Chase Business Checking Review: A Comprehensive Guide

Chase's Business Complete BankingSM account is among the most adaptable physical bank checking options for companies. It imposes minimal restrictions on transactions and provides you with the best of both worlds by providing a comprehensive branch network as well as online capabilities that are simple to use. In addition, you do not need independent merchant services in order to process credit card transactions.

 

 

Chase Business Checking Review – Our Verdict 

The commercial banking products and services offered by Chase Bank are referred to together as Chase for Business. By providing a vast branch network in addition to user-friendly online capabilities, Chase Bank bridges the gap between conventional brick-and-mortar banking and online banking. This hybrid model is what we believe to be the greatest solution for small companies that need the best of both worlds.

Chase Bank, a more conventional financial institution, apparently does not want to lag behind its digital bank rivals and hence seeks to entice consumers by providing a $300 incentive to those who create a Chase Business Checking account. When compared to the other top business bank for Hawaii, it comes in at position number four.

 Pros

• A wide range of banking products and services to choose from
• Simple access to credit cards and loans for commercial enterprises
• A variety of products that are specifically customized to the various sizes of businesses
• Outstanding credit cards for commercial use
• Broad accessibility (in 29 states)
• When numerous accounts are linked together, you are eligible for higher interest rates as well as other perks

Cons

• Their interest rates for savings accounts aren't quite as high
• Visits made in person to establish new accounts are required
• $15 monthly charge

 

 

Chase Business Checking Banking at a Glance 

The Chase Business Comprehensive Banking account is a strong contender for the title of best business bank account for limited liability companies (LLCs). This business account offers its customers the most advantageous features available in both the online and physical worlds: In addition to user-friendly online banking capabilities, it grants access to 16,000 Chase automated teller machines and 4,700 Chase locations located across the United States.

The proprietor of a company may reap several advantages from using this checking account for businesses, the first of which is an initial deposit incentive. If you open a Chase Business Complete Banking account, you'll be eligible for a $300 bonus if you meet the following requirements: maintain the account for at least 60 days, deposit $2,000 into it, and execute one of the five qualifying activities within 90 days of offer registration.

The good news is that you are able to create a business account at Chase Bank even if you are unable to afford to keep the minimum deposit required to obtain the bonus. If this describes your situation, the good news is that there is no minimum required deposit to register a business account at Chase Bank. But the advantages and advantages do not stop there.

In addition, new members of Chase Bank's business credit card program are eligible for a cash back bonus of $750 and limitless cash back rewards of 1.5% on all purchases made with their card. After creating an account, you will need to make purchases totaling $7,500 within the first three months to qualify for the bonus.

 

 

Who Chase Business Checking is Best For 

This account is designed for business owners who want to deal with a human person, who want accessibility to several ATMs in different parts of the nation, and who want to make the most of their time with simple mobile and banking features.

If your company processes a high volume of transactions but would want to avoid paying fees for each individual transaction, you may want to look into the Chase Business Total Banking account, which allows for an unlimited number of electronic payments.

Due to the fact that Chase Bank does not pay interest on most of its accounts, the Chase Business Total Banking account is not a smart choice for customers who are interested in the possibility of making money through their banking relationships. Additionally, we wouldn't suggest this account to customers who don't want to make a personal visit to start an account since you have to go to a Chase branch in person to register a Chase Business Total Banking account. If you don't want to do that, this isn't the account for you.

 

 

Pricing 

Chase Bank provides three different types of business checking accounts, including, Chase Performance Business Checking, Chase Platinum Business Checking and Chase Business Complete Banking. For the purposes of this review, we’re primarily going to focus on the Chase Business Complete Banking option because it’s geared toward small-business owners.

We have analyzed the primary characteristics of the three business checking accounts in order to provide you with a clearer picture of the various pricing categories for business checking accounts.

 

Types of Chase Business Checking Accounts

Chase provides customers with a variety of price options. Chase offers new and small companies a free checking account called Chase Business Comprehensive Checking. Its top-tier "Platinum" plan, on the other hand, is designed for more established businesses that have a more stable cash flow.

Chase Business Complete Banking

The Chase Business Comprehensive Checking account requires no initial deposit of any kind to start it, has monthly maintenance costs of $15, and comes with perks such as the following:

• Deposits made the same day using QuickAccept (SM). Put your firm in a better financial position with same-day, fee-free deposits.
• Unlimited deposits using electronic methods, ACH, and the Chase Quick Deposit service (SM).
• Easy access to over 4,700 branches and 16,000 automated teller machines (ATMs).
• When you create a new Chase Business Comprehensive Checking account, you will get a $300 bonus. Customers who are new to Chase Business Checking and have qualifying actions are eligible.
• Chase Mobile® app and Chase Business Online and provide a user-friendly interface for managing Chase accounts.
• With Chase QuickAccept, you may take credit card payments whenever and anywhere you choose inside the United States, and you'll also receive fair pricing (SM).
• Notifications to assist you in keeping track of the activities on your account.

 

 

Chase Performance Checking

If your firm deposits an average of $35,000 each day into qualified Chase accounts, your monthly fee for the Chase Performance Business Checking account drops to nothing.

The following are the components of the Chase Performance account:

• Two free domestic wire transfers may be made each and every month
• 250 transactions each month
• Unrestricted access to both electronic deposits and wire transfers received
• Neither Positive Pay nor Reverse Positive Pay Expenses will incur any extra fees Regular Payment: $30; First Payment: $25 Minimum)

Chase Platinum Checking

Chase Platinum Business Checking costs $95 per month, or is free if the firm maintains a $100,000 average daily balance across all eligible deposit and investment balances.

In addition, Chase Platinum includes the following:

• Costs $95 each month, with a $25 starting deposit minimum
• 500 transactions each month
• Deposits of $25,000 in cash each and every month
• There are no fees for inbound wire transfers or the four outbound wire transactions that are the highest each month

Chase Specialized Business Checking Accounts

You earn credit depending on the amount that’s currently in your account, just as you would with any other kind of examined checking account. After that, the credit will be put against any expenses associated with your account. Checking account analysis may thus be quite beneficial if you tend to maintain a large balance in your account.

A variant of Chase's examined checking account that earns interest is also available from the financial institution. Instead of receiving the opportunity to accumulate earnings credits, you will get interest of 0.14 percent. Instead, you will be responsible for paying the costs on your own. Before making a final decision, you should check the numbers one last time.

What about the escrow accounts offered by Chase? You only need to ensure that you have confirmation that they follow all of the applicable requirements. (As a result, you probably aren't qualified for these accounts if you have no prior knowledge of what they’re or how they work.)

 

 

Chase Savings Accounts

Chase offers many different types of savings accounts in addition to its checking accounts, including two different types of certificates of deposit (CDs) and conventional savings accounts .

A minimal monthly maintenance cost applies to the Total Savings account; however, if you maintain $1,000 or more in the account at any one time, the price is waived. Is there any other way to avoid paying the fee? Establishing a connection between your Total Savings and Total Business Checking accounts. Not too difficult. Interest is accrued. However the annual percentage yield (APY) on Total Savings is rather low.

You may go with Premier Savings instead, which offers the possibility of a greater APY while still maintaining a low overall rate. The more money you put away into this account, the better the annual percentage yield (APY) will be. In addition, in order to avoid paying the monthly service charge, your account must have a sufficient balance.

Please be aware that the number of withdrawals you may make from your Chase Total Savings or Premier Savings account is capped at six each cycle. Regulation D was a federal regulation that restricted the number of transactions that may be made on savings accounts in the past. 

Nonetheless, despite the fact that the legal precedent has been shifted, Chase has decided to maintain its restriction. There will be a $5 charge for any withdrawal you make from your Chase Savings account in excess of 6 times per calendar month.

What is your last possible means of saving? Certificates of deposit offered by Chase. Yet, the annual percentage yield (APY) on them isn't exactly impressive. The annual percentage yield (APY) at the beginning of the account is fairly low, and even at the highest level, the APY is much lower than what you can get from other banks. 

However, keep in mind that you won't be able to make any additional deposits or withdrawals for the duration of your term, which might be anywhere from one month to sixty months, depending on the period you pick.

 

 

Chase Bank Business Account Features

There are a lot of fantastic things about the Chase Business Checking Account, and one of them is the fact that even the basic plan comes with a lot of excellent features. The primary characteristics are detailed down below.

Mobile and Online Banking

Online bill payment, fraud prevention, SMS banking, account notifications, and Chase QuickPay with Zelle are some of the capabilities available via online banking and Chase mobile. You also have the ability to utilize collection and cash-flow services, set up numerous users to access your account, and download account activities to financial software.

Sign-up bonus: 

This is a great chance for company owners who are interested in opening a checking account and receiving a bonus for doing so. When you join up for Chase Business Comprehensive Banking, you have the opportunity to earn $300. 

All that’s required is that you make a deposit of $2,000 within 20 days, keep that amount for 60 days, and perform 5 of the qualifying activities. These activities include purchases made with a debit card and deposits made via Chase QuickAccept.

Unlimited electronic deposits

You have access to an infinite number of electronic deposits, including goods that have been deposited,ATM transactions, debit card purchases, internal transfers,  ACH transfers and deposits made through Chase QuickDeposit (mobile deposit). This offers a great amount of flexibility with regard to online payments in a manner that’s comparable to what you will discover with a number of web-based business checking accounts.

Integrated credit card processing

Business Complete is the only Chase Business Checking account that allows customers to accept credit card payments through the Chase mobile app. 

This built-in payment system is pay-per-use and works with a mobile card reader that allows customers to take payments by tapping, swiping, or dipping the card. 

It eliminates the need to download a different app, thus making it simpler to take care of banking and sales transactions. If a card is swiped, tapped, or dipped, customers will be charged 2.6% plus 10 cents per transaction. Payments that are typed in will incur a 3.5% plus 10 cents fee.

No minimum opening deposit

When setting up a commercial checking account with a physical branch of a bank, customers typically have to put in a certain amount of money as a minimum deposit. However, the Chase Business Total BankingSM account is an exception to this rule; you can set up the Business Comprehensive Banking^SM account with notra ex-cash.

Wide range of products and services

Chase provides a wide selection of economic products and services, such as corporate credit cards, merchant services, cash management instruments, and company loans. These products and services may help your firm better organize its funds, and they can be accessed through Chase.

Security and fraud protection

Chase employs state-of-the-art security techniques, such as fraud surveillance and two-level authentication, to ensure the safety of your business accounts.

 

 

Where Chase Business Checking Falls Short

The Chase Business Checking account is a common option for proprietors of smaller companies, but just like any other financial instrument, it’s not without its share of negatives. The following is a list of possible downsides of using Chase Business Checking:

1. Transaction fees: Aside from the sum that’s charged on a regular basis, Chase is also allowed to impose extra costs for selected activities such as depositing cash or checks, sending money through a wire transfer, and utilizing ATMs that do not belong to Chase.
2. Limited branch locations: Although Chase has a vast number of branches, the placement of certain ones might not be suitable for business owners, particularly those situated in rural or more remote areas.
3. Limited free transactions: The Chase business checking account enables an unlimited number of online deposits, yet only 20 physical transactions are allowed each month at no extra cost (each other transaction comes with a 40 cent charge). 
4. Customer service: Business proprietors have expressed their dissatisfaction with the customer service from Chase, claiming that it took too long for their inquiries to be addressed and their issues to be resolved.
5. Minimum balance requirements: Business owners who wish to dodge the fee charges on a monthly basis may need to ensure they keep a certain amount of money in their account. This could be a challenge for those firms which are dealing with a cash shortage.
6. Monthly fees: Paying a monthly fee of $15 for Chase Business Complete Banking can be a difficult expense to manage. If you are not able to maintain a daily balance of $2,000 or satisfy any of the other conditions that would get rid of the monthly cost, it might be wise to open a business checking account that’s free of charge. U.S. Bank's Silver Business Checking Package does not have any monthly charges and allows up to $2,500 for cash deposits, and also comes with a $400 welcome incentive (terms apply). 

Plus, the majority of online business checking accounts do not require a monthly fee or restrict the amount of transactions, but note that some of these accounts don't permit cash deposits.

Prior to deciding on an investment plan, it’s necessary to evaluate both the positives and negatives of the product, and also research potential alternatives that can best fit the particular needs of your organization.

 

 

Alternatives to Chase Business Checking Account

If you feel that the Chase Bank Business account may not be the best choice for your business, there are several other options out there. To make it easier for you, we have compiled a list of the top alternatives.

Bluevine

Bluevine stands out from Chase Bank in multiple ways. You don't need to pay monthly fees and can quickly handle payments, apply for a loan, and gain an excellent interest rate on borrowed money. 

It's easy to set up a bank account with Bluevine, and there is no minimum deposit required, so it's suitable for businesses of all sizes. Plus, account users can make unlimited transactions and can gain 1.5% interest on their balance up to $100,000, as long as they meet a certain level of monthly activity.

 

 

Pros

• There are no fees for inbound wire transfers or the four outbound wire transactions that are the highest each month
• Costs $95 each month, with a $25 starting deposit minimum
• 500 transactions each month
• Deposits of $25,000 in cash each and every month

Cons

• There are no actual branches
• High costs associated with making cash deposits
• 0 possible means of savings
• No client service on weekends

Novo

Smaller companies should look into Novo for their banking needs. This mobile-only bank is user-friendly, and the application process can be completed quickly in under ten minutes. Additionally, there are no monthly fees, and ATM costs are refunded. 

Through Novo, customers have access to free ACH transfers and can pay bills, send money, fund payroll, and transfer money to their personal accounts in a matter of seconds simply by logging in to the app on their device. The two drawbacks are that regular payments cannot be set up, and cash deposits are not allowed, so Novo cannot work as a traditional bank.

Pros

• Integration with leading business applications such as QuickBooks, Xero, and Shopify, among others
• There are no monthly fees nor a required minimum balance
• Via your account, you may have access to discounts on various software and services for businesses
• Internet banking that allows for an infinite number of invoices and payments to be sent, along with the capability to send physical checks at no additional charge
• Free of charge unlimited transactions, free of charge ACH transfers, and free of charge inbound wire transfers
• Reimbursement of all costs charged by ATMs across the globe

Cons

• Cash deposits cannot be accepted
• Fees of $27 will be assessed in the event that funds are returned for not having adequate balance
• There is no option for recurring payments inside the bill pay system
• It’s not feasible to send either local or foreign wires (although international wires can be sent via Wise integration)

 

 

Axos

Axos can be classified as a virtual bank since it does not offer any physical services and is entirely focused on electronic business banking. It’s not dependent on any other financial body, so it should be seen as an independent bank. Because of its flexible terms and wide range of services, Axos usually ranks highly in "Best Business Checking Accounts" lists published online.

In comparison to traditional banking options, Axos Bank is easy to use and understand since it’s online-only. It takes great effort to create a great online presence and user experience, making it a great choice for companies that mainly operate online or have a small size. However, if you maintain a minimum balance of $5,000 in your checking account, the annual percentage yield (APY) that you are eligible for is limited to 0.20% for basic checking.

Pros: 

• Full and immediate reimbursement of any and all ATM costs (domestic)
• There are no recurring fees, and there is no minimum initial deposit
• With MoneyPass and AllPoint ATMs, cash deposits may be made
• 24/7 client assistance
• Bonus offered as a warm welcome to new clients (terms apply)
• Free of charge for an unlimited number of transactions

Cons: 

• Does not provide the greatest annual percentage yield
• There are no actual locations
• Less than usual integrations

 

 

Chase Business Checking Account – Frequently Asked Questions 

We have compiled a list of the questions that are asked the most often concerning Chase Bank Business Accounts.

Do I Need a Business Checking Account?

If you run a business, a Business Checking account will help you to separate your own finances from the money related to the business. This can make bookkeeping simpler, make filing taxes easier, and give your company more credibility, which are just some of the advantages. 

Furthermore, a business checking account can safeguard your personal assets from any legal proceedings or debt collection efforts linked to the business, and you may even be able to get a business credit card or a line of credit.

Is Chase a Good Business Account?

Chase Bank generally offers a variety of benefits to owners of small businesses seeking both in-person and online banking solutions. It’s possible to check your account from a mobile device, visit a local branch if necessary, make cash deposits, and take advantage of an array of fee-free ATMs across the country. Furthermore, you can oversee your account using a mobile device.

 

 

What Are the Most Important Features of a Business Checking Account?

The needs of your organization and how you manage your money will decide what parts of a business banking account are the most vital to focus on. This is also applicable to other financial decisions. 

You may want to look into features like compatibility with other accounting programs, e-commerce and payment options, security for debit cards, and rebates for ATM fees, as they’re all applicable to businesses.

Bottom Line on Chase Business Checking Account

Chase Bank can be a great asset for small business owners, particularly those who need to make deposits in cash, have a need for a live customer service representative, and access to fee-free ATMs while still enjoying the benefit of being able to bank online, anytime and anywhere.

 

 

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