July 4, 2019

Chase Total Business Checking Review

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Chase Total Business checking account is a great option for small and growing businesses. But there are some drawbacks. Is it worth it for your company? Read on.

    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

Account Basics

Chase Total Business Checking account offers:

  • Unlimited electronic deposits, including ACH, ATM, and QuickDeposit transactions (more on that below).

  • Up to $5,000 in fee-free cash deposits per month

  • Online bill pay for recurring payments and money transfers

  • 100 fee-free transactions per month with a fee of $0.40/ transaction above and beyond the limit

Customer also have access to 24/7 mobile and online banking platforms, Chase's network of 16,000 fee-free ATMs, and nearly 5,000 branches.

The account has a $15 monthly service fee ($12 if you opt for paperless statements).

The fee is waived if you maintain an average daily balance of $1,500 or link a Chase Private Client Checking or Chase Sapphire Checking account.

Keep reading to learn about the other features of Chase's Total Business Checking account.

Extra Features

Welcome Cash Bonus
There's a $200 welcome bonus for new Chase business checking customers. Here's how to claim it:

  1. Request an offer code online by providing your email address.

  2. Open a new Chase Total Business Checking account either online or in-person, depending on the type of business you have.

  3. Deposit $1,000 of new money within 20 days.

  4. Maintain that balance for 60 days after depositing the funds.

  5. Complete 5 qualifying transactions within 60 days of opening the account (debit card purchases, check deposits, ACH credits, or wires).

  6. Receive a $200 bonus deposited into your account within 10 business days.

Mobile Deposit
For low-volume check deposits, take advantage of Chase's mobile check deposit service. Simply open the app on your phone or tablet, snap a picture of the check, enter some basic information, and the funds are deposited into your account.

QuickDeposit
Businesses with a higher volume of checks can use Chase's QuickDeposit solution for remote check deposits. Chase will provide your business with a remote scanner free of charge.

You'll be locked into a contract for 2 years with a $250 cancellation fee for early termination. The monthly fees vary based on the scanner that you choose. Here are the options:

  • Single Feed Scanner
    $25 per month fee. This is meant for depositing 10 or fewer checks per deposit.

  • Multiple Feed Scanner
    $50 per month. This is meant for handling more than 10 checks per deposit. You can feed up to 50 checks at a time, and it automatically reads both the front and back of each check.

Why We Like It

Here are some reasons to sign up for this business checking account:

Extra Cash
Take advantage of the $200 Welcome Bonus when you fund the account with $1,000 of new money and complete a few requirements.

Low Service Fee
The monthly service fee is only $15. And you can avoid it by linking certain Chase accounts or maintaining a minimum daily balance of $1,500.

Transaction Flexibility
In addition to the 100 fee-free transactions per month, Chase Total Business Checking allows unlimited fee-free, non-wire electronic deposits. That can include ACH and QuickDeposit transactions.

Fee-Free Cash Deposits
Chase allows up to $5,000 of fee-free cash deposits per month.

24/7/365 Access to Banking
With Chase's mobile and online banking options, your business banking needs are never held up by their normal operating hours. You can deposit checks, make transfers, and much more, without ever having to step inside a branch.

Reasons to Look Elsewhere

Minimal Free Transactions
If your business processes a large number of transactions per month, especially small dollar transactions, you'll pay $0.40 per transaction once the 100 free limit is exceeded.

No Free Wires
Wire fees vary based on the amount and whether they are international or domestic. Businesses that regularly send or receive wires might have better luck with other business checking accounts.

Low Fee-Free Cash Deposit Limit
Businesses with high cash intake each month, including retailers and restaurants, may be hindered by the fee-free cash deposit limit of $5,000.

No Interest on Deposits
Checking accounts have low interest rates by nature. But the low interest offered by other accounts is better than no interest at all.

Ability to Open Account Online Is Limited
Sole proprietorships are the only type of business that can apply for a Chase Total Business checking account online. If that doesn't apply to you, you'll need to visit a branch, which may not be a viable option.

Who Should Consider a Chase Total Business Checking Account?

Chase Total Business Checking is a great option for smaller and growing businesses. The low cash deposit threshold of $5,000 and the 100 fee-free transactions per month may be a downside for businesses with high cash deposits or transaction activity. But the $200 bonus can be attractive if you can avoid the additional fees.

How to Open an Account

If you're a sole proprietor, you can open an account online by visiting the Chase website.

For other types of businesses, visit a local Chase branch to open your account. A representative will process your application and walk you through the entire process.

In either case, you'll need to provide your:

  • Name
  • Address
  • Date of birth
  • Driver's license or state ID
  • SSN or tax ID number
  • Country of citizenship
  • DBA certificate if the business operates under a name other than its legal name (sole proprietorships only)
  • Articles of Organization or Certificate of Formation (LLCs only)
  • Articles of Incorporation or Certificate of Formation (Corporations only)

Corporations and LLCs will need to provide the above information for each individual with 10% or greater ownership.

Whether you're opening your account online or in-person, remember to enter your email address online first. Chase will send you an offer code via email for your $200 welcome bonus.

Alternatives

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If Chase Total Business Checking isn't right for you, here's a list of other accounts that may be better suited to your needs.

Other Chase Business Options

Chase offers other business checking options to meet a variety of needs. Read on to learn about them.

Chase Performance Business Checking
This account is perfect for mid-sized businesses with higher monthly cash deposits or fee-free transactions needs.

Here's what you can expect each month:

  • Up to 250 fee-free transactions
  • 2 free outgoing domestic wires
  • Up to $20,000 in fee-free deposits
  • Service fee of $30
  • Free incoming wires
  • Interest options available

You can avoid the $30 monthly service fee by:

  • Having $35,000 in deposits spread across all linked Chase business accounts
  • Linking a Chase Business Premier Savings account.

Chase Platinum Business Checking
Chase's top-tier business checking works well for larger businesses that need more than what Performance has to offer.

Here's what you can expect each month:

  • Up to 500 fee-free transactions
  • 4 free outgoing wires (specifically, your most expensive wires)
  • Up to $25,000 in fee-free deposits
  • Service fee of $95
  • Free incoming wires
  • Reduced balance requirements for Chase Private Clients

The service fee will be waived if you:

  • Have $100,000 of deposits across all your linked Chase business accounts
  • Link a Chase Business Premier Savings account

Free Online Business Checking Accounts

Businesses just starting out may need a completely fee-free checking account. Online banks offer many fee-free options. The main drawbacks of these accounts are the lack of:

  • Welcome bonuses
  • nterest on deposits
  • Physical locations

Keep reading to learn some of the best options available.

Azlo Business Bank Account
Azlo is an online bank that offers fee-free business banking options. Their robust mobile app and 55,000 in-network ATMs make Azlo a great banking solution.

Here's what you can expect each month:

  • Free payments and transfers
  • No international transaction fees
  • Unlimited fee-free transactions
  • No minimum balance requirements
  • Unlimited fee-free incoming wires

Azlo offers a couple of other great features for small, upcoming businesses, such as:

  • Square and Stripe integration
  • Send digital invoices from your account
  • Real-time notifications about purchases
  • Block/unblock feature for your card
  • Connect to popular small business software, such as PayPal and QuickBooks

Axos Basic Business Checking
Axos is another online business banking option meant to solve modest banking needs. With Axos, there's a minimum opening deposit requirement of $1,000. After that, here's what you can expect each month:

  • No maintenance fees
  • Unlimited domestic ATM fee reimbursements
  • Up to 200 free transactions (debits, credits, or deposited items); $0.30 per item after

They do offer compatibility with QuickBooks. Plus, your first set of 50 checks are free.

Bottom Line

Chase's Total Business checking can be a great option for smaller businesses. It offers a nice cash welcome bonus.

If you can keep a minimum balance of $1,500, you'll avoid any service fees that the account charges. Plus, you'll get fee-free deposits up to $5,000 and up to 100 fee-free transactions each month.

However, if your business processes a lot of transactions, or has higher deposits, it may be best to look elsewhere.

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 July 4, 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.

More from CreditDonkey:


Chase Bank Review


Checking Account Promotions


Checking vs Savings Account

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