Chase Total Business Checking Review

What is Chase Total Business checking account? Is there a fee? Read this review for the pros and cons.

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Note: The information for the Chase Total Business Checking has been collected independently by CreditDonkey. The details on this page have not been reviewed or provided by the bank.

Who Chase Total Business Checking is Best For

Chase Total Business Checking is designed for small and growing businesses with a low number of transactions and cash deposits. This is because you only get:

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

Larger businesses who take in more cash or perform more transactions will want to consider other options.

However, you do get unlimited electronic deposits. So if your business mostly deals electronically, then you don't have to worry about a cap.

Pros & Cons

PROS:

• Welcome cash bonus (details below)
  
• 100 fee-free transactions per month, plus unlimited electronic deposits
  
• Up to $5,000 in fee-free cash deposits per month
  
• Free 24/7 mobile and online banking
  
• 16,000 fee-free ATMs and more than 4,700 branches
  
• 24/7 customer service

CONS:

• No free wires
  
• $0.40/transaction above the 100 free per month
  
• No interest on deposits
  
• Need $1,500 balance to waive service fee

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

How to Waive Monthly Service Fee

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

The fee is waived with one of the following actions:

• Maintain an average daily balance of $1,500, OR
  
• Link a Chase Private Client Checking or Chase Sapphire Checking account

The $1,500 balance requirement is relatively low to waive the monthly service fee. However, very new businesses may still have trouble maintaining that much float.

Benefits and Features

Benefits of Chase Total Business Checking includes:

• Unlimited electronic deposits (including ACH, ATM, and QuickDeposits).

• 100 transactions per month at no charge ($0.40/transaction above and beyond the limit)

• $5,000 cash deposit per month for no fee.

• Remotely deposit checks with mobile deposits or QuickDeposit scanner (more below)

• Set up multiple business account users and monitor and control their access. Set limits for each user, including ATM transactions, purchases, and fund transfers.

• Free online bill pay for recurring payments and money transfers.

• Send and receive wires around the globe (fees apply).

• Account alerts, such as for low balance, large transactions, and more.

• See up to 7 years of statements online.

How to Make Check Deposits

There are a couple of ways to make check deposits into your Chase Total Business Checking Account.

Mobile Deposit
For low-volume check deposits, you can do mobile deposits by phone or tablet by simply snapping a picture of the check.

QuickDeposit
This option is for businesses with a higher volume of checks. Chase will provide you with a free remote scanner, but there is a monthly service fee based on the scanner that you choose. Here are the options:

• Single Feed Scanner ($25/month): This is meant for depositing 10 or fewer checks per deposit.

• Multiple Feed Scanner ($50/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.

You'll be locked into a contract for 2 years with a $250 cancellation fee for early termination.

Downsides

1. Only 100 free transactions per month:
   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.

2. 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.

3. No free wires:
   Businesses that regularly send or receive wires might have better luck with other business checking accounts.
   Wire Transfer Fees:

   • Incoming domestic & international: $15 per transfer ($0 if transfer was originally sent through Chase bank).
     
   • Outgoing in-branch wire: $35 (domestic) and $50 (international)
     
   • Outgoing online wire: $25 (domestic) and $40 (international in US dollars)
     
   • Outgoing online wire (FX): $5 for international online wires in foreign currency; $0 if the amount is equal to $5,000 USD or more.

4. Ability to open account online is limited:
   Only sole proprietors 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 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.

For all business owners, you'll need to provide your:

• Name and address
  
• Date of birth
  
• Driver's license or state ID
  
• SSN or tax ID number
  
• Country of citizenship

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

Sole proprietors will also need:

• Assumed Name Certificate if operating as a DBA

Partnerships will also need:

• Written Partnership or Joint Venture Agreement
  
• Website Validation
  
• Assumed Name Certificate if operating as a DBA
  
• All general partners must be present at account opening

LLCs will also need:

• Articles of Organization or Certificate of Formation
  
• Website Validation
  
• Assumed Name Certificate if operating as a DBA
  
• All members or managers must be present at account opening

Corporations will also need:

• Articles of Incorporation or Certificate of Formation
  
• Website Validation
  
• Active Status Verification
  
• Assumed Name Certificate if operating as a DBA
  
• An authorized representative must be present at account opening

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 business checking account. Online banks offer many fee-free options. But some drawbacks of these accounts may include:

• No welcome bonuses
  
• No interest on deposits
  
• No physical locations to do in-person banking activities

Chase Small Business Credit Cards

• 
  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 $750 bonus cash back after you spend $7,500 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 $750 bonus cash back after you spend $7,500 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%.

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 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.