Chase Business Checking Overview
Chase offers business checking accounts for small and medium-sized businesses with low fees and many features. You can choose from 3 accounts with different deposit and transaction limits, and all Chase business checking accounts include the ability to process credit and debit card payments. Chase also offers over 15,000 ATMs and 4,700 branches, so it’s a great solution for businesses that need to deposit cash and seek in-person banking.
Pros and Cons
Pros:
- 3 business checking accounts to choose from
- Multiple ways to get your account fee waived
- Access to 15,000+ ATMs and 4,700+ branches
- Accept credit and debit card payments
- 24/7 customer support
Cons:
Axos Bank at a Glance
Fees? | Business Complete Banking: $15 per month Performance Business Checking: $30 per month Platinum Business Checking: $90 per month Account fees can be waived by meeting minimum balance or other requirements |
Security | FDIC insured up to $250,000. Accounts are SSL encrypted and use biometric and 2-factor authentication. |
Online experience | Online application with transparent rates and fees. Online dashboard is user-friendly and offers full banking capabilities. |
Mobile app | iOS and Android app with support for online transfers, digital check deposits, and debit card controls. |
Customer support | 24/7 phone support, plus an online knowledge base and in-person support at 4,700+ branches, Also has a dedicated fraud team. |
Suitable For?
Chase business checking accounts are designed to meet the needs of small and medium-sized businesses. There are 3 account tiers with different requirements to waive the fee and different monthly deposit limits. So you can choose the account that best matches your business’s needs and upgrade as your business grows.
Chase is especially suitable for businesses that handle cash. You can make cash deposits and withdrawals at more than 15,000 ATMs and 4,700 branches.
Chase is also good for business owners who want to establish a banking relationship with Chase for their business’s future. In addition to business checking accounts, Chase offers business savings accounts, business credit cards, and business loans. Existing customers can more easily take advantage of these services.
Features/Highlights
Advantages over traditional banks
Chase’s business banking accounts require no minimum deposit and offer multiple ways to get your monthly account fee waived. You can meet a minimum balance requirement, accept credit and debit card payments through Chase’s QuickAccept service, or make purchases using a Chase business credit card. The Performance and Platinum Business Checking accounts also include a fee waiver for a Chase Business Premier Savings account.
Chase also lets you request debit cards for as many employees as you want. There’s no charge for debit cards
Cutting-edge banking services
Chase business checking accounts include Chase QuickAccept, which enables your business to process credit and debit card payments in-store and online. Payments are deposited to your business checking account at no extra cost on the same day.
Chase’s online banking portal supports bill pay and offers basic tools for categorizing your spending. You can also request debit cards for your employees and monitor their spending through your dashboard.
Traditional banking services
Chase has over 15,000 ATMs and 4,700 branches across the US, all open to business banking customers for support and in-person transactions. Chase also offers business savings accounts, business credit cards, business loans, merchant accounts, and investing services for businesses.
Interest Rates and Fees
Chase offers 3 business checking accounts:
- Business Complete Banking: $15 per month, waived with a $2,000 minimum daily balance, $2,000 in monthly Chase QuickAccept deposits, or $2,000 in monthly purchases on a Chase Ink business credit card. Includes unlimited debit card and Chase ATM transactions, plus 20 monthly transactions at Chase branches. Also includes up to $5,000 in fee-free cash deposits per month.
- Performance Business Checking: $30 per month, waived with a $35,000 average daily opening balance. Includes 250 fee-free transactions per month, up to $20,000 in fee-free cash deposits per month, and unlimited electronic deposits and incoming wires. Also includes a fee waiver for a Chase Business Premier Savings account.
- Platinum Business Checking: $90 per month, waived with a $100,000 average daily opening balance. Includes 500 fee-free transactions per month, up to $25,000 in fee-free cash deposits per month, and unlimited electronic deposits and incoming wires. Also includes a fee waiver for a Chase Business Premier Savings account and Chase Private Client status.
Business Complete Banking | Performance Business Checking | Platinum Business Checking |
$15 | $30 | $90 |
$2,000 in minimum daily balance, monthly Chase QuickAccept deposits, or monthly Chase Ink purchases | $35,000 average daily opening balance | $100,000 average daily opening balance |
Unlimited card and ATM transactions, 20 in-person transactions | 250 transactions and unlimited electronic and wire deposits | 500 transactions and unlimited electronic and wire deposits |
$5,000 | $20,000 | $25,000 |
Domestic: $15 International: $50 | Domestic: $15 International: $50 |
Customer service and online experience
Chase offers 24/7 customer support by phone. There’s also a very detailed online knowledge base on the Chase website. For in-person support, you can visit any Chase branch during business hours. Chase has an A+ rating from the Better Business Bureau, which rates companies’ responsiveness to customer complaints.
Chase’s website is easy to navigate, and you can apply for a business checking account online. Once your account is set up, you can check your balance, pay bills, initiate transfers, and more through the online dashboard. It’s intuitive to use and integrates well with any other Chase accounts your business has, such as a Business Premier Savings account.
Mobile app
Chase’s mobile app for iOS and Android enables you to check your balance, initiate transfers, pay bills, and deposit checks. It’s easy to use and includes the same features as Chase’s online dashboard. You can also use the app to lock and unlock your business’s debit cards, including cards for individual employees.
Security
Chase uses biometric and two-factor authentication to secure your online account and all information is protected with Secure Sockets Layer (SSL) encryption. You can set up custom account alerts to be notified of new or suspicious transactions using your business’s debit cards. Chase also has an online fraud center and a dedicated fraud team available by phone if you need help.
All Chase business accounts are FDIC-insured for up to $250,000. The company is the largest bank in the US and earned an AA- rating from credit ratings firm Fitch Ratings.
Application Process
You can apply for a Chase business checking account online or in person at any Chase branch. The online application only takes a few minutes. Here’s how it works:
- Enter information about your business, including its structure and your industry.
- Enter details about yourself, including your contact information and Social Security number or Employer Identification Number. You’ll also need to provide information and ID for any other individuals who own 10% or more of your business.
- Upload a copy of your driver’s license or passport.
- Upload a copy of relevant business documents, such as your articles of incorporation, business license, or Doing Business As certificate.
Chase will typically make an approval decision instantly. No minimum deposit is required to open an account, but you must fund your account within 60 days to keep it open.
Chase Business Banking Summary
Chase’s business checking accounts offer flexible fee waiver requirements and transaction limits for small and medium-sized businesses. All accounts include access to Chase’s large network of ATMs and branches, plus the ability to process credit and debit card payments with Chase QuickAccept.
Chase offers 24/7 customer support and additional services such as savings accounts, business credit cards, and loans. Overall, it’s a great choice if your business needs to handle cash or wants a banking partner to support future growth.
Physical Address
JPMorgan Chase, 270 Park Avenue, New York, NY 10017
Disclaimer
Products and services described as well as associated fees, charges, interest rates and balance requirements may differ among different geographic locations. Not all products and services are offered at all locations. Restrictions and limitations apply. Deposit, credit and lending products provided by JPMorgan Chase Bank, N.A. Member FDIC. Accounts subject to credit approval. Restrictions and limitations apply. Equal Opportunity Lender. Chase Payment Solutions services are provided by Paymentech, LLC, a subsidiary of JPMorgan Chase Bank, N.A. Merchant services are provided by WePay, Inc., a subsidiary of JPMorgan Chase Bank, N.A. All products are subject to approval.
