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

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Updated on November 11, 2022 by
JPMorgan Small Business Banking Review

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JPMorgan Chase is the biggest bank in the United States. No doubt you think you can do your business banking with a huge bank like that. It has plenty to offer customers, and it’s much more accessible than most other banks.

The Pros & Cons

Pros:

  • Have a wide range of bank services and accounts.
  • Banking available in all 29 states.
  • Great credit cards business.

Cons:

  • Historically, government officials have regularly put out an act that was quite sketchily carried out.
  • Very bad customer reviews.
  • Fairly expensive bank accounts.

JPMorgan Chase business bank accounts & pricing

The Business Complete Checking account is the simplest, most affordable checking account that you can get. You get a free month of checks by maintaining a $20,000 balance and by joining a check service such as Chase Private Client Checking or by putting an extra $2,000 in your bank account.

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If what you need is to have more cash and do more transactions than other types of business checking accounts, you should take advantage of the Performance Business Checking features. Just remember that to get the fee waived, you’d need to spend at least $30,000 a day on all your Chase Business accounts.

You may get a version that gives you some kind of interest: Performance Business Checking with Interest. It’s basically the exact same thing, except that you earn interest on the money you deposit, but there is no way to avoid paying a fee each month. You will earn 0.01% APY from your Performance Business Checking account. That is nothing special, but it’s close.

Platinum Business Checking is a great choice for businesses that want to earn some interest on their money. But it is also one of the most expensive checking accounts that you will ever use.

This isn’t the most expensive account we’ve ever seen, but it isn’t even close to the cheapest. We found lower rates at both internet banks and big banks, such as TD Bank. But when a business customer opens a new checking account at JPMorgan Chase, you get a $200 bonus.

Why Is JPMorgan Chase Business Checking Different?

JPMorgan Chase offers you very good deals when it comes to opening a business checking account. So that could be a nice incentive for you to open a business checking account with Chase. You might just be drawn to several of the other products that this bank has to bring to the table. But you might want to look at some of the other banks that are available to you as an alternative to applying to the Chase branch.

JPMorgan Small Business Banking Review

Where Does JPMorgan Chase Business Checking Fall Down?

In general, Chase hasn’t really been recognized by consumers for having any really interesting features. Some banks offer very cheap business accounts. You’ll find better rates on business savings accounts or CDs at other banks. Business loans are nice, but not great.

Another thing that Chase has always been accused of is doing some really weird stuff. Here are some things that Chase has been sued for in the past decade:

  • Discrimination by lenders towards Latinx and black homeowners.
  • Charge customers who don’t get the credit monitoring they requested for fees they weren’t charged for.
  • Don’t process transactions right to avoid overdraft fees by not arranging them in a prompt fashion; do this illegally to make money from overdraft fees.
  • Incorrectly evicting or charging a military member of the armed forces for his mortgage.
  • Conduct an espionage operation to get money by dealing with customers from Iran, Cuba, Sudan, and Liberia.

Even though some scandals may not have been affecting JPMorgan Chase business banking customers, they could have had no impact on them. In fact, many JPMorgan Chase lawsuits are about problems that directly affect the consumer, like false charges or high interest rates. If you prefer another bank, you can bank with another bank in most states.

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Others of JPMorgan Chase Small Business-oriented Products & Services

Financing Small Businesses

JPMorgan Chase doesn’t advertise what it needs to lend money to small businesses (you need to come to your branch to know the information). But if it’s any like big banks, you’re going to need a good credit score, two years of experience in business, and revenue of at least $200,000 to get the money from a big bank. In exchange, you’ll get a rate that’s lower than what you’d get from an unsecured loan provider. That’s much better than what other lenders offer.

One thing that this bank can do is help you get a loan from the SBA, which is a federal agency that supports loans to small businesses. JPMorgan Chase is an SBA preferred lender, which means that if you meet its requirements, your loan will be approved within a week. It has a preferred lender for the Small Business Administration (SBA), which makes it easier for banks to approve SBA loans.

You might be able to find another bank that will do the same thing as JPMorgan Chase, and even finance a part of your business. You can get any details by visiting your local JPMorgan Chase branch.

Credit Cards for Small Businesses

Chase also provides 6 business credit cards. It offers some of the best business cards, thanks to big rewards, great signup bonuses, and low fees.

You may be rewarded with cash or points from using the cards. There are plenty of rewards available to you when you first open these cards, including up to 5% cash back on purchases. You may also get cash bonuses by spending a minimum amount, but you may not get all that you want when you sign up for a card.

Merchant Services

When you start to think about which credit cards are best for your small business, keep in mind that some of them will charge a yearly fee. You might want a quick check to see if you’re not spending more money on your memberships than you’re getting in rewards.

JPMorgan Chase offers plenty more payment options, such as money changers, mobile credit card readers, and even virtual cash registers. You could also design and install a POS system that is as customized as you want it to be. This would include a POS tablet and added accessories, such as a receipt printer and a cash drawer.

If it’s possible for you to use a POS system or terminal that you like, and you may be pleasantly surprised to learn that you can use JPMorgan Chase payment processing with that system. If you have a hard time paying your bill, a specialist can help you by telling you what you should do.

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