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Review: Chase Business Checking Account
August 09, 2019
Chase-Business-Checking-Account

Review: Chase Business Checking Account

August 09, 2019
If you own any type of business other than a sole proprietorship, you should have a business checking account to keep your personal and business finances separate.

Fortunately, there are plenty of checking accounts that do much more than simply keep your finances separate. In fact, Chase offers three different types of checking accounts geared toward small, medium, and large businesses and they all have convenient features. The three types are called Chase Total, Chase Performance, and Chase Platinum.

The primary difference between these accounts is the number of cash deposits, transactions, and wire transfers they allow each month before you start incurring fees. However, there are other, important differences between Chase’s business checking options that we’ll explain in this post.

How to Open a Chase Business Checking Account:

Regardless of the type of Chase account that you choose, you’ll need to provide information about yourself and your business to open an account. The information you’ll need depends on the ownership structure of your business. As a sole proprietor, all you’d need is your driver’s license or state ID, your Social Security number or tax ID number, and your Doing Business as (DBA) certificate.

If you own an LLC or corporation, you’ll need a driver’s license or state ID plus Social Security numbers and personal information for any senior managers and every owner with 10 percent or more in ownership. In addition to that, your business’s Articles of Incorporation or Certificate of Formation will be required.

Chase Business Checking Account Options:

1. Chase Total Business Checking

As mentioned, Chase’s Total Business Checking account is meant for small businesses. With this account, you get the fewest number of free deposits, transactions, and wire transfers. The exact numbers are:

  • $5,000 free cash deposits per statement cycle
  • 100 free transactions per month
  • Zero free wire transfers

You can also receive funds and make unlimited electronic deposits with this account. Moreover, it should be fairly easy to avoid paying the monthly service fee on this account. All you have to do is maintain a minimum daily balance of $1500. Alternatively, you could have the fee waived if you decide to open and link a Chase Private Client Checking or Chase Sapphire Checking personal account. 

2. Chase Performance Business Checking

In exchange for a higher monthly service fee, the Chase Performance Business Checking account provides more deposits, transactions, and wire transfers for no fee. The breakdown on these limits is as follows:

  • $20,000 free cash deposits per statement cycle
  • 250 free transactions per month
  • Unlimited incoming wire transfers for free and two outgoing, domestic wires per month.

You can avoid the monthly service fee on this account by maintaining a combined average daily balance of $35,000 or more in your qualifying Chase business accounts. In addition to the increased numbers of free transactions, this account also comes with personal account benefits and free access to Chase’s Positive Pay and Reverse Positive Pay Protection services

3. Chase Platinum Business Checking

As you’d expect, to serve the needs of big business, the Chase Platinum Business Checking account provides the highest number of free transactions, wire transfers, and cash deposits. That includes:

  • $25,000 free cash deposits per statement cycle
  • 500 free transactions per month
  • Unlimited incoming wire transfers for free and four outgoing, domestic wires per month.

At $95, the monthly service fee is also the highest, but it’ll be waived if you maintain a combined average daily balance of $100,000 or more in business investment balances and deposits. This account comes with all the perks of the Chase Performance Business Checking, plus:

  • Reduced balance requirement for Chase Private Clients
  • No monthly service fee on linked Chase Business Premier Savings accounts.

Conclusion

If you’re interested in opening a business checking account, one of these Chase accounts should meet your needs. Of course, that doesn’t mean you shouldn’t explore other options to see if there might be a better fit for you.

If you decide to open an account with Chase, remember that the specifics of these accounts may vary depending on your location. That said, wherever you open an account, the features and perks will generally be very similar.

Fora Financial

Editorial Note: Any opinions, analyses, reviews or recommendations expressed in this article are those of the author's alone, and have not been reviewed, approved, or otherwise endorsed by any of these entities.

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Post by: Fora Financial
Fora Financial is a working capital provider to small business owners nationwide. In addition, the Fora Financial team provides educational information to the small business community through their blog, which covers topics such as business financing, marketing, technology, and much more. If you’d like to see a topic covered on the Fora Financial blog, or want to submit a guest post, please email us at [email protected].