Chase vs Bank of America Business Account
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Chase's basic tier business account has more features, while Bank of America has lower balance requirements. Read on for a detailed comparison.
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Chase and Bank of America are two strong contenders when it comes to business banking.
While they might look similar, there are some significant differences between them.
In this guide, see how Chase and BofA compare in terms of fees, features, minimum requirements, and more. By the end, you'll have the best pick for your business.
Chase vs. Bank of America Business Account Overview
Chase offers 3 business checking accounts:
- Basic tier: Chase Business Complete Checking
- Mid-tier: Chase Performance Business Checking
- Premium: Chase Platinum Business Checking
Bank of America only has 2 business checking options:
- Basic tier: Business Advantage Fundamentals™ Banking
- Mid-tier: Business Advantage Relationship Banking
Bank of America actually lets you switch between these 2 accounts anytime you want. This gives you more flexibility to upgrade or downgrade as your business needs fluctuate.
Here's how they compare in a nutshell:
| Account | Monthly fee | Minimum balance to waive | Chase Business Banking Accounts |
|---|---|---|
| Chase Business Complete Checking | $15 | $2,000 |
| Chase Performance Business Checking | $30 | $35,000 |
| Chase Platinum Business Checking | $95 | $100,000 | Bank of America Business Banking Accounts |
| Business Advantage Fundamentals Banking | $16 | $5,000 |
| Business Advantage Relationship Banking | $29.95 | $15,000 |
Overall, Chase requires higher minimum balances to waive monthly fees. Read on to see if their features justify the higher requirements.
Is Chase or Bank of America Better for Your Business?
Why you may choose Chase
- Large bonus offers
- Built-in credit card processing for the basic tier account
- Free outgoing wires starting from the mid-tier account
Why you may choose Bank of America
- Lower requirements to waive fees
- More free transactions per month
- Integrates with QuickBooks and other business apps
- More benefits with Preferred Rewards program
Bottom line: Chase's basic-tier business checking account is better, especially if you need credit card processing. However, Bank of America has lower balance requirements and more free transactions at every tier.
Chase Business Complete Banking℠ - Up to $500 Bonus
- Earn up to $500 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.
- Full-service business banking. Convenient access to all your business banking services in one place -- lending, checking, credit card and payment solutions.
- Your choice of payment types. Choose from a full range of options for accepting payments and making deposits that include Zelle®, Online Bill Pay, wire transfers and ACH payments.
- Convenient access to payment processing. Process all major debit and credit cards with QuickAccept. It's a built-in feature with your Business Complete Checking account.
- Helping you save money. Multiple ways to waive service fees and unlimited digital transactions helps you keep more of your money.
- Full-featured banking online and on-the-go. Manage your business' finances on your terms with the latest online and mobile banking technology.
- Trusted and secure financial partner. We're committed to helping you grow and protect your business.
Silver Business Checking Package - Up to $750 Bonus
Earn up to $750 bonus when you open a new, eligible U.S. Bank business checking account online with promo code Q2AFL23 and complete qualifying activities1, subject to certain terms and limitations. Offer valid through June 30, 2023. Member FDIC. Complete these steps to earn the offer:
Earn your $500.
- Make a deposit of at least $5,000 in new money within 30 days of account opening and maintain the balance until the 60th day after account opening.
- Enroll in U.S. Bank business online banking or the U.S. Bank Mobile App within 60 days of account opening.
Earn your $750.
- Make a deposit of at least $15,000 in new money within 30 days of account opening and maintain the balance until the 60th day after account opening.
- Enroll in U.S. Bank business online banking or the U.S. Bank Mobile App within 60 days of account opening.
Gold Business Checking Package - Up to $750 Bonus
Earn up to $750 bonus when you open a new, eligible U.S. Bank business checking account online with promo code Q2AFL23 and complete qualifying activities1, subject to certain terms and limitations. Offer valid through June 30, 2023. Member FDIC. Complete these steps to earn the offer:
Earn your $500.
- Make a deposit of at least $5,000 in new money within 30 days of account opening and maintain the balance until the 60th day after account opening.
- Enroll in U.S. Bank business online banking or the U.S. Bank Mobile App within 60 days of account opening.
Earn your $750.
- Make a deposit of at least $15,000 in new money within 30 days of account opening and maintain the balance until the 60th day after account opening.
- Enroll in U.S. Bank business online banking or the U.S. Bank Mobile App within 60 days of account opening.
Platinum Business Checking Package - Up to $750 Bonus
Earn up to $750 bonus when you open a new, eligible U.S. Bank business checking account online with promo code Q2AFL23 and complete qualifying activities1, subject to certain terms and limitations. Offer valid through June 30, 2023. Member FDIC. Complete these steps to earn the offer:
Earn your $500.
- Make a deposit of at least $5,000 in new money within 30 days of account opening and maintain the balance until the 60th day after account opening.
- Enroll in U.S. Bank business online banking or the U.S. Bank Mobile App within 60 days of account opening.
Earn your $750.
- Make a deposit of at least $15,000 in new money within 30 days of account opening and maintain the balance until the 60th day after account opening.
- Enroll in U.S. Bank business online banking or the U.S. Bank Mobile App within 60 days of account opening.
Basic Business Checking - $100 Bonus
- Business owners get up to $100 welcome bonus!*
- Choose smarter business banking by June 30 and enjoy up to $100.* Just use promo code SBIZ100 on your application.
- Zero opening deposit and cash deposits accepted
- Zero minimum monthly balance requirements
- Two domestic wire reimbursements monthly
- Unlimited domestic ATM fee reimbursements
- Enhanced Visa benefits and first 50 checks free
- Dedicated relationship manager and more
Business Interest Checking - 1.01% APY
- Business owners get up to $100 welcome bonus!*
- Choose smarter business banking by June 30 and enjoy up to $100.* Just use promo code SBIZ100 on your application.
- Up to 1.01% APY*
- $100 minimum opening deposit
- Pay no monthly maintenance fee with an average daily balance of at least $5,000
- Unlimited domestic ATM fee reimbursements
- Up to 50 free items per month, $0.50 per item thereafter (includes debits, credit, and deposited items)
- Up to 60 items per month for Remote Deposit Anywhere (includes monthly per item processing limitation)
Read on for a more detailed side-by-side comparison of Bank of America and Chase business bank accounts.
Basic Tier Accounts Comparison
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First, let's compare each bank's basic business account offerings:
Chase Business Complete Checking vs.
Bank of America Business Advantage Fundamentals Banking
The biggest difference is that Chase Business Complete Checking includes payment processing built into the account. This makes it ideal for small retailers and food services that accept credit cards.
On the other hand, Bank of America has lower requirements to waive the monthly fee. So it may be the better choice for new businesses.
| Account | Chase Business Complete Banking | Bank of America Business Advantage Fundamentals Banking |
|---|---|---|
| Monthly fee | $15 | $16 |
| How to waive fee | Achieve $2,000 minimum daily balance, deposits from Chase QuickAccept, OR Chase Ink Business Card purchases each month | Spend $250 in new net qualified debit card purchase OR maintain $5,000 combined average monthly balance |
| Minimum opening deposit | $0 | $100 |
| Free transactions per month | 20 | 200 |
| Free cash deposits per month | $5,000 | $7,500 |
| Benefits | Built-in credit card processing | Cash Flow Monitor and Connected Apps |
Chase's basic account is better for retailers and food services that want convenient credit card processing. Bank of America is better for new and very small businesses.
Now let's go over the features of each account in more detail.
Chase Business Complete Banking
The most unique thing about Chase Business Complete Banking is the integrated credit card processing. Normally, you would have to open a merchant account separately. With this account, you get both banking and processing all in one.
The features include:
- On-the-go mobile processing with the QuickAccept card reader
- Competitive processing rates at just 2.6% + $0.10 per swipe.[1] This is on par with cheap mobile processors like Square
- Same-day deposits into your checking account. This could be really helpful for keeping your cash flow moving
If your business also takes cash, you can make up to $5,000 in cash deposits for free each month. After that, there will be a fee.[2]
Chase Business Complete Banking℠ - Up to $500 Bonus
- Earn up to $500 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.
- Full-service business banking. Convenient access to all your business banking services in one place -- lending, checking, credit card and payment solutions.
- Your choice of payment types. Choose from a full range of options for accepting payments and making deposits that include Zelle®, Online Bill Pay, wire transfers and ACH payments.
- Convenient access to payment processing. Process all major debit and credit cards with QuickAccept. It's a built-in feature with your Business Complete Checking account.
- Helping you save money. Multiple ways to waive service fees and unlimited digital transactions helps you keep more of your money.
- Full-featured banking online and on-the-go. Manage your business' finances on your terms with the latest online and mobile banking technology.
- Trusted and secure financial partner. We're committed to helping you grow and protect your business.
Bank of America Business Advantage Fundamentals Banking
Bank of America's account is a standard basic business account. But it does have some benefits.
First, the monthly fee is easier to waive. You can waive it with only $250 in debit card purchases each month. No minimum balance required. This is better for new businesses with inconsistent cash flow.
Second, Bank of America has better built-in tools to help manage your business. Some features include:
- Connect your business apps such as QuickBooks, Google Analytics, and Expensify
- See your business metrics all in one place
- Get automatic cash flow projections
This account also has a higher limit for free cash deposits. You get up to $7,500 each month.[3] This could be better for you if your business takes in more cash.
Mid-Tier Accounts
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These accounts are ideal for mid-size businesses that can keep a higher minimum balance and have more cash deposits and paper transactions.
Below, we'll compare Chase and BofA's mid-tier options:
Chase Performance Business Checking vs.
Bank of America Business Advantage Relationship Banking
| Chase Performance Business Checking | Bank of America Business Advantage Relationship Banking | |
|---|---|---|
| Monthly fee | $30 | $29.95 |
| How to waive fee | Maintain $35,000 combined average beginning day balance | Maintain a $15,000 combined average monthly balance |
| Minimum opening deposit | $0 | $100 |
| Free transactions per month | 250 | 500 |
| Free cash deposits per month | $20,000 | $20,000 |
| Wire transfer benefits | Free incoming wires 2 most expensive outgoing wires each month for free | Free incoming wires |
| Other benefits | No non-Chase ATM fees charged by Chase Link up to 999 Chase Performance Business Checking subaccounts | Free stop payments QuickBooks integration Customize account access per employee No monthly fee for one extra Business Advantage Relationship Banking account and one Business Advantage Savings account |
Overall, Bank of America's mid-tier account offers better value as the minimum balance requirement isn't nearly as high. And you get twice as many free transactions per month.
Chase Performance Business Checking
The Performance Business Checking account gives you more free transactions and cash deposits. It also adds 2 free outgoing domestic wires each month.
Unlike the basic tier account, this one doesn't have built-in card processing. But you can sign up for Chase Payment Solutions to process cards.
You also get up to 999 sub-accounts for your employees, accountants, and other staff you want to grant access to.
Bank of America Business Advantage Relationship Banking
Bank of America's account has a much lower minimum to avoid the monthly fee. Growing businesses can level up without needing to keep an outrageous balance.
The amount of cash deposits is the same, but BofA gives you twice as many free transactions (500 vs. Chase's 250). But there are no outgoing wire waivers.
At this level, you get free access to Account Management (normally $15/mo). This lets you add users and grant customized access for each.
Even though this is BofA's highest-tier account, larger businesses have more room to grow with the Preferred Rewards for Business program (more later).
Premium Tier Accounts
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Only Chase has a premium account option. But it's comparable to Bank of America's higher-tier account in terms of free transactions and cash deposits.
| Chase Platinum Business Checking | Bank of America Business Advantage Relationship Banking | |
|---|---|---|
| Monthly fee | $95 | $29.95 |
| How to waive fee | Maintain $100,000 combined average beginning day balance | Maintain a $15,000 combined average monthly balance |
| Minimum opening deposit | $0 | $100 |
| Free transactions per month | 500 | 500 |
| Free cash deposits per month | $25,000 | $20,000 |
| Benefits | Free incoming wires 4 most expensive outgoing wires each month for free Free stop payments No non-Chase ATM fees charged by Chase Link up to 99 Chase Platinum Business Checking subaccounts No monthly fee on a linked Business Premier Savings and personal Premier Plus Checking | QuickBooks integration Customize account access per employee Free incoming wires and stop payments One extra checking account and savings account for no monthly fee |
Instead of a premium bank account, Bank of America offers a Preferred Rewards for Business program. This free program gives you extra benefits depending on your balance.
Chase Platinum Business Checking
This premium account is a huge jump from the mid-tier level. You're upgraded to 500 free transactions per month. But this is something that Bank of America offers with their mid-tier account.
The biggest benefit is that 4 of your most expensive outgoing wires per month are free. If you regularly send wires, this could be valuable.
Bank of America Preferred Rewards for Business
Bank of America has a Preferred Rewards for Business program instead of a premium account. This program is free to enroll in. Based on your balance, you get more perks, including:
- Fee waivers on select banking services
- More bonus rewards when using BofA business credit cards
- Interest rate booster on Business Advantage Savings accounts
- Interest rate discount on loans
These perks go beyond standard checking benefits. They can be valuable if you use Bank of America's other services, like their business credit cards and loans.
The biggest rewards will be for clients with at least $100,000 combined balance. At this level, you get 4 free outgoing wires and unlimited fee-free non-BofA ATM transactions (which is similar to Chase's premium account).
- Gold: $20,000 minimum
- Platinum: $50,000 minimum
- Platinum Honors: $100,000 minimum
Learn more about the Preferred Rewards program here.
Which Bank is Better for Transactions & Cash Deposits?
Bank of America wins in this department. Their accounts offer a larger number of free transactions at every tier.
| Account | Free transactions per month* | Free cash deposits per month | Chase Business Banking Accounts |
|---|---|---|
| Chase Business Complete Checking | 20 | $5,000 |
| Chase Performance Business Checking | 250 | $20,000 |
| Chase Platinum Business Checking | 500 | $25,000 | Bank of America Business Banking Accounts |
| Business Advantage Fundamentals Banking | 200 | $7,500 |
| Business Advantage Relationship Banking | 500 | $20,000 |
*Note that this is just for teller transactions and checks. Both accounts offer unlimited electronic deposits, debit card purchases, and ATM transactions.
Chase has lower post-allowance fees after exceeding the free limit. Chase charges $0.40 per transaction, while BofA charges $0.45 per transaction.
Which Bank is Better for Wire Transfers?
Both Chase and Bank of America offer unlimited free incoming domestic and international wires at the mid-tier level. But BofA's account only requires $15,000 combined balance, while Chase requires $35,000.
However, Chase offers better outgoing wire benefits. Chase's higher-tier accounts both offer a certain number of free outgoing wires per month:
- Performance Checking: 2 free most expensive outgoing domestic wires
- Platinum Checking: 4 free most expensive outgoing wires
Bank of America's accounts don't have outgoing wire waivers. However, if you're in the Preferred Rewards program and become a Platinum Honors member ($100K+ combined balance), you get 4 free outgoing wires per month.
Bottom Line: Which Bank is Better?
Both Chase and Bank of America are highly reputable banks with a wide range of services and excellent customer support.
Here are the most important distinctions:
- Chase's basic tier business checking account is superior if you want the convenience of banking and credit card processing all in one.
- Bank of America has lower balance requirements and offers more free transactions and cash deposits at every tier.
- Bank of America has a Preferred Rewards for Business program instead of a premium account. This lets you get extra benefits starting from a $20k balance.
- Chase gives you some free outgoing wires starting with the mid-tier account ($35k balance). BofA doesn't have any free outgoing wires until you're a Preferred Rewards Platinum Plus member ($100k balance).
- Bank of America offers more flexibility because you can switch between the 2 accounts anytime you want.
Ultimately the best bank for you will depend on your monthly banking activity, how much of a balance you can maintain, and what features you want.
Chase Business Complete Banking℠ - Up to $500 Bonus
- Earn up to $500 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.
- Full-service business banking. Convenient access to all your business banking services in one place -- lending, checking, credit card and payment solutions.
- Your choice of payment types. Choose from a full range of options for accepting payments and making deposits that include Zelle®, Online Bill Pay, wire transfers and ACH payments.
- Convenient access to payment processing. Process all major debit and credit cards with QuickAccept. It's a built-in feature with your Business Complete Checking account.
- Helping you save money. Multiple ways to waive service fees and unlimited digital transactions helps you keep more of your money.
- Full-featured banking online and on-the-go. Manage your business' finances on your terms with the latest online and mobile banking technology.
- Trusted and secure financial partner. We're committed to helping you grow and protect your business.
Silver Business Checking Package - Up to $750 Bonus
Earn up to $750 bonus when you open a new, eligible U.S. Bank business checking account online with promo code Q2AFL23 and complete qualifying activities1, subject to certain terms and limitations. Offer valid through June 30, 2023. Member FDIC. Complete these steps to earn the offer:
Earn your $500.
- Make a deposit of at least $5,000 in new money within 30 days of account opening and maintain the balance until the 60th day after account opening.
- Enroll in U.S. Bank business online banking or the U.S. Bank Mobile App within 60 days of account opening.
Earn your $750.
- Make a deposit of at least $15,000 in new money within 30 days of account opening and maintain the balance until the 60th day after account opening.
- Enroll in U.S. Bank business online banking or the U.S. Bank Mobile App within 60 days of account opening.
Gold Business Checking Package - Up to $750 Bonus
Earn up to $750 bonus when you open a new, eligible U.S. Bank business checking account online with promo code Q2AFL23 and complete qualifying activities1, subject to certain terms and limitations. Offer valid through June 30, 2023. Member FDIC. Complete these steps to earn the offer:
Earn your $500.
- Make a deposit of at least $5,000 in new money within 30 days of account opening and maintain the balance until the 60th day after account opening.
- Enroll in U.S. Bank business online banking or the U.S. Bank Mobile App within 60 days of account opening.
Earn your $750.
- Make a deposit of at least $15,000 in new money within 30 days of account opening and maintain the balance until the 60th day after account opening.
- Enroll in U.S. Bank business online banking or the U.S. Bank Mobile App within 60 days of account opening.
Platinum Business Checking Package - Up to $750 Bonus
Earn up to $750 bonus when you open a new, eligible U.S. Bank business checking account online with promo code Q2AFL23 and complete qualifying activities1, subject to certain terms and limitations. Offer valid through June 30, 2023. Member FDIC. Complete these steps to earn the offer:
Earn your $500.
- Make a deposit of at least $5,000 in new money within 30 days of account opening and maintain the balance until the 60th day after account opening.
- Enroll in U.S. Bank business online banking or the U.S. Bank Mobile App within 60 days of account opening.
Earn your $750.
- Make a deposit of at least $15,000 in new money within 30 days of account opening and maintain the balance until the 60th day after account opening.
- Enroll in U.S. Bank business online banking or the U.S. Bank Mobile App within 60 days of account opening.
Basic Business Checking - $100 Bonus
- Business owners get up to $100 welcome bonus!*
- Choose smarter business banking by June 30 and enjoy up to $100.* Just use promo code SBIZ100 on your application.
- Zero opening deposit and cash deposits accepted
- Zero minimum monthly balance requirements
- Two domestic wire reimbursements monthly
- Unlimited domestic ATM fee reimbursements
- Enhanced Visa benefits and first 50 checks free
- Dedicated relationship manager and more
Business Interest Checking - 1.01% APY
- Business owners get up to $100 welcome bonus!*
- Choose smarter business banking by June 30 and enjoy up to $100.* Just use promo code SBIZ100 on your application.
- Up to 1.01% APY*
- $100 minimum opening deposit
- Pay no monthly maintenance fee with an average daily balance of at least $5,000
- Unlimited domestic ATM fee reimbursements
- Up to 50 free items per month, $0.50 per item thereafter (includes debits, credit, and deposited items)
- Up to 60 items per month for Remote Deposit Anywhere (includes monthly per item processing limitation)
References
- ^ Chase. Chase QuickAccept, Retrieved 4/22/2022
- ^ Chase. Additional Banking Services and Fees for Business Accounts, Retrieved 4/22/2022
- ^ Bank of America. Fees at a Glance, Retrieved 4/22/2022
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