  • 500 transactions at month at no additional charge

  • Unlimited electronic deposits

  • $25,000 cash deposits per statement cycle without an additional fee

  • All incoming domestic wires free of charge, and your four most expensive outgoing wires are at no cost during each statement cycle

  • Waived fees for insufficient funds

Cons

  • Can be expensive for business making frequent wire transfers

  • $100,000 in cash is a lot to keep in a checking account

  • Additional transactions beyond 500 each month cost $0.40

CHASE BUSINESS REWARDS CARDS

Pairing your Chase Business Checking account with a popular Chase Business credit card can earn you valuable points.

Here are some of your options:

  • Ink Business Preferred
    Apply for Ink Business Preferred Credit Card
    Ink Business Preferred lets you earn 80,000 bonus points after you spend $5,000 on purchases in the first 3 months from account opening. 80,000 points is worth $1,000 toward travel when you redeem via Chase Ultimate Rewards. Earn 3 points per $1 on the first $150,000 spent in combined purchases on travel, shipping purchases, Internet, cable and phone services, advertising purchases made with social media sites and search engines each account anniversary year. Earn 1 point per $1 on all other purchases - with no limit to the amount you can earn. There are no foreign transaction fees. There is a $95 annual fee.

  • Ink Business Unlimited lets you earn $500 bonus cash back after you spend $3,000 on purchases in the first 3 months from account opening. Earn unlimited 1.5% cash back on every purchase. There is no annual fee.

    Plus, there is a 0% introductory APR on purchases for 12 months. After the intro period, a variable APR applies, currently 14.74% - 20.74%.

  • Ink Business Cash lets you earn $500 bonus cash back after you spend $3,000 on purchases in the first 3 months from account opening. Earn 5% cash back on the first $25,000 spent in combined purchases at office supply stores and on internet, cable and phone services each account anniversary year. Earn 2% cash back on the first $25,000 spent in combined purchases at gas stations and restaurants each account anniversary year. Earn 1% cash back on all other card purchases with no limit to the amount you can earn. There is no annual fee.

    Plus, there is a 0% introductory APR on purchases for 12 months. After the intro period, a variable APR applies, currently 14.74% - 20.74%.

What You Need to Open an Account

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The requirements for opening a small business checking account will differ, depending on your type of small business. Here's what you need to know for each.

Sole Proprietorship

When signing up for the account, all trustees, owners, or agents, plus any authorized signers, must be present.

Here's what you will need to bring with you:

  • Two Forms of Identification
    Including one issued by the government.

  • Tax Identification Number
    Social Security Number, or Employer Identification Number. Non-U.S. citizens should bring their ITIN.

  • Business Documentation
    Which may include a Trust Document or Assumed Name Certification. Requirements vary by state.

  • Additional Information
    Including the business address and phone number, number of locations, and more.

A sole proprietorship must meet the followingrequirements to open an account.

Partnerships

When signing up for the account, all general partners and any partnerships must be present.

Here's what you'll need to bring with you:

  • Two Forms of Identification
    Including one issued by the government.

  • Tax Identification Number
    Or your Employer Identification Number.

  • Partnership Agreement
    Or your business' joint venture agreement, assumed named certificate, and website validation.

  • Additional Information
    Including your business address and phone number, number of locations, and more.

  • Supplemental Documentation
    Including any amendments for the partnership agreement or joint venture agreement, any annual report, and company letterhead listing current general partners.

Partnership businesses must meet these requirements.

Unincorporated Business or Association

To sign up for this account, an authorized representative, in addition to authorized signers, must be present.

Here's what you'll need to bring:

  • Two Forms of Identification
    Including one issued by the government.

  • Tax Identification Number
    Or your Employer Identification Number (EIN).*

    • If your business is using its own EIN, you will need to bring several additional documents: articles of association, IRS confirmation of existence, and a charter document.

    • If the business is using the EIN of a national or regional organization, you will need an additional document to sign up: the national or regional organization will need to send a letter of authorization.

  • Assumed Name Certificate
    Which may vary by state.

  • Additional information
    Including your business address and phone number, number of locations, and more.

  • Supplemental Documentation
    For your small business, including meeting minutes and a letter on organization or association letterhead.

Unincorporated businesses or associations must meet these requirements.

Limited Liability Company (LLC)

To open the account, all members or managers of the LLC, plus any authorized signers, must be present.

Here's what you'll need to bring with you:

  • Two Forms of Identification
    Including one issued by the government.

  • Tax Identification Number
    Or your Employer Identification Number. Single member LLCs can use their SSN or ITIN. Non-U.S. citizens should bring their ITIN.

  • Certified Articles of Organization
    Filed with your state agency.

  • Your Website
    For validation.

  • Assumed Name Certificate
    Which may vary by state.

  • Additional Information
    Including your business address and phone number, number of locations, and more.

You may also be asked to provide documentation listing the current members or management of the LLC.

LLCs must meet these requirements.

Corporation

To sign up for this account, an authorized representative, in addition to authorized signers, must be present.

Here's what you'll need to bring:

  • Two Forms of Identification
    Including one issued by the government.

  • Tax Identification Number
    Or your Employer Identification Number.

  • Your Business Documentation
    Filed with a state agency. Those documents should include certified articles of incorporation, active status verification, and website validation.

  • List of Current Officers
    Which can be on letterhead, meeting minutes, or an annual report.

  • Additional Information
    Including your business address and phone number, number of locations, and more.

Corporations must meet these requirements.

THE BOTTOM LINE

Chase offers three business checking accounts for your small business. Make sure to consider your business' needs now and in the future, and choose accordingly.

Disclaimer: Opinions expressed here are author's alone. Please support CreditDonkey on our mission to help you make savvy decisions. Our free online service is made possible through financial relationships with some of the products and services mentioned on this site. We may receive compensation if you shop through links in our content.

Disclaimer: This content was first published on November 5, 2019. Information including rates, fees, terms and benefits may vary, be out of date, or not applicable to you. Information is provided without warranty. Please check the bank's website for updated information.

Editorial Note: Any opinions, analyses, reviews or recommendations expressed in this article are those of the author's alone, and have not been reviewed, approved or otherwise endorsed by any card issuer. This site may be compensated through the Advertiser's affiliate programs.

Editorial Note: This content is not provided by Chase. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author's alone, and have not been reviewed, approved or otherwise endorsed by Chase. This site may be compensated through the Advertiser's affiliate programs.

Disclaimer: The information for the Ink Business Cash Credit Card and Ink Business Unlimited Credit Card has been collected independently by CreditDonkey. The card details on this page have not been reviewed or provided by the card issuer.

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About CreditDonkey®
CreditDonkey is a credit card comparison website. We publish data-driven analysis to help you save money & make savvy decisions.

Editorial Note: Any opinions, analyses, reviews or recommendations expressed on this page are those of the author's alone, and have not been reviewed, approved or otherwise endorsed by any card issuer.

†Advertiser Disclosure: Many of the card offers that appear on this site are from companies from which CreditDonkey receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). CreditDonkey does not include all companies or all offers that may be available in the marketplace.

*See the card issuer's online application for details about terms and conditions. Reasonable efforts are made to maintain accurate information. However, all information is presented without warranty. When you click on the "Apply Now" button you can review the terms and conditions on the card issuer's website.

CreditDonkey does not know your individual circumstances and provides information for general educational purposes only. CreditDonkey is not a substitute for, and should not be used as, professional legal, credit or financial advice. You should consult your own professional advisors for such advice.