Published December 22, 2021 by WC Team

The 2021 Review Of The Chase Business Checking Accounts

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In the world of Business Checking Accounts, you get a list of options to choose from. But deciding which one fits best for you is a tough task. However, when you talk of Business Checking Accounts, Chase is right up there. 

Chase Business Checking Accounts Review

Chase is one of the finest options out there because of its excellent business credit cards and personal financial solutions. They are known to provide one of the industry's greatest business bank accounts. 

Even within Chase, there are three distinct alternatives for a business checking account, so we'll go through all three of them to assist you to decide and review your ideal choice. 

Types Of Chase Accounts

When it comes to corporate checking accounts, Chase offers three alternatives. We'll go through all three of them but bear in mind that each one is best suited to a different sort of organization.

Chase Business Complete BankingSM, formerly known as Chase Business Complete Checking, is suitable for small and local businesses. On the other hand, Chase Performance Business Checking is ideal for medium-sized organizations, and Chase Platinum Business Checking is ideal for big enterprises.

The Chase Business Complete Bankingâ„  Account

The first type is the Chase Business Complete BankingSM account, previously known as Chase Business Complete Checking, which is best suited for small and developing enterprises.

With a low fee and transaction limits, this Chase business checking account choice is also the most cost-effective. This checking account lets you make 20 paper or teller transactions each month without being charged a fee. After your limit is complete, you'll have to pay a $0.40 charge for every transaction. 

With this account, you may make unlimited non-wire electronic deposits for free and receive customer care help 24 hours a day, seven days a week.

Chase Performance Business Checking

This Chase business banking account is best suited for medium-sized organizations that handle more transactions and can afford a slightly higher monthly service cost than those who use Chase's new business checking account.

The monthly service cost for this checking account is $30. This charge will be eliminated if your company maintains a business deposit balance of $35,000 or more.

This checking account allows you to perform 250 fee-free transactions every month. After that, you'll be charged $0.40 for every transaction. 

You'll also have access to an infinite number of electronic deposits and incoming wires.

Chase Platinum Business Checking

This Chase business checking account is ideal for bigger firms since the $95 monthly service cost is eliminated if your average daily balance exceeds $100,000.

You will be charged a $95 monthly service fee for this Chase business checking account, but this price will be eliminated if you maintain $100,000 in business balance deposits each month.

Chase Platinum Business Checking offers 500 free transactions each month, as well as limitless electronic deposits and inbound wire transfers. 

However, after your first 500 monthly transactions, you will be charged a $0.40 per transaction cost.

Every month, you'll be allowed to make up to four outward wire transfers for free. You'll have to pay typical wiring expenses in addition to these four wires.

What The Chase Business Checking Accounts Share

Regardless of which of the three Chase business checking accounts you select, you'll have unrestricted access to online banking via Chase.com. 

You may pay bills and bank online at any time of day or night using their website. With your Chase business checking account, you'll also receive complimentary business debit cards. 

These corporate debit cards provide free access to Chase's 16,000 ATMs and 5,000 branch locations. With your Chase business account, you'll also have access to account notifications and mobile banking.

A "service fee" is a catch-all price that the bank charges your company for holding a checking account with them.

This leads us to these thresholds—before you pick a business checking account, you'll want to examine what account balance the checking account requires to waive your service charge.

After you've used all your free monthly transactions on your checking account, you'll have to pay a modest fee for each transaction you make with it.

How To Apply

Depending on the sort of business you run, Chase will have various application criteria. 

This is how it works:

Sole Proprietorship: If you run a sole proprietorship, you'll need to produce the following: the owner in person, two kinds of personal identification (one of which is government-issued), a business tax ID number, and business documents (a DBA, for instance).

Partnership: If your company is run as a partnership, you'll need to prove the following: All partners were present in person, two kinds of personal identity (one government-issued), a business tax ID number, and business documentation (partnership agreements, joint venture agreements, etc.).

Corporations will require the following items: At the time of signing, an authorized representative, two forms of personal identification (one government-issued), a business tax ID number, business documentation (certified articles of incorporation with your state, certificate of good standing, etc.), and an assumed name certificate are required.

The Top Alternatives To Chase Business Checking

Even with all its benefits, Chase business checking accounts have some significant drawbacks. 

You'll be allowed to use these accounts for free only if you keep a specific average amount, and you'll need to visit a Chase office to create an account, which may not be possible for everyone. 

BlueVine Business Checking

You may apply for a BlueVine business checking account quickly and that too online. You will have access to unlimited transactions, no monthly fees, no NSF costs, no inbound wire fees, and no minimum deposit or monthly amount.

Furthermore, BlueVine allows you to earn 0.6 percent interest on any account balance up to $100,000.

However, this account allows you to withdraw cash fee-free from over 38,000 ATMs across the United States, as well as deposit cash at over 90,000 Green Dot locations—something that many online-based business checking accounts do not allow.

Bank Of America Business Checking

The Business Advantage Fundamentals Checking and the Business Advantage Relationship Checking are the two business checking accounts offered by Bank of America. 

If you currently have a Bank of America account for personal banking, this may appear to be a reasonable next step.

Both accounts include online business banking and mobile banking. The Advantage Fundamentals Checking account has a monthly cost of $16, but you may avoid it by spending $250 on a business debit card or maintaining a monthly balance of at least $5,000. 

Other costs for this account include $15 for domestic inbound wire transfers and $15 per month for account administration.

Final Words

Chase small business checking accounts may be tempting to company owners who are willing to pay a monthly service charge, but a free business checking account may be more enticing to others. 

Even if you don't want to pay a service charge, one of the three alternatives should be on your shortlist for your business checking account if you're confident in your company's potential to meet the account levels that waive monthly service costs.

Whether your company is new, expanding, mid-sized, or well-established, a Chase business checking account might be the ideal place for your money.

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