Is Chase Business Checking Good for Small Business?
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Chase offers 3 business checking accounts. Take a look at their current promotions, requirements, and fees in this guide.
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- Is Chase a Good Bank for Small Businesses?
- Chase Business Checking Accounts
- How Much Does Chase Bank Charge for a Business Account?
- Chase Business Complete Banking Fees
- How to Open a Chase Business Checking Account
- What is the Best Bank for Small Business Checking?
- Compare Business Checking Promotions
- Chase Business Credit Card Promotions
Chase has more than 4,700 physical branches and more than 16,000 ATMs available. Their nationwide presence, online banking services, and mobile app are ideal for small business owners.
Check out their standout features and disadvantages below.
Is Chase a Good Bank for Small Businesses?
Chase Bank is known for its 24/7 customer service with real reps, excellent credit cards for small businesses , and numerous physical locations.
Their affordable fees and mobile access are great for those just starting their business.
Chase Bank also offers:
- Business checking accounts
- Business credit cards
- Business lending; term loans starting from $5,000
- Lines of credit starting from $10,000
- Commercial real estate loans
- Merchant services
- SBA 7(a), SBA 504, and SBA Express loans
Here's a snapshot of all three Chase business checking accounts and their individual details.
Chase Business Checking Accounts
- Chase Business Complete Banking - You get unlimited electronic deposits and access to Chase QuickAccept for credit card payment processing. However, you only get 20 free in-person transactions per month. Other business checking accounts give you more.
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 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 Performance Business Checking - Best for mid-sized businesses
- Chase Platinum Business Checking - Best for larger business
- Online/Mobile Banking Technical Support: 1-877-ChasePC (1-877-242-7372)
- 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
How Much Does Chase Bank Charge for a Business Account?
Chase charges $15 - $95 in monthly maintenance fees, depending on the account.[1] But there are a variety of ways to waive these charges - see below.
Chase waives monthly maintenance fees for all three of their business checking accounts if you maintain a certain minimum balance or make consistent monthly deposits. There are actually a lot of free business checking options available.
Chase Business Complete Banking Fees
- Chase Business Complete Banking - $15 OR $0 monthly service fee
How to waive the fee: There are multiple options to waive the Monthly Service Fee, such as maintaining a minimum daily balance, purchases on your Chase Ink® credit card, or deposits from Chase QuickAccept℠ transactions.
- Chase Performance Business Checking - $30 OR $0 monthly service fee
How to waive the fee: Maintain a minimum daily balance of $35,000 or more in qualifying business deposit accounts.
- Chase Platinum Business Checking - $95 OR $0 monthly service fee
How to waive the fee:
- Maintain a minimum daily balance of $100,000 or more in qualifying business deposit accounts
- Maintain a combined average daily balance of $50,000 and link a Chase Private Client Checking account
- Maintain a minimum daily balance of $100,000 or more in qualifying business deposit accounts
How to Open a Chase Business Checking Account
You will need the following information to open a Chase business checking account:
- Two forms of ID, such as a driver's license and passport
- Tax ID Number: Employer ID or Social Security number
- Business information, such as address and phone numbers
- Business name filing document or a business license
- Partnership agreement (for partnerships)
- Articles of organization (for LLCs)
- Articles of incorporation (for corporations)
Generally, sole proprietors can open business accounts online and get approved. But for an LLC, partnership, or corporation, you and any partner or members will need to visit a nearby Chase branch and sit down with a banker in person.
What is the Best Bank for Small Business Checking?
Chase Bank is the top choice for complete banking. That's because the national bank offers checking, payment processing, and credit cards. Most other banks don't cover that many services.
But Chase Bank may not be for everyone. If you're looking for something else to manage your business' finances, check out this extensive list of the best banks for small businesses.
For a quick rundown, compare small business banking alternatives below.
Compare Business Checking Promotions
Free Checking Account for Sole Proprietors and Single-Member LLC
- Sign up in 3 minutes; no credit check
- No account fees - $0 monthly fee, overdraft fee, foreign transaction fee, or ATM fees at 38,000+ locations
- Auto save for taxes
- Track write-offs with a swipe
- Prefilled annual Schedule C
- Minimum Deposit to Open: $0
Business Checking - Up to 2.0% APY
- 2.0% APY on your balance up to $250,000 for customers that meet monthly eligibility requirements
- $0 minimum opening deposit
- $0 monthly service fee
- Minimum Deposit to Open: $0
Free Business Banking for the Self-Employed
- $0 monthly service fees or minimums
- Automatically find tax write-offs and track expenses
- Auto-save for taxes
- Free unlimited custom invoices
- Easy sign up; no credit check
- Minimum Deposit to Open: $0
No-Fee Business Checking
- $0 monthly service fee
- $0 minimum opening deposit
- Open up to 20 individual business checking accounts
- Issue up to 50 Mastercard® debit cards to your team
- Minimum Deposit to Open: $0
Free Business Checking
- $0 monthly service fee
- $50 deposit to unlock all features
- Unlimited ATM fee rebates
- Minimum Deposit to Open: $50
Basic Business Checking - $200 Bonus
- New business owners get a $200 welcome bonus!
- Zero monthly maintenance fees
- Unlimited Transactions
- Unlimited domestic ATM fee reimbursements
- $0 Minimum Opening Deposit requirement
- 2 Free Domestic Wires, monthly
- Cash Deposit capability via MoneyPass and AllPoint networks
- Minimum Deposit to Open: $0
- Direct Deposit Required: No
Small Business Checking - $150 Cash Bonus
- Earn $150 when you open a Live Oak small business checking account between 2/15/2023 and 3/31/2023.
- Deposit at least $2,000 into your business checking account within 90 days of opening.
- Make at least 20 qualified transactions within 90 days of opening your account.
- Must be a first-time Live Oak small business checking customer to be eligible for this offer. See full terms and conditions
NorthOne Business Banking
- Unlimited envelopes for all your business budgets
- Integrations with popular accounting and payment processing apps
- Free invoice maker
- $50 minimum opening deposit
- $10 monthly fee
- Minimum Deposit to Open: $50
Silver Business Checking Package - $500 Bonus
- Enroll in business online banking within 60 days of account opening.
- Complete $3,000 in new money deposits and maintain for 60 days from account opening.
- Minimum Deposit to Open: $100
Chase Business Credit Card Promotions
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Bottom Line
Chase Business Complete checking is their most popular business bank account. There's no minimum opening deposit and you get unlimited electronic deposits. Plus, Chase is offering a $300 sign-up bonus right now.
And no matter which accounts you choose, it's pretty simple to waive the monthly maintenance fee.
Chase's 16,000 ATMs and nearly 5,000 physical locations are great for small business owners who want branch access. Just be sure to check their hours before visiting.
References
- ^ Chase. Additional Banking Services and Fees for Business Accounts, Retrieved 4/30/2022
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 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 Total Checking® - $200 Bonus
- 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.
- JPMorgan Chase Bank, N.A. Member FDIC
- 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.
Citi Priority Account - Earn up to $2,000 Cash Bonus
- 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 Beyond Checking - $300 Cash Bonus
- 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 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 CY223 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 60 days of the account qualifying for the bonus. Bonus is interest and subject to reporting on Form 1099-INT. Offer ends 6/15/2023, 11:59 PM ET. Offer may be modified or withdrawn without notice. See advertiser website for full details.
Amber Kong is a content specialist at CreditDonkey, a credit card comparison and reviews website. Write to Amber Kong at amber.kong@creditdonkey.com. Follow us on Twitter and Facebook for our latest posts.
Note: This website 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. You do not have to use our links, but you help support CreditDonkey if you do.
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.
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