September 26, 2023

U.S. Bank vs Chase Business Checking

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U.S. Bank offers a free business checking account, while Chase offers more features. Which is better? Find out here.

When it comes to reliable business checking, U.S. Bank and Chase are standout options.

Although each has several account options, your business might benefit from one more than the other.

Whether it's zero fees, more free transactions, or extra perks like accessible merchant services, read on and decide which one might be a better fit.

Overview of U.S. Bank and Chase Business Checking Accounts

U.S. Bank offers 3 main business checking accounts:

  • Silver Business Checking Account Package (entry level)
  • Gold Business Checking Account Package (mid-level)
  • Platinum Business Checking Account Package (premium)

U.S. Bank also has 2 special business checking types: Nonprofit Checking Account and Premium Business Checking Account.

Similarly, Chase has 3 business checking accounts as well:

Here's an overview of their different business checking accounts:

AccountMonthly feeBalance to waive
U.S. Bank Business Checking[1]
Silver Business Checking Account Package$0n/a
Gold Business Checking Account Package$20$10,000
Platinum Business Checking Account Package$30$25,000
Chase Business Checking[2]
Chase Business Complete Banking$15$2,000
Chase Performance Business Checking$30$35,000
Chase Platinum Business Checking$95$100,000

Overall, Chase requires higher minimum balances to waive monthly fees. Read on to see if their features justify the higher requirements.

Should you use a business bank account?
Yes, it is a good idea to use a separate bank account for your business. It helps protect your personal assets if your business gets sued or gets into debt. Plus, it helps make preparing for taxes a lot easier.

Is U.S. Bank Or Chase Better for Your Business?

Here are some reasons you may go with either U.S. Bank or Chase.

Why choose U.S. Bank Business Checking:

  • You're a new or small business and want an account with no monthly fees
  • You have moderate transactions

Why choose Chase Business Checking:

  • You want built-in credit card processing (available in the basic tier account)
  • You have a lot of transactions per month
  • Your business takes more cash
  • More branches

Bottom line:
U.S. Bank's basic-tier business checking account is better for new business owners because it has $0 monthly fee. But it has limited transactions.

However, if your business takes credit cards from customers, Chase's business checking might be more up your alley due to its built-in card payment services. It also gives you a higher number of transactions and cash deposits a month.

If you are looking for a business checking account that earns a competitive rate, you might be disappointed with the minimal APY offered by both U.S. Bank and Chase. Look to online business accounts like Bluevine and Relay.

Both also frequently offer bonuses for new customers.

U.S. Bank Business Checking Features

  • Manage accounts with online banking, mobile app, and SinglePoint
  • Total of five business checking account options, including a free business checking
  • Overdraft protection
  • Payment fraud prevention tools
  • EZ Switch kit for seamless transfer from an old bank account
  • Discount on first check order via Deluxe

Chase Business Checking Features

  • Manage accounts with Chase Business Online and Chase Mobile® app
  • Built-in credit card processing (for Chase Business Complete Banking)
  • Unlimited electronic transactions at higher tiers
  • Complimentary fraud protection via Reverse Positive Pay
  • Optional associate debit and employee deposit cards
  • 11 PM ET mobile check deposit cutoff

Also known as U.S. Bancorp, U.S. Bank has been operating for over a century and offers various financial products to individuals, businesses, and institutions. Likewise, Chase is an industry leader boasting over 4,700 physical locations and 15,500+ ATMs nationwide.

Comparison of Business Checking Accounts

Now let's dive into a head-to-head comparison of U.S. Bank and Chase's business checking accounts at each tier.

Entry-level business checking

U.S. Bank Silver Business Checking Account Package vs. Chase Business Complete Banking

U.S. BankChase
Monthly fee$0$15
Minimum balance to waive feeNone$2,000
Free monthly transactions125Unlimited debit card purchases and Chase ATM transactions, and up to 20 paper and teller transactions
Free monthly cash deposits$2,500 or 25 items, whichever comes first$5,000
Benefits/Perks50% off first check order, up to $50Built-in credit card processing

The Silver Business Checking is U.S. Bank's free checking account for small businesses. It has a zero monthly fee, which can be a real money-saver if your business doesn't have stable income and you don't want to worry about keeping a certain balance.

But Chase Business Complete Banking shines with its built-in payment processing. No need to apply for a separate merchant account, making it a super convenient all-in-one solution.

You can take credit card payments on-the-go with the Chase QuickAccept card reader. Even better? You can get same-day deposits into your Chase business checking account, which really helps with cash flow for small businesses.

It also has twice the amount of free cash deposits per month as the U.S. Bank basic-tier account. So it's also a better choice if your business takes more cash.

Key takeaway:
Chase's basic account is better for retailers and food services that want convenient credit card processing. U.S. Bank is better for new and very small businesses that don't want to deal with a monthly fee.

Mid-level business checking

U.S. Bank Gold Business Checking Account Package vs. Chase Performance Business Checking

U.S. BankChase
Monthly fee$20$30
Minimum balance to waive fee$10,000$35,000
Free monthly transactions300Unlimited electronic deposits; 250 free debits & non-electronic deposits
Free monthly cash deposits$10,000 or 100 items, whichever comes first$20,000
Benefits/Perks50% off first check order, up to $100Two free outgoing domestic wires per statement cycle

When looking for a more budget-friendly option that allows a moderate number of transactions, the U.S. Bank Gold Business Checking could be just what you need.

It has a lower monthly fee than Chase's mid-tier account and a lower minimum balance to waive it.

But if your business deals with a lot of cash, Chase's Performance Business Checking gives you a higher monthly cash deposit allowance. You also get unlimited electronic deposits and incoming wires, plus 250 free debits and non-electronic deposits.

And here's your cherry on top from Chase - you get two free outgoing domestic wire transfers per month.

Key takeaway:
Overall, U.S. Bank's mid-tier account offers good value for growing businesses since the minimum requirement isn't nearly as high. But if you can meet Chase's minimum and you need unlimited electronic deposits, Chase's account could be better for you.

Premium business checking

U.S. Bank Platinum Business Checking Account Package vs. Chase Platinum Business Checking

U.S. BankChase
Monthly fee$30$95
Minimum balance to waive monthly fee$25,000$100,000
Free monthly transactions500Unlimited electronic deposits; 500 free debits & non-electronic deposits
Free monthly cash deposits$20,000 or 200 items, whichever comes first$25,000
Benefits/Perks50% discount on first check order, up to $100; Free check image on statementFree 4 outgoing domestic wire transfers

Chase's Platinum Business Checking has a much higher monthly fee and balance requirements. It's for large, established businesses with high banking activity and can keep $100,000 minimum.

One of the biggest perks is that 4 of your most expensive outgoing wires per month are free. If you make outgoing domestic wire transfers regularly, you can save up to $140/mo in fees.

Another benefit is that you get premium concierge support from Chase's dedicated Platinum Business customer service team.

U.S. Bank Platinum Business Checking is a lot more accessible. You only need a fraction of what Chase requires to waive the monthly fee. This account is still generous with 500 free transactions per month.

Key takeaway:
If you're after saving on fees and still enjoy plenty of free transactions, pick the U.S. Bank Platinum Business Checking. But if you can maintain a large balance and outgoing wire transfers are a big part of your business, Chase's offering could be the way to go.

How To Choose Between Chase & U.S. Bank

Here are some factors to consider when choosing between Chase business checking and U.S. Bank business checking:

  • Monthly fee
    U.S. Bank business checking accounts boast lower monthly fees and balance requirements overall. It even has a basic business checking account with no monthly fee.

    Overall, Chase is better if you can keep higher balances. Chase requires meeting certain criteria to waive the monthly fee even for its lowest tier.

  • Transaction limits
    With Chase's higher-tiered checking accounts, you not only get more free monthly transactions than U.S. Bank, but they also offer unlimited electronic deposits and incoming wires with no extra charge.

  • Cash deposits
    If you need more cash deposits, Chase will be the better choice. For the entry- and mid-tier accounts, it gives you twice the free cash deposit cap than U.S. Bank.

  • Account features
    Often, it's the unique features that determine if the bank account is right for your needs. Take Chase's built-in credit card processing, for instance. This makes card payment processing a breeze.

  • Accessibility
    U.S. Bank gives you access to a larger network of fee-free ATMs, including the Moneypass network and its own. However, Chase has a lot more physical branches scattered nationwide.

  • Accounting integration
    Chase gives you a discount to FreshBooks Premium[3], while U.S. Bank lets you integrate with QuickBooks.[4]

  • Other business services
    See what else the bank offers. You may need a business loan or payroll services down the road, and it could be easier to get it from the bank you bank with.

FAQs

Are Chase and U.S. Bank the same?
No, Chase and U.S. Bank are separate companies. Both are considered major banks in the U.S.

Is Chase Bank bigger than U.S. Bank?
Yes, Chase Bank is bigger than U.S. Bank in terms of assets and market capital. However, the size and ranking of a bank can change over time due to changes in financial performance, mergers, and industry shifts.

Which bank account is most suitable for business?
A business checking account is a good account to start with since it is designed for day-to-day business transactions. It'll help keep your business finances separate so you can track write-offs and do taxes easier.

Why do people choose Chase Bank?
Aside from being a top bank, Chase has a large branch and ATM network, alongside multiple customer service channels by phone, online, and in-person help at branch locations.

Bottom Line

Both U.S. Bank and Chase business checking accounts offer valuable features and benefits. This makes it tough to declare one as superior to the other.

A Chase business checking account might be more fitting if your business has more transactions. However, it has higher monthly fees or minimum balances.

On the flip side, U.S. Bank business checking accounts could be attractive to startups or growing businesses since they have a zero monthly fee option.

Ultimately, the best choice between these two banks depends on your business needs, cash flow patterns, and preferences.

References

  1. ^ U.S. Bank. Business Checking, Retrieved: 9/27/23
  2. ^ Chase Bank. Business Checking, Retrieved: 9/27/23
  3. ^ Chase Bank. FreshBooks, Retrieved: 9/27/23
  4. ^ U.S. Bank. Quickbooks, Retrieved: 9/27/23
Chase
Member FDIC

Chase Business Complete Banking® - $300 Bonus

Expires 1/18/2024
  • 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.
  • 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.
Chase
Member FDIC

Chase Total Checking® - $200 Bonus

Expires 1/24/2024
  • New Chase checking customers enjoy a $200 bonus when you open a Chase Total Checking® account with qualifying activities
  • Access to more than 15,000 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 fees 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*
Bank of America
Member FDIC

Bank of America Business Advantage Checking Account - $200 Bonus Offer

Expires 6/30/2024
Earn a cash bonus in three steps:
  1. Open a new eligible business checking account by June 30, 2024
  2. Make Qualifying Deposits* of $5,000 or more in new money within 30 days of opening the new eligible business checking account
  3. Maintain an average balance of $5,000 for the next 60 days (day 31-90) during the maintenance period**
*Qualifying Deposits are deposits of new money, which is money not currently or previously held in any account at Bank of America or Merrill
**The maintenance period begins thirty-one (31) days after account opening and ends ninety (90) calendar days after account opening.
Member FDIC
Citibank

Citi Priority - Earn up to $2,000 Cash Bonus

Expires 1/9/2024
  • Earn up to $2,000 when you open a new eligible Citi checking account and enroll in the offer the same day
  • New to Relationship customers can choose their Relationship Tier.
  • 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 Balance Level at any point during the maintenance period, the bonus changes.
  • Bonus will be paid within 30 days after you successfully complete all required activities.
  • Restrictions apply.
Discover Bank
Member FDIC

Discover Online Savings - $200 Cash Bonus

Expires in 5 days

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 CY923 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 12/14/2023, 11:59 PM ET. Offer may be modified or withdrawn without notice. See advertiser website for full details.

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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.

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