Chase Business Checking Review 2023

A business checking account serves as the center of your business’s financial life. If you’re searching for the best bank to help you manage your money, you should strongly consider opening a Chase small business banking account.

Chase is one of the largest banks in the world, and is known for offering a great banking experience both online and in person at physical bank locations. Their business accounts come with plenty of perks that make managing your money easy. Read on to learn more about Chase’s business checking account options so you can determine whether this bank might be the perfect match for your company.

What is Chase Business Checking?

Chase Business checking is an ideal choice for small business owners, mainly because they offer various checking accounts for a range of needs. From standard checking accounts to more specialized accounts, Chase makes it easy to find the best fit for your business. Options include:

• Chase Business Complete Banking: A standard checking account that allows you to manage your money both online or in person.
• Chase Performance Business Checking: With this option, you get up to 250 monthly fee-free transactions, free incoming wire transactions and two free outgoing wire transactions every month, among other perks.
• Chase Platinum Business Checking: This top-tier account is ideal for larger businesses with higher limits for fee-free activity.

Chase Business Checking Pros and Cons

Chase small business banking accounts offer various features and benefits that can help you start and grow a business. But like any checking account, there are pros and cons.

Pros of Chase Business Checking

CHOOSE YOUR OWN ACCOUNT. One of the best aspects of Chase Business checking is the variety of account types that accommodate each customer’s needs. Whether you’re a small business and need a basic low-fee (or fee-free) account like Chase Business Complete Banking or you’re a larger business with higher activity and need an account like Chase Platinum Business Checking, you have your pick of options that are best for your situation.

FRAUD PROTECTION. Every business needs protection from fraud, and a nationally recognized bank like Chase can provide. They offer a full range of fraud protection services, like check monitoring and approval, pay limits and alerts.

SIGN-ON BONUS. Chase offers a generous sign-on bonus of $300, but only if you maintain a $2,000 balance in the account for 60 days after you open it. If your business needs a bit of extra cash, the sign-on bonus can help.

POINT OF SALE SYSTEMS. If your business accepts credit card payments, a Chase Business checking account helps make your life easier. Combined with Chase’s innovative QuickAccept payment system, you can accept mobile card reader transactions and manual transactions through the mobile app or online banking. You don’t have to pay any extra fees to get same-day deposits delivered into your account.

Cons of Chase Business Checking

FEES. One of the downsides to Chase Business Checking, in particular the Chase Business Complete Banking account, are the fees. You’ll have to cover a nominal monthly fee if you don’t maintain a $1,500 minimum daily balance. Also, you’ll have to cover transaction fees if you go over 100 transactions per month, not including electronic deposits.

LOW INTEREST RATES. Chase offers lower interest rates than several of its top competitors. If you’re looking for an account that earns you the best interest rate on the money you have sitting in the bank, it might be worthwhile to explore other options.

Who is Chase Business Checking Best For?

Chase small business banking accounts are best for business owners whose situations mesh well with all the bank’s features and fee waiver options. Here are some of the cases in which a Chase business checking account could be right for your business:

• Lots of debit transactions: Some business checking accounts limit fee-free debit or credit transactions, making you pay a per-item fee. With Chase business checking, you can make as many debit card and Chase ATM transactions as you need to each month, without paying fees.
• Monthly fee waivers: Monthly fees for checking accounts can eat into your profits. Luckily, there are several opportunities to get these fees waived when you bank with Chase. If you can get your fees down to $0 based on qualifying criteria, you won’t have to worry about fees.

Who Should Reconsider Using Chase Business Checking?

While a Chase Business checking account can be an ideal fit for some business owners, it’s not for everyone. Some of the situations where it might make sense to search for another bank for your business include:

• Lots of cash transactions: Some businesses still work mostly with cash. If most of your transactions are cash transactions and you expect to go over the $5,000 monthly fee-free limit, you should look for an account that can accommodate this without hitting you with additional fees.
• You can’t get a bonus: You can secure a $300 sign-on bonus when you open a Chase Business checking account, but only if you can maintain a $2,000 balance for 60 days. If you just can’t swing it for your business, it’s likely not worth the bonus.
• You can’t get the monthly fee waived: If your business isn’t run in a way that allows you to waive service fees and other charges each month, it’s worth considering other business checking accounts that don’t have fees.

How Chase Business Checking Works

Chase Business checking works much like any other small business checking account, except you have the option of managing your account in person, online or both. The big benefit here is the huge network of branches, plus the capacity to handle every banking need you can think of.

Key Chase Business Checking Features

Chase is a large, nationally recognized bank. As such, it offers a full range of features you won’t get when you work with smaller or regional banks. From their easy-to-use online platform to innovative point-of-sale solutions, there are plenty of benefits to business banking with Chase. Here are just some of the key features of a Chase Business checking account.

Online and in-person banking

Chase makes online banking easy with a simple-to-understand platform that allows you to check your balance, transfer funds, pay bills and complete any other function you can think of with just one login. And with a big network of branches, you’re never far from a physical branch location if you’re looking for more personalized service.

Easy bill pay

Just like individuals, businesses have bills to pay. Whether you need to cover supplier invoices or you’re paying employees, every business needs to send money at some point. With new business-focused features, Chase’s online bill payment system is easy to use and helps you track your payments and your bills, so you won’t ever miss a due date.

Earn interest

Two of Chase’s business checking options—Chase Performance Checking and Platinum Business Checking—allow you to accrue interest. While interest rates are low right now, you’ll still earn interest on the money you keep in your accounts.

Full-service banking

Since Chase is such a large bank with a national presence, they offer a full range of banking services that cover virtually any need. That means you won’t have to look to another bank if you need services other than checking, like loans or credit cards. It’s easy to open a business credit card, which is great for small business owners to finance purchases in the short term. They also offer loans and lines of credit, making it simple to finance an expansion of your business or secure the funds you need for specific projects.

Delegate control over business accounts

One of the innovative ways Chase helps business owners is by allowing you to delegate control over your business checking account to other stakeholders. It’s easy to give members of your business access to your accounts, and you can even set specific guidelines on what each person can access or do.

Point-of-sale solutions

Chase even offers innovative point-of-sale solutions that can be used with any business checking account. Paired with the Chase QuickAccept tool, your business can accept both credit card and debit payments with same-day deposit and a simple fee structure. Since you can install the app on any wi-fi enabled device, you don’t even need to invest in new equipment to accept payments from your customers.

Conclusion

If you’re a small business owner looking to manage your company’s finances online, Chase’s small business banking solutions could be right for you. You not only have the option to do all your transactions online, but you can also get personalized service at branch locations across the country. Whether you’re starting your business or you’re looking to grow, opening a business checking account is a major step. Research your options and see whether Chase is the best choice for you.