Chase Bank Review: Business Checking Account

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    In today’s modern world, with payments and banks going digital, the role of brick-and-mortar banks is shrinking. However, it does have its place as it offers many benefits that mobile banks don’t have. In this Chase Bank review, we’ll look at one of America’s largest full-service banks. 

    Screenshot of Chase for Business website page
    Source: Chase Bank

    Our Verdict 

    Chase Bank offers banking solutions catered for businesses, called Chase for Business. Chase Bank mixes the traditional brick and mortar with online banking by offering a large branch network and user-friendly online tools – what we consider ideal for small businesses who need both worlds combined together. 

    As a traditional bank, Chase Bank doesn’t seem to want to fall behind its digital banks competitors and wants to attract customers – so it’s offering a $300 bonus to new customers when opening a Chase Business Checking account.

    • $300 bonus to new customers and cashback with business credit card
    • 16,000 ATMs and 4,700 branches available across the U.S.
    • No minimum opening deposit
    • $15 monthly fee 
    • Low to zero interest-earning potential
    • In-person visit to open an account

    Chase Bank Business Account at a Glance 

    The Chase Business Complete Banking account stands out among the most popular business banking accounts for small businesses. This business account gives its account holders the best of the offline and online world: It provides access to 16,000 Chase ATMs and 4,700 branches across the U.S while providing user-friendly online banking tools. 

    This business checking account offers many benefits for the business owner; the first one is the sign-up bonus. If you sign-up for the Chase Business Complete Banking account, you’ll get a $300 bonus as long as you deposit $2,000 on your account, maintain it for at least 60 days, and complete one of the five activities required within 90 days of offer enrollment.

    However, if you can’t afford to maintain the minimum deposit to get the bonus but you still want to open a business account at Chase Bank, the good news is that you can, and there’s no minimum opening deposit. But the rewards and benefits don’t stop there. 

    Chase Bank also gives a $750 bonus cash back for new business credit card members and unlimited 1.5% cash back rewards on every purchase. All you have to do is spend $7,500 on purchases in the first three months after account opening.

    The Chase Business Complete Banking account isn’t a good fit for those looking for some earning potential within their bank accounts – Chase Bank doesn’t offer interest in most of its accounts. Also, we wouldn’t recommend this account for people who don’t want to pay an in-person visit to open an account – you must visit a Chase branch in person to open a Chase Business Complete Banking account.

    Who Chase Bank Business Account is Best For 

    Business owners who need in-person support and have access to several ATMs across the country while using user-friendly mobile and banking tools, then this account is for you. 

    You should also consider the Chase Business Complete Banking account if your business deals with many transactions, but you don’t want to get hit with per-transaction fees – online transactions are unlimited. 

    Pricing

    In this review, we’re mostly covering the Chase Business Complete Banking which caters most to small-business owners but Chase Bank offers three business checking accounts: Chase Business Complete Banking, Chase Performance Business Checking, and Chase Platinum Business Checking. 

    For a better understanding of all price tiers in the business checking account, we’ve compared the main features of the three accounts. 

    Chase Business Complete Banking

    Chase Performance Business Checking

    Chase Platinum Business Checking

    Monthly Fee

    $15 or $0 monthly fee if you maintain $2,000 minimum daily balance

    $30 or $0 monthly fee if you maintain $35,000 combined average beginning day balance

    $95 or $0 monthly fee if you maintain $100,000 combined average beginning day balance

    Cash Deposit Fee

    Fee-free at $5,000 in cash deposits per statement cycle

    Fee-free at $20,000 in cash deposits per statement cycle

    Fee-free at $25,000 in cash deposits per statement cycle

    Mobile and Online Banking

    Multiple User Accounts

    Accept Card Payment

    Fraud Prevention Services

    Fee-free Incoming Wires

    Cash Management Support

    Platinum Business Customer Service

    Chase Bank Business Account Features

    As a brick and mortar traditional bank with digital banking tools, Chase Bank Business accounts offer many benefits among its features, even in the entry-level option. We’ve listed the main features below. 

    Mobile and Online Banking 

    Screenshot of Chase mobile app features - chase bank review
    Source: Chase Bank

    The Chase Mobile® Banking app is easy to use and offers security with encryption technology and offers many interesting features to business owners such as online bill pay (and schedule payments), fraud protection, receiving or sending payments, getting account alerts and setting up multiple account users straight from the app. 

    Sign-up Bonus

    Screenshot of Chase for Business signup bonus page
    Source: Chase Bank

    If you’re looking for a business checking account with a sign-up bonus, this is an opportunity to earn some extra money. Chase Bank offers $300 for newcomers who sign up for Chase Business Complete Checking, deposit $2,000 and maintain it for 60 days, and complete five of the qualifying activities such as debit card purchases and Chase QuickAccept deposits.

    Cash Back Bonus

    Earn a $750 bonus cash back after you spend $7,500 on purchases in the first three months after account opening, 5% cashback on the first $25,000 spent in combined purchases at office supply stores and on internet, cable and phone services each account anniversary year and 2% cashback on the first $25,000 spent in combined purchases at gas stations and restaurants each account anniversary year with Ink Business Cash® credit card.

    Accept Card Payment

    Chase for Business visa ATM card and mobile app
    Source: Chase Bank

    Your business can accept credit and debit card payments with Chase QuickAccept in the Chase Bank app. This payment processing service connects with a mobile card reader to tap, swipe or dip transactions and you can receive the funds into your account on the same day. 

    No minimum opening deposit

    Most brick-and-mortar business checking accounts require a minimum deposit of money to open a bank account. However, the Chase Business Complete Banking℠ account is one of the few that doesn’t do that. Even if you have no extra cash, you can even open a Business Complete Banking℠ account with no money.

    Alternatives to Chase Bank Business Account

    In case you aren’t sure whether the Chase Bank Business account isn’t the best fit for your business, there are some alternative options and we’ve listed the best ones. 

    BlueVine is an excellent alternative for Chase Bank. You can pay bills, apply for small loans in minutes, and even earn a decent interest rate without having to pay monthly fees. As opposed to Chase, you can open a bank account in a few minutes with no minimum deposit, so it’s a good fit for businesses of any size.

    Account-holders also get unlimited transactions and can earn 1.5% interest on your balance up to and including $100,000 if you meet a monthly activity goal.

    • Earn up to 1.2% APY
    • No monthly fees
    • No minimum balances
    • Only allow cash deposits through Green Dot Services
    • No physical branches

    Another great option for small businesses is Novo. The mobile-only bank offers an easy-to-use platform, under a 10-minute application, refund ATM fees and no monthly fees, as opposed to Chase Bank. 

    Novo offers free ACH transfers you can easily sign into your app via your mobile device and pay bills, send money, fund payroll, or transfer money to your personal account within seconds. However, Novo falls short in two aspects: it doesn’t allow users to set up recurring payments and as a digital bank it doesn’t let you deposit cash. 

    • User-friendly app
    • Refund ATM fees
    • No monthly fees
    • No recurring payment functionality
    • Can’t deposit cash

    What’s interesting in Mercury is that it advertises itself as a fintech, not a bank. Mainly focused on ecommerce businesses and startups, this company offers both virtual (generated instantly) and physical cards, it integrates with major accounting software, and Mercury’s checking and savings accounts are completely free with no minimum deposit or balance requirements.

    The drawback of opening an account with Mercury is that, like most online-only banks, you can’t deposit cash and in case you’re looking for some earning potential – similar to Chase Bank – Mercury offers no-interest drawback.

    • Virtual and physical card available
    • No minimum deposit or balance required
    • Accounts integrate with major accounting software
    • Can’t deposit cash
    • No interest-earning potential

    Frequently Asked Questions (FAQs) for Chase Bank

    We’ve listed the most asked questions about Chase Bank Business Account.

    Bottom Line on Chase Bank Review

    Overall, Chase Bank offers many benefits for small business owners–especially for those who need to make a deposit in cash, need in-person assistance, access fee-free ATMs but don’t want to give up the ease of having an online bank right in your pocket.