October 10, 2022

Chase Business Complete Banking Review

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Chase Business Complete Banking offers an all-in-one account with business checking and credit card processing. Is it right for you?

Choosing the right business bank account can be complicated.

If you accept credit card payments, it's even more complex. Most banks require that you open an extra merchant services account to process cards.

But not with Chase Business Complete Banking.

Chase offers one of the most flexible small business checking accounts. You'll have built-in credit card acceptance.

Plus, new customers can score a welcome cash bonus.

Read on to learn everything you need to know.

What is Chase Business Complete Banking?

Chase Business Complete Banking is a business checking account with integrated credit card processing. This is a unique feature not offered by other business bank accounts.

Usually, you would need to open a merchant services account to accept credit card payments. But Chase Business Complete Banking already has this feature, so you don't need a separate merchant account.

Plus, you can access more than 4,700 Chase branches and more than 16,000 ATMs. And the mobile app offers lots of business-specific features to help you run your business.

There is no minimum deposit to open an account. But Chase does charge a monthly service fee, which can be waived if you meet certain criteria.

Keep reading to learn how.

Who is Chase Business Complete Banking for?

Chase Business Complete Banking could be right for you if you:

  • Accept credit card payments from customers.
  • Deposit less than $5,000 in cash each month.
  • Write less than 20 paper checks per month.
  • Want the option of in-person banking.

Pros & Cons

Pros:

  • Large sign-up bonuses
  • $0 opening deposit
  • Convenient built-in credit card processing
  • Free same-day deposits with QuickAccept
  • Over 4,700 branches and more than 16,000 Chase ATMs
  • Unlimited electronic transactions
  • Highly rated mobile app

Cons:

  • $15 monthly fee, if you don't meet requirements
  • Many other banking fees
  • Not located in all states
  • Only 20 transactions made with teller and paper checks per month
  • Only $5,000 in free cash deposits per month
  • QuickBooks integration is not free
  • No interest rate
  • No out-of-network ATM fees reimbursement

How to Waive the Monthly Fee

The Chase Business Complete Banking account has a $15 monthly maintenance fee. But Chase gives you many ways to waive this fee.

You won't pay a monthly fee if you meet ONE of the following EACH statement period:

  • Hold a $2,000 minimum daily balance
  • Make $2,000 in purchases on your Chase Ink Business Cards
  • Receive $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

These requirements are quite reasonable for small businesses, though it could be hard for new micro businesses with unsteady revenue.

Want a free business checking account? You can find a few online banks offering accounts without monthly fees. In our full review, you can learn about the best free business checking accounts.

Chase Business Complete Banking Features

The Chase Business Complete Banking account offers more features than most brick-and-mortar banks.

Here's a rundown of its best features.

Integrated Credit Card Processing

The most unique feature of Chase Business Complete Banking is the built-in credit card processing.

Chase QuickAccept lets you accept debit and credit cards anywhere from your mobile device. Just simply log into the Chase mobile app to start taking credit card payments. There's no additional app or login needed.

There are 2 ways you can take card payments:[1]

  1. With the QuickAccept mobile card reader (purchase optional)
  2. Manually entering the card details into the mobile app or directly from your computer.

Combining checking and card processing means you get your funds faster. Payments from QuickAccept are deposited into your Chase business checking account that very same day. This is a huge benefit.

Usually, you don't get funds from sales until 2 days later. Getting them the same day really helps to keep cash flow moving for small businesses. You can pay bills and reinvest back into your business quicker.

Want another option for credit card processing? Square is one of the industry's most popular credit card processing services, with comparable fees to Chase.

Unlimited Electronic Transactions

Chase gives you an unlimited number of electronic transactions. This is very generous for a traditional bank.

Many other small business checking accounts only give you a certain number of free transactions a month. You don't have to worry about this with Chase. So it's good if you have a lot of banking activity.

Unlimited transactions include:

  • QuickAccept transactions
  • ACH transfers
  • Debit card purchases
  • ATM withdrawals
  • Mobile check deposits

However, you only get 20 free teller transactions and paper checks per month. This shouldn't be a problem if you don't usually write checks.

Plus, there are many other ways to make payments.

Lots of Digital Payment Options

Chase gives you plenty of ways to make and receive digital payments. This gives you different options for managing cash flow.

  • Schedule one-time or recurring online bill payments
  • Free transfers with Zelle
  • Send a Real-Time Payment for 1% of the amount for instant delivery
  • Pay employees and vendors through direct deposit with ACH Payment Services (additional fee)

You can also enroll your business in Chase's Bill Pay Directory for free. This lets other Chase customers quickly find and pay you so you can get your payments faster.

Chase also has an Online Bill Pay Guarantee. If you scheduled a payment by the cutoff time, but it still arrives late because of Chase's mistake, you'll be reimbursed for any fees incurred.[2]

All-Inclusive Mobile Banking

Chase's mobile app is also very highly rated. It has 4.8 stars on iOS and 4.4 stars on Android.

You can manage your business checking and credit card processing with only one login. Some things you can do include:

  • Accept credit card payments
  • Issue refunds, track disputes, and more
  • Deposit checks by taking a picture
  • Schedule and pay bills
  • Transfer money by ACH, Zelle, or wire
  • Manage users and permission settings
  • Set up alerts
  • Locate branches and ATMs

It's an all-inclusive app that gives you access to all your Chase accounts and services. If you also have Chase business credit cards or loans, you can manage them all on the same app too.

For more details, you can reach Chase Business Online/Mobile Banking Technical Support: 1-877-ChasePC (1-877-242-7372)

Employee Access & Free Employee Cards

You can add multiple users to the account and assign their level of access. You control what they see, set spending limits, and approve their transactions.

Extra debit cards for your employees are also free. And there's no limit to how many you can get.

This saves you time by delegating some control to your team. You don't need to make all the purchases or run to the ATM to make deposits.

There are two types of employee cards you can get:[3]
  • Associate debit cards let employees make purchases and ATM withdrawals.
  • Employee deposit cards only let employees make ATM deposits.

What is your business size?

Chase Business Complete Banking Fees

Being a traditional brick-and-mortar bank, you can expect a whole host of fees. Here are just some of the fees you may encounter with the Chase Business Complete Banking account:[4]

  • $15 monthly service fee if requirements aren't met
  • $34 insufficient funds fee (with ways to waive)
  • $12 deposited item returned fee
  • $3.00 non-Chase ATM fee
  • $15 for incoming wires
  • $25-$35 for outgoing domestic wires
  • $40-$50 for outgoing international wires
  • $30 stop payment fee
  • 3% foreign transaction fee
  • $0.40 for each teller and paper check transaction over 20 per month

If you use QuickAccept, the credit card processing fees are:

  • 2.6% + $0.10 per swipe, dip, and tap transaction
  • 3.5% + $0.10 per manual transaction

Reasons Not to Use Chase Business Complete Banking

While Chase is a good option for most small businesses, there are some downsides to consider:

Limited free check-writing
Each month, you only get 20 free teller transactions and paper checks written from your account (combined) each month. After that, there's a fee for each transaction.

Lack of integrations
Many newer digital banks let you integrate your checking with popular business software. Chase does let you directly connect your account to QuickBooks or Quicken. But this is an extra service with a monthly fee.

No interest
The Chase Business Complete Banking account doesn't offer any interest. And Chase's savings accounts are hardly better. If growing funds is a priority for you, online banks like Bluevine may be a better fit.

Not the lowest credit card processing fees
If you mainly like the credit card processing aspect, do the math first to see if it makes sense for you. Chase's flat-rate processing fees are competitive with popular payment processors like Square, but they're not the cheapest on the market.

Generally, if you process over $5,000 a month, you can save money using a non-flat-rate processor like Payline Data.

Is Chase Business Complete Banking Good?

Chase Business Complete Banking is one of the best business checking accounts among large national banks. It's especially great if you want the convenience of checking and credit card processing all in one account.

It offers a good balance of features, including:

  • Great digital tools for online and mobile banking.
  • Good physical features like paper checks and ATMs for cash deposits.

These features make Chase a good option for many small businesses.

With over 4,700 branches, you can also get personalized help in person. So it's great if you like the reassurance of physical branches nearby.

But if you don't really need branches or credit card processing, there may be an online business checking account that works better for you instead. Online banks usually offer more perks, and many don't have a monthly fee.

Novo is one online bank that doesn't charge monthly fees. It's especially popular with entrepreneurs and freelancers.

How to Open a Chase Business Checking Account

Chase Business Complete Banking is open to sole proprietors, LLCs, partnerships, and corporations. To open an account, you'll need to provide:

  • Two forms of ID, such as a driver's license and passport
  • SSN or EIN
  • Business address and phone number
  • Business license
  • DBA, if you have filed for one
  • Articles of organization (for LLCs)
  • Partnership agreement (for partnerships)
  • Articles of incorporation (for corporations)

Chase lets you open an account online or in person. You should have no problem applying online unless you have a more complicated business structure. Then you may have to speak to a banker at a branch.

Chase may also ask you for more information about your business, including:
  • Nature of your business
  • Number of locations
  • Number of employees
  • Annual revenue
  • Where products and services are sold
  • Locations of suppliers and vendors
  • Expected processing volume

Other Chase Business Checking Accounts

Chase Business Complete Banking is an entry-level account. As your business grows, it may no longer be what you need.

Chase offers two higher-tier business checking accounts with larger transaction limits. However, there's no integrated credit card processing. But you can sign up for other Chase Payment Solutions services.

The two other account options are:

Chase Performance Business Checking
This mid-tier account gives you 250 free transactions and up to $20,000 in cash deposits per month. It also adds 2 free outgoing domestic wires each month.[5]

You also get up to 999 subaccounts for your employees, accountants, and other staff you want to give access to.

Chase Platinum Business Checking
This premium account gives you 500 free transactions and up to $25,000 in cash deposits per month. Plus, you get 4 of your most expensive outgoing wires free per month, along with some other banking waivers.[6]

For more details, you can reach Chase Business customer service lines:
  • Business Platinum Line: 1-877-425-8100
  • Ink Business Credit Card Services: 1-800-945-2028
  • Ink Credit Card Member Services: 1-800-346-5538
  • Merchant Services: 1-888-886-8869

Chase Business Checking Alternatives

Not sure if Chase Bank is right for you? Here are some other business checking accounts to consider.

Chase vs Bank of America
Bank of America has lower requirements to waive the monthly service fee. It also gives you more free transactions and cash deposits each month.

Another benefit is that the account integrates with QuickBooks, Google Analytics, and other business tools. So you get a better view of all your business metrics in one place.

However, Chase Business Complete Banking is hard to beat if you need credit card processing.

Chase vs Wells Fargo
The entry-level Wells Fargo Initiate Business Checking account only gives you 100 free transactions per month. This includes all paper and electronic transactions (except debit card purchases).

If you write a lot of checks, Wells Fargo may be better (as Chase only gives you 20 free checks written per month). Otherwise, if you mostly do digital transactions, then Chase offers much more flexibility.

Chase vs Bluevine
If you don't need physical branches, consider Bluevine Business Checking. Bluevine offers up to 2.00% APY, so it's great if you want interest to grow your funds.

Bluevine gives you unlimited transactions. It even gives you 2 free checkbooks a year, with unlimited free check-writing.

However, there is a $4.95 fee to deposit cash at Green Dot.[7] So it's not ideal for businesses that deal in cash a lot.

Bottom Line

Chase Business Complete Banking is a good option for most small businesses. It has great digital features plus in-person banking services. The built-in credit card acceptance is convenient, and you can even get funds on the same day.

If you like having physical branches nearby, Chase offers one of the best small business checking accounts as long as you can meet the requirements to waive the monthly fee.

As always, compare your options to see which bank fits your needs.

References

Chase
Member FDIC

Chase Business Complete Banking℠ - $300 Bonus

Expires 2/16/2023
  • 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 Monthly Service Fee, including maintaining a minimum daily balance or purchases on your Chase Ink® Business credit card.
  • Built-in card acceptance. Accept card payments anytime, anywhere in the U.S., and get transparent pricing with Chase QuickAccept℠.
  • Same-day deposits with QuickAccept. Free up the cash you need to keep your business moving forward with same-day deposits at no additional cost.
  • Alerts to help you stay on top of your account activity.
  • Easy account management through Chase Business Online and the Chase Mobile® app.
  • Unlimited electronic deposits, ACH and Chase QuickDeposit℠
  • Convenient access to more than 16,000 ATMs and more than 4,700 branches.
Chase
Member FDIC

Chase Total Checking® - $200 Bonus

Expires 1/25/2023
  • New Chase checking customers enjoy a $200 bonus when you open a Chase Total Checking® account and set up direct deposit
  • Access to more than 16,000 Chase ATMs and more than 4,700 branches
  • Chase Mobile® app - Manage your accounts, deposit checks, transfer money and more -- all from your device.
  • Open your account online now
  • Available online nationwide except in Alaska, Hawaii and Puerto Rico. For branch locations, visit locator.chase.com.
  • Chase Overdraft Assist℠ - no overdraft fee if you're overdrawn by $50 or less at the end of the business day or if you're overdrawn by more than $50 and bring your account balance to overdrawn by $50 or less at the end of the next business day*

*With Chase Overdraft Assist℠, we won't charge an Insufficient Funds Fee if you're overdrawn by $50 or less at the end of the business day OR if you're overdrawn by more than $50 and you bring your account balance to overdrawn by $50 or less at the end of the next business day (you have until 11 PM ET (8 PM PT) to make a deposit or transfer). Chase Overdraft Assist does not require enrollment and comes with eligible Chase checking accounts.

Citibank

Citi Priority Account - Earn up to $2,000 Cash Bonus

Expires 1/9/2023
  • Earn up to $2,000 cash bonus when you open a new eligible Citi Priority Checking Account with required activities
  • Within 20 days of opening, deposit the minimum amount of new-to-Citibank funds.
  • Maintain a minimum balance for 60 consecutive calendar days from the 21st day.
  • If your balance falls to a lower tier at any point during the maintenance period, the bonus changes.
  • Bonus will be paid within 30 days after you successfully complete all required activities.
TD Bank
Member FDIC

TD Beyond Checking - $300 Cash Bonus

Expires 10/31/2023
  • Earn $300 when you receive direct deposits totaling $2,500 or more within 60 days
  • Get more from your checking account. With TD Beyond Checking with Payback Plus, you'll earn interest and get reimbursed for non-TD ATM transactions, Overdraft Payback and more.
  • Monthly maintenance fee waived when you receive monthly direct deposits of $5,000 or more within a statement cycle, or maintain a minimum daily balance of $2,500, or a combined balance of $25,000 across eligible TD accounts.
  • TD ATM fees waived at any ATM and non-TD fees reimbursed when you keep at least a $2,500 daily balance
  • Get overdraft fees automatically reversed up to two times a year.
  • Get your money where it needs to go —fast— with Rush Bill Payments, Send Money with Zelle®, incoming wires and a reimbursement for one outgoing wire (domestic or international) per statement cycle.
  • TD checking accounts come with an instant-issue debit card - and, you can pay with confidence with contactless technology Visa Zero Liability protection and 24/7 fraud monitoring.
  • Monthly maintenance fee waived on one TD Simple Checking℠ account and any Savings accounts. Plus, get free standard check orders, money orders, official bank checks and stop payments.
Discover Bank
Member FDIC

Discover Online Savings - $200 Cash Bonus

To get your $150 or $200 Bonus: What to do: Apply for your first Discover Online Savings Account, online, in the Discover App or by phone. Enter Offer Code CY922 when applying. Deposit into your account a total of at least $15,000 to earn a $150 Bonus or deposit a total of at least $25,000 to earn a $200 Bonus. Deposit must be posted to account within 30 days of account open date. Maximum bonus eligibility is $200.

What to know: Offer not valid for existing or prior Discover savings customers or existing or prior customers with savings accounts that are co-branded, or affinity accounts provided by Discover. Eligibility is based on primary account owner. Account must be open when bonus is credited. Bonus will be credited to the account within 30 days of the account qualifying for the bonus. Bonus is interest and subject to reporting on Form 1099-INT. Offer ends 12/15/2022, 11:59 PM ET. Offer may be modified or withdrawn without notice. See advertiser website for full details.

Expires 12/15/2022

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Compare:

What is your business size?
52% Sole proprietorship
26% Less than 10 employees
15% 10 to 25 employees
4% 25 to 50 employees
4% More than 50 employees
Source: CreditDonkey. Totals may not add to 100% due to rounding.
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