Chase Business Checking

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

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.

Chase Business Checking Coupon

Chase Total Business Checking®
Click Here to Get Coupon
• Get $300 as a new Chase business checking customer, when you open a Chase Total Business Checking® account with qualifying activities
• Access to 16,000 ATMs and nearly 4,900 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

© CreditDonkey

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.

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 lets you earn 100,000 bonus points after you spend $15,000 on purchases in the first 3 months from account opening. 100,000 points is worth $1,250 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 13.24% - 19.24%.

• 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 13.24% - 19.24%.

What You Need to Open an Account

© CreditDonkey

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.

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.

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.

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.

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.

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.