Chase Business Account: Features, Benefits, and Fees

In 2023, JPMorgan Chase had the highest number of active mobile customers among the United States banks—over 53 million. No wonder! The bank offers not only excellent personal cards and checking accounts but also more complex solutions for businesses. If you are an entrepreneur, Chase is among the better options for you. But how expensive is it to open an account there? Are there any criteria you need to check? Which account type should you choose? And is Chase a good business bank for your specific case? In this Chase business account review, we’ll answer all of these questions and more.

Chase Business Accounts Types

Chase Business Complete Banking

This account type is the best fit for small and newly created enterprises. It includes most features such a business might need and integrates QuickAccept to simplify card payments. Account holders can make unlimited online deposits via Chase Quick Deposit, ACH, or ATMs. The deal also includes decent fraud protection and a mobile app for convenient banking. For each statement cycle, you can make up to 100 qualified transactions at no additional cost. Any further transactions will incur a $0.40 fee.

New customers get a $300 welcome offer if they deposit $2,000 in new funds within 30 days, keep that balance for 60 days, and complete 5 transactions within 90 days. If you meet these requirements, the bonus will be deposited in your account within 15 days.

Chase Performance Business Checking

If you’re an owner of a medium-sized company, you can instead opt for a Performance Business Checking account, which offers more opportunities, but also comes with a higher fee. It has 250 free transactions per month and $20,000 cash deposits per cycle without fees. Inbound wire transfers are also free, and you even get two covered domestic wire transfers per month.

Is Chase good for a business account? This Business Chase account is a perfect choice for enterprises requiring more flexibility and transaction volume than a standard account.

Chase Platinum Business Checking

This option is better suited for large-scale businesses. While Chase business banking fees are pretty reasonable in most cases, the most advanced package comes with a proportionally higher price tag. However, you’ll receive 500 free transactions every month in addition to unlimited digital deposits and inbound wire transfers. The account allows up to $25,000 in cash deposits per month without extra fees. The usual charges will apply beyond these limits. Additional features include access to Chase’s large network of ATMs, online banking, cash management services, and concierge support.

Key Features of Chase Accounts

All Chase Business bank accounts share a similar list of features:

• Chase Business Online and Online Bill Pay services for managing transactions digitally;
• Mobile Banking for easy on-the-go access;
• Access to over 15,000 ATMs and over 4,700 branch offices;
• A debit card with a chip for secure transactions;
• An opportunity to waive monthly service fees when certain conditions are met;
• Staff debit or deposit cards available on demand.

Chase Business Account Fees

Monthly maintenance fees

Each account type comes with a different monthly fee. The option for small enterprises is the cheapest at only $15 per month. You can also waive the charge entirely if you fulfill any of the following criteria: show evidence of military status or keep a daily total of $2,000. Alternatively, you can get $2,000 in deposits from Chase QuickAccept and other qualified Chase payment solutions or spend $2,000 in total on purchases with your Business Card.

The mid-sized company account charges $30 per month. Similarly to the previous account type, if you keep your overall average initial day balance at $35,000, you won’t have to pay the monthly service fee.

The most pricey account is Chase Platinum Business Checking, intended for large companies, which features a $95 maintenance fee. Still, if you hold an overall average daily amount of $50,000 and add a Chase Private Client account or other qualified account, it can be waived. The other option is to keep your qualified corporate checking accounts and company investment balances at least $100,000 on a daily average.

Transaction fees

There is a limit on free transactions that depends on your account type: 100 transactions per month for small-business checking accounts, 250 for middle-businesses ones, and 500 for Chase Platinum Checking. Chase business monthly service fee of $0.40 will be applied to transactions that exceed these limits.

Fees for exceeding сash deposit limits

Similarly, Chase limits monthly cash deposit for all account types. The Chase Business Complete Checking account’s limit is $5,000, while the Chase Performance Business Checking allows up to $20,000, and Chase Platinum Business Checking allows $25,000. If you exceed these limits, a $2.50 fee will be applied to every $1,000 deposited over the limit.

Perks of a Chase Business Account

Before opening an account, you should understand not only the differences between the available deals but also their benefits and how they align with your needs.

Seamless Integration with Chase Cards

You can monitor all of your spending in one place with Chase business accounts’ seamless integration with the bank’s business cards. The integration simplifies bookkeeping, provides easy access to statements, and improves payment management.

Fraud Protection and Alerts

The bank offers fraud protection with real-time alerts to help safeguard your assets. A Chase business account reviews your transaction to identify suspicious activity and notify you about it. There are also certain payment limits and mandatory verification. This helps companies prevent unauthorized transactions and maintain a proper level of security. All qualifying Chase business accounts include this feature at no additional cost.

Rewards and Cashback Programs

Chase business accounts offer access to cashback programs and rewards through their associated credit cards. These programs allow you to earn cash back or points on everyday purchases such as office supplies, travel, and utilities. You can earn up to 15 bonus points per $1 spent for purchases at 450+ partnering stores. Some cards offer generous cashback rewards, like Ink Business Unlimited, which gives a card owner unlimited 1.5% cash back on every purchase.

The rewards can be redeemed on travel, gift cards, dining, and other perks, allowing businesses to save money on operational costs. The cashback can also be deposited into a savings account or redeemed for a statement credit. Plus, Chase allows companies to earn extra points for specific spending categories, which helps company owners get the most out of their accounts.

Access to Tools and Resources for Small Businesses

Chase accounts have diverse tools and resources tailored to meet various business needs. For example, Chase Business Banking reviews your spending through the mobile app or online account to help you track income and expenses. Meanwhile, QuickAccept makes it easy to accept card payments. Additionally, Chase offers small business lines of credit and custom solutions for payment processing and invoicing. All these resources help streamline daily operations, manage cash flow effectively, and support business growth.

Chase Business Credit Card Options

If you’re considering opening an account and already read all the Chase for Business reviews you’ve found, it’s time to decide on which credit card you want. Some cards only have the most essential features, while others are far more advanced. Note that your choice is not limited by which Chase business account type you plan to go for.

Chase Ink Business Unlimited

This credit card is one of the best on the market. Firstly, there is no annual fee at all and a 0% intro APR for the first year of membership. The following year, the APR will vary between 17.99% and 23.99%.

Secondly, new cardholders can get $900 in cash back after spending $6,000 on purchases within the first three months of opening the account. Also, they get 1.5% cash back for every purchase made with the card. Moreover, until March 2025, they can use the card to receive 5% cash back on Lyft drives.

Chase Ink Business Preferred

This card offers 3x points on key categories like travel, shipping, and advertising. The points can be transferred at a 1:1 rate to participating merchants. A sign-up bonus is fantasticー90,000 points for spending $8,000 throughout the first three months of use. And the best part is that points can’t expire unless you decide to close the account.

The card comes with a substantial annual fee of $95, and its APR ranges from 20.74% to 25.74%. It also includes travel protection, extended warranty coverage, and cell phone protection. This card is ideal for small company owners who want to maximize rewards while also enjoying flexible redemption options.

Opening a Chase Business Account

The process is no different from any other bank. Sole proprietorships, big corporations, and limited liability companies can all create business accounts with Chase online.

The bank will need to record and check certain information about your company, such as a business address, phone number, the specifics of the business, number of locations and workers, yearly revenue in dollars, type of products or given services, and the physical locations of vendors and providers. You’ll also need to inform the bank about the transaction volume you expect to see per month.

What documents do you need?

1. Primary government-issued ID, such as a passport, ID card, or driver’s license.
2. Secondary ID, such as an employer ID, a utility bill, or a bank card with an imprinted name.
3. Social Security number, EIN, or individual taxpayer identification number for foreign nationals.
4. The company’s license and official name. The details of this requirement may differ from state to state.
5. Other documents that confirm the nature of your firm, including a registration, partnership, and operational agreement or a DBA name.

You can apply for a business account online or visit a Chase branch. Choosing the best account type for your needs is usually the first step in the process. Once you’ve made up your mind, contact Chase to provide personal and business information and submit the required documents.

Once approved, you’ll have to put some funds into the account to activate it. Chase may also request additional verification, depending on your business type. The process is straightforward, and most applicants complete it without much trouble.

Approval usually takes about 14 days after you submit your application. Once your request is approved, you’ll receive instructions on how to fund your new account and start using it. Sometimes, the bank can ask you to provide some additional information, which can take some additional time.

Once the account is open, you’ll have access to Chase Business Online service and a Chase card. You can start handling your finances, set up bill pay, and link other services like merchant accounts.