Updated July 16, 2022

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.

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 Relationship Fundamentals 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:

AccountMonthly feeMinimum 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 $16Can be waived in other ways
Business Relationship Fundamentals 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.

Read on for a more detailed side-by-side comparison of Bank of America and Chase business bank accounts.

Basic Tier Accounts Comparison

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.

AccountChase Business Complete BankingBank of America Business Advantage Fundamentals Banking
Monthly fee$15$16
How to waive feeAchieve $2,000 minimum daily balance, deposits from Chase QuickAccept, OR Chase Ink Business Card purchases each monthSpend $250 in new net qualified debit card purchase OR maintain $5,000 combined average monthly balance
Minimum opening deposit$0$100
Free transactions per month20200
Free cash deposits per month$5,000$7,500
BenefitsBuilt-in credit card processingCash Flow Monitor and Connected Apps

Key takeaway:
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]

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.

Bank of America's mobile app also has the highest ratings for customer satisfaction, according to a JD Power study.

Mid-Tier Accounts

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 CheckingBank of America Business Advantage Relationship Banking
Monthly fee$30$29.95
How to waive feeMaintain $35,000 combined average beginning day balanceMaintain a $15,000 combined average monthly balance
Minimum opening deposit$0$100
Free transactions per month250500
Free cash deposits per month$20,000$20,000
Wire transfer benefitsFree incoming wires
2 most expensive outgoing wires each month for free
Free incoming wires
Other benefitsNo 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

Key takeaway:
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

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 CheckingBank of America Business Advantage Relationship Banking
Monthly fee$95$29.95
How to waive feeMaintain $100,000 combined average beginning day balanceMaintain a $15,000 combined average monthly balance
Minimum opening deposit$0$100
Free transactions per month500500
Free cash deposits per month$25,000$20,000
BenefitsFree 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).

You can enroll in the Preferred Rewards for Business program with at least a $20,000 combined balance. The tiers are:

  • 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.

AccountFree transactions per month*Free cash deposits per month
Chase Business Banking Accounts
Chase Business Complete Checking20$5,000
Chase Performance Business Checking250$20,000
Chase Platinum Business Checking500$25,000
Bank of America Business Banking Accounts
Business Advantage Fundamentals Banking 200$7,500
Business Relationship Fundamentals Banking500$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.

References

  1. ^ Chase. Chase QuickAccept, Retrieved 4/22/2022
  2. ^ Chase. Additional Banking Services and Fees for Business Accounts, Retrieved 4/22/2022
  3. ^ Bank of America. Fees at a Glance, Retrieved 4/22/2022

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Chase
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Chase Total Checking® - $200 Bonus

Expires 10/19/2022
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  • 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 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.


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