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Chase Small Business Banking Review – Is It The Right Bank For You?

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Updated on November 10, 2022 by
Chase Small Business Banking Review

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Chase has three checking accounts for business customers: Chase Business Complete Checking, Chase Platinum Business Checking, and Chase Performance Business Checking.

You may be able to avoid paying the service charge if you meet any of the conditions that will be listed below.

  • You should have at least a $2,000 balance.
  • You must have spent $2,000 on Chase Ink Business Cards.
  • Pay the minimum balance of 2,000 U.S. dollars on transactions that you make with a Chase Ink Business Card or other credit cards that use Chase Payment Solutions.
  • Links to accounts held through Chase Private Client Checking.

Armed Forces members, veterans and active duty personnel can have this fee waived by providing a valid sworn document that proves they have served in the Armed Forces or that they have a valid ID.

Chase Business Complete Checking services are ideal for small business entrepreneurs and managers if:

  • You meet the requirements to pay the $15 per month fee, you will be allowed to access the services that you need for your business.
  • You have at least $5,000 in your bank account each month, and you should have at least 20 transactions per month.
  • Profit from fully supported payment processing services.

How to Get A Chase Business Checking Account?

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You may be able to open checking accounts for your business with Chase if your business is a publicly traded firm, corporation or LLC (with a single member or manager). All others need to go to a branch to open an account in person. Chase currently has 4,700 branches in all 48 states.

There isn't a minimum balance requirement to start a Chase Business Complete Checking account, but if you don't pay it back, your account will be shut down. After you have your business account funded, you can start managing your business banking by using Chase online on your smartphone, or by going to Chase branches or ATMs.

Chase Small Business Banking Review

Why Is Chase Business Complete Checking Different?

  1. You can make any amount that you want to deposit electronically, like money that you deposit when you want to buy something with a credit card or make a wire transfer. You can even use your mobile phone to deposit money. This gives you access to a wide variety of electronic payment options, just like you'd find with a lot of business checking accounts.
  2. You could earn 300 bonus dollars when opening a Chase Business Complete Checking account, if you pay in full on your first day of opening the account and have enough money to cover the expenses. Business Complete Checking is one of the few checking accounts that offers a generous sign-up bonus to new customers.
  3. Integrated payment processing: When you pay with your business checking account, you can accept credit cards electronically, which can be done with the Chase QuickPay app. You also get access to numerous other account-managing features, including the ability to set users to run separate sessions and to monitor bill payments and cash-flow.
  4. Business Complete is the only checking account that allows you to make payments with credit-card via a smartphone app. When a customer makes a purchase through your account, the amount that they pay will be automatically deposited into your account.
Small Business Questions Answered
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Chat online with business lawyers and accountants. Get the answers you need in minutes. No retainers. No hourly fees.

Process payments are automatically credited to your account within 24 hours and are credited to your debit card automatically. This makes it easy to manage your finances and your sales transactions. You'll get 2.6% per transaction plus an extra ten cents for tapped, swipe or dipped transactions, and 3.5% per transaction with a touch of a button.

Where Does Chase Business Checking Fall Down?

  1. It is hard to swallow the $15 fee that comes with opening a business checking account at Chase Business Complete Checking, even though there are many free business checking accounts at other banks that are accessible online. Try other alternatives if your bank account doesn't consistently pay out at least $2,000 a day or if your credit report doesn't meet the criteria that would enable the bank to pay the fee.
  2. Chase Business Complete Checking accounts allow you to make cash withdrawals up to $5,000 per month, and there are no fees for doing that. After you reach that goal, you'll pay $2.50 per $1,000 you deposit. If the business involves a lot of cash, having a high cash-to-cash threshold may be a problem, particularly if you have to pay the $2.50 extra fee each month.
  3. It is possible to make free deposits electronically, but you can only make free transactions in person within a certain period (each one costs 40 cents). In contrast, the Chase Business checking account, which is Chase Performance Business, lets you do 250 fee-less transactions per month. You could be using a business checking account to pay bills regularly, or deposit money from a teller easily.
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