Chase for Business Summary
Chase for Business Pros & Cons
Pros
Cons
Chase for Business at a glance
Fees
Security
Customer Service
Online and Mobile Experience
Features and Benefits
Advantages of Chase Business Complete Banking®
Chase Business Complete Banking is a business checking account that comes equipped with Chase QuickAccept, a feature enabling direct bank account deposits from customer or client card payments on the same day. The fee structure for processing credit card payments includes:
2.6% + $0.10 per transaction for tap, dip, or swipe methods.
3.5% + $0.10 per transaction for keyed-in methods.
Additionally, this account carries a monthly service fee of $15, which can be waived under the following circumstances each month:
Keeping a minimum daily balance of $2,000.
Spending $2,000 on a Chase Ink Business credit card.
Receiving $2,000 in deposits via QuickAccept or other qualifying Chase Payment Solutions.
Linking to a Chase Private Client or JPMorgan Classic Checking account.
Verifying active duty or veteran military status.
Chase Business Complete Banking and other Chase business accounts offer functionalities like Chase QuickDeposit, wire transfers, and Chase Online Bill Pay, although Chase QuickDeposit requires approval and a two-year commitment to a check scanner rental costing $25 monthly for a single-feed scanner or $50 for a multi-feed scanner.
Other fee waivers include the first 20 teller or paper check transactions each month; subsequent transactions incur a charge of $0.40 each. The account provides unlimited debit and ATM transactions and allows up to $5,000 in cash deposits monthly at no charge.
Account holders receive a debit card, and Business Associate Debit Cards and Business Employee Deposit Cards are available on request without additional charges
Cutting-Edge Banking Services
Chase business checking accounts include access to online banking and the Chase Mobile app. You can set up online bill pay, scan checks to deposit them, and instantly move funds between your Chase accounts. This integration positions Chase as one of the best online banks for businesses.
Chase business checking accounts also integrate with Chase Payment Solutions, which is a suite of services that enables your business to accept credit and debit card payments from customers over-the-counter or online.
Traditional Banking Services
As a Chase business checking customer, you’ll have access to more than 16,000 ATMs and 4,700 bank branches across the US. Chase also offers business savings accounts and the Ink line of business rewards credit cards. All Chase business checking accounts include a Visa debit card, and you can request additional debit cards for your employees.
Interest Rates and Fees
Chase offers three business checking accounts.
The Business Complete Banking account requires a monthly fee of $15. This is waived if you do not allow your account balance to drop below $2,000 during the month, if you make at least $2,000 in purchases on a linked Ink business credit card, or if you process at least $2,000 in deposits using Chase Payment Solutions. The Business Complete Banking account includes unlimited debit card transactions and electronic deposits, but only $5,000 in fee-free cash deposits and 20 in-person transactions per month.
At the time of writing, Chase is offering a $300 signup bonus when you open a Business Complete Banking account and deposit at least $2,000 within 30 days of account opening. You must keep a $2,000 minimum balance for 60 days and make at least five transactions within 90 days of account opening.
The Business Performance Checking Account has a monthly fee of $30, which is waived if you keep an average daily opening balance of $35,000 or greater. This account includes $20,000 in fee-free cash deposits per month and unlimited electronic deposits. Fee-free debit card transactions, including ATM transactions, are limited to 250 per month.
The Platinum Business Checking account has a fee of $95 per month, which is waived if you keep an average daily opening balance of $100,000 or greater. This account includes $25,000 in fee-free cash deposits per month, 500 fee-free debit card transactions per month, and unlimited electronic deposits.
Account Type | Monthly Service Fee | Ways to Waive Fee | Special Features | Monthly Fee-free Cash Deposit Limit |
Chase Business Complete Banking® | $15 or $0 | $2,000 minimum daily balance, certain deposits, card purchases | Unlimited transactions, $5,000 cash deposit without fee | $5,000 |
Chase Performance Business Checking® | $30 or $0 | $35,000 combined average balance | 250 free transactions/month, $20,000 cash deposit without fee | $20,000 |
Chase Platinum Business Checking℠ | $95 or $0 | $100,000 combined average balance | 500 free transactions/month, $25,000 cash deposit without fee | $25,000 |
Customer Service and Online Experience
Chase offers customer support by phone and through an online messaging system 24/7. You can also visit any of Chase’s 4,700 physical branches.
Getting started with the Chase online banking portal is relatively easy. If you need help, Chase has an online knowledge base with tutorial videos that walk you through how to enroll in account alerts, how to link Chase Payment Solutions to your account, and how to set up online bill pay.
Mobile App
The Chase Mobile app is available for free for iOS and Android. It supports mobile check deposits, bill pay, and instant transfers between your Chase accounts. You can also use the Chase Mobile app to link to a card reader to accept in-person card payments.
Security
Chase business checking accounts are FDIC insured and include access to Chase’s 24/7 fraud protection service. The online banking portal is protected with SSL encryption and two-factor authentication.
Chase also offers check monitoring. This enables you to submit electronic copies of all checks you’ve written so that Chase can compare them against physical checks that are submitted for payment. In addition, you’ll be able to set up user accounts for employees and control what access each employee has within your account.
Summary
Chase offers three business checking accounts to cater to businesses of varying sizes. The fee for each account can be waived by keeping a minimum balance, and every business checking account includes a fee waiver for a business savings account.
Chase business checking accounts integrate with Chase Payment Solutions to enable your business to accept card payments. In addition, Chase offers features like online bill pay, fraud protection, mobile check deposit, and support for adding employees to your account.
Methodology
This review was created using information from the Chase website and support pages.
The BestMoney editorial team is composed of writers and experts covering a full range of financial services. Our mission is to simplify the process of selecting the right provider for every need, leveraging our extensive industry knowledge to deliver clear, reliable advice.
