Chase Business Account Review: Complete Guide

If you’re considering getting a Chase Business checking account, you’ll want to know more about the different products available, and how they might serve you. There are a few options for you, ranging from small business accounts to accounts for larger businesses. Let's get started.

Throughout this article, we'll also mention Wise Business as an option for your company when doing business internationally.

Looking to operate your international business with less fees?

Get a Wise Business account >>

Trustpilot Rating: Great with 200,000+ reviews⁹
Over 300,000 businesses use Wise every quarter
No monthly fees or No minimum balance requirement
Accounting Integration: QuickBooks, Xero, Sage, Wave, and more

Please see Terms of Use for your region or visit Wise Fees & Pricing for the most up to date pricing and fee information.

Chase Business Checking Accounts

Chase for business offers business checking accounts, business credit cards, and a range of other business services. This article will focus on the business checking accounts you can choose from, including exploring the features, fees, and Chase business account requirements you need to know about.

1. Chase Complete Business Checking

Chase breaks its products down to those suited to small, medium, and large businesses. The Chase Complete Business Checking account is described as the ideal choice for small and growing businesses. You’ll get access to ATMs, online banking, and can reduce your monthly maintenance fee by signing up to paperless billing or hitting a fixed average balance over the month. There are, however, other transaction fees you should understand when you’re choosing an account — more on this later.

2. Chase Performance Business Checking

Medium sized businesses may benefit from the Chase Performance Business Checking account. This account has many of the perks of the Complete Business Checking account, but with a higher monthly fee, which offers a higher number of free transactions per month. As with the other accounts, maintaining a minimum balance means your fee is waived.

3. Chase Platinum Business Checking

This is the account Chase recommend for larger businesses. Although this has the highest of the monthly service fees, you also get the highest number of free transactions. All incoming payments, and some outgoing wire payments are also covered by your fee — which could be waived if you hold above the minimum balance of $100,000 across your eligible accounts.

Of course, there are other options out there too. If none of the products available from Chase for business seem to fit your needs, read on to learn more about an alternative. The Wise Business is designed for businesses which need to reduce admin time, manage money across different currencies, and cut the costs of international payments.

How to choose the best bank account for your business

To find the right business account for you, you’ll need to invest some time thinking about which transactions you’ll make on a regular basis. By identifying the transactions which you’ll make often, you know which fees you need to check for any account that you’re interested in.

In most cases, business accounts come with a monthly maintenance fee, which covers some transaction costs, and may be reduced or waived if you meet certain conditions. For example, you might need to operate a personal account with the same bank, or maintain a minimum average balance, to qualify for cheaper monthly payments.

Have a look at the different monthly maintenance fee options, and also the number and type of transactions this buys you. Then you’ll be able to see if that account will offer good value for your business.

It’s helpful to know that not all transactions will be covered by the monthly fee you pay. More complex transactions — such as making or receiving international payments — may not be included in the fixed number of free transactions. This cost can mount up, especially if you’re making regular wire transfers to suppliers or employees overseas.

Whatever your specific business needs from an account, it can pay to look at a wide range of alternatives, alongside the products from traditional banks.

Looking to operate your international business with less fees?

Get a Wise Business account >>

Trustpilot Rating: Great with 200,000+ reviews⁹
Over 300,000 businesses use Wise every quarter
No monthly fees or No minimum balance requirement
Accounting Integration: QuickBooks, Xero, Sage, Wave, and more

Chase Business Account Requirements

For all business types, you can start your application online, but will need to visit a branch before you can get up and running.

Once the business goes above a single owner, the account requirements become more complex. For instance, for partnerships, multi-member LLCs, corporations, and Unincorporated Business Associations or Organizations, anyone with 10% ownership or more will need to also provide their information.

Individuals with 10% or more ownership will be asked to present this information (Note: this information will vary by business type): ²

• Legal First and Last Name
• Legal Business Name
• Residential Address
• Percentage of ownership
• Date of Birth
• Tax Identification Number
• Country of Citizenship
• Non-US Citizen: Green Card, Passport, or Matricula Consular Card

1. Sole Proprietors: Chase Business Account Requirements ²

The sole proprietor needs to be present at the account opening. If it is a sole proprietorship with a structure that includes more owners, trustees, or Power of Attorney than those individuals will also need to be present.

• Personal identification, such as a driver’s license or state ID
• Tax Identification: SSN, ITIN, or EIN.
• Business Documentation
• Assumed Name Certificate: This depends on the state, but if it is a DBA business, then it will be necessary in most locations.

2. Partnerships: Chase Business Account Requirements ²

The general partners should be present for account opening.

• Personal identification, such as a driver’s license or state ID
• Tax Identification: EIN
• Business Documentation:
  • General Partnerships: Written partnership agreements, Joint venture agreements, Personal identification, Website validation.
  • Limited Partnerships, Limited Liability Partnerships, and Limited Liability Limited Partnerships: Certified Partnership Agreement, Website Validation, Active Status validation.
• Assumed Name Certificate: This depends on the state, but if it is a DBA business, then it will be necessary in most locations.

3. LLCs: Chase Business Account Requirements ²

The individuals present for account opening depend on the type of LLC. All members should be available at account opening for Member Managed LLC, while all managers should be available for a Manager Managed LLC account opening.

• Personal identification, such as a driver’s license or state ID
• Tax Identification: EIN (Unless single-member LLC, then SSN or ITIN)
• Business Documentation
  • Varies based on the State of Organization.
  • Certified Articles of Organization (Certificate of Formation)
  • Website Validation
  • Active Status Verification
• Assumed Name Certificate: This depends on the state, but if it is a DBA business, then it will be necessary in most locations.

4. Corporations: Chase Business Account Requirements ²

The president or secretary (authorized representatives) should be at the account opening. This could also include an assistant secretary or acting secretary.

• Personal identification, such as a driver’s license or state ID
• Tax Identification: EIN
• Business Documentation
  • Filed with appropriate State Agency (with official stamp)
  • Certified Articles of Incorporation
  • Website Validation
  • Active Status Verification
• Assumed Name Certificate: This depends on the state, but if it is a DBA business, then it will be necessary in most locations.

Individuals holding key roles in the organization will be subject to even more document checks: ²

• Full name as appears on official licenses and documents
• Address
• Senior Managers must also provide:
  • Date of Birth
  • Tax Identification Number
  • Country of Citizenship

For more information: See this page.

Chase Business Account Fees

Here’s a rundown of the charges you’ll need to look out for - a breakdown of each account in more detail follows.

Fee or limit type	Chase business account costs
Included monthly transactions	100 - 500 eligible transactions Transactions above the amount included in your account package will be charged at $0.40, or more for more complex transactions
Included monthly currency deposits	$5,000 - $25,000
Minimum average monthly balance to waive monthly maintenance fee	$1,500 - $100,000
Monthly maintenance fee	$15 - $95 Maintenance fee may be waived if you meet certain conditions, including holding a minimum balance throughout the statement period
Other transaction charges	International wire payments made in dollars will cost $40-$50 depending on how you arrange the transfer. International transfers in foreign currencies cost $5 for amounts under the equivalent of $5,000. There is no fee for larger transfers of over $5,000.³

There’s one more important thing, you should always consider when thinking about fees. When it comes to adding up the charges of your international transfer, you’ll also want to take into account the rate at which your money is converted at. Wise Business offers its customers the mid-market rate, also called the interbank rate. This is the rate banks use to trade among themselves. Getting a better rate can make a big difference in transfer costs, if you’re making international payments regularly, so comparing rates is essential.

An Alternative to Chase Business Checking Accounts — Wise Business

Wise is a banking alternative with a flexible, low-cost international business account. Their goal is to help you avoid the hassles that come with traditional banking through transparent pricing and global reach.

Key Features:

• Hold over 40+ currencies
• Get local account details when abroad
• Receive money in global currencies (USD, GBP, EUR, JPY, and more) at no extra cost
• No monthly fees
• No minimum balance

Feature	Cost/Rate
Account Registration	$0
Account Details (Receive Money like Local)	One-time payment: $31
Sending Money	From 0.43%
ATM Fees >$100/month/account	2%
Account Funding Transactions	2%
Wise Debit Card	$5
Converting Money	From 0.43%

Looking to operate your international business with less fees?

Get a Wise Business account >>

Trustpilot Rating: Great with 200,000+ reviews⁹
Over 300,000 businesses use Wise every quarter
No monthly fees or No minimum balance requirement
Accounting Integration: QuickBooks, Xero, Sage, Wave, and more

Please see Terms of Use for your region or visit Wise Fees & Pricing for the most up to date pricing and fee information.

Breakdown of Chase Business Accounts

As with all financial products, you’ll need to look at the small print of any account you’re interested in to check if it is right for you.

Terms and costs may vary depending on your state, so do take the time to do your own research in case the conditions are different where you live.

1. Chase Business Complete Checking (Formerly Business Total Checking)

This account is the recommended option for small businesses, and entrepreneurs just starting out. You can make up to 100 eligible transactions per statement cycle for free, and will pay $0.40 for transactions above than number. Note that not all transactions types will be covered by this offer, so it is worth checking the terms and conditions carefully before you decide if this account will work for your business.

The account offers unlimited electronic deposits, made using an ATM, ACH or Chase Quick Deposit.

Fee or limit type	Chase Business Complete Checking Account⁴
Included monthly transactions⁸	100
Included debit card purchases	Unlimited debit card purchases and Chase ATM transactions
Included monthly currency deposits	Unlimited electronic deposits + $5,000 cash deposits per cycle
Included wire transfers⁸	All incoming wires, as well as two outgoing domestic wires at no charge per cycle. Domestic transfers are $25 online and Domestic transfers at a branch are $35. International FX $5 per transfer and $0 per transfer if the amount is $5000 USD or more. International USD transfer or FX at a branch is $50 per transfer
Included same-day deposit fee	Unlimited at $0
Minimum average monthly balance to waive monthly maintenance fee	$2,000
Monthly maintenance fee	$15 – Maintenance fee may be waived if you maintain the minimum balance or have an eligible linked personal account with Chase

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Looking to make and receive low-cost international transfers?

You have more options than you think. One of them is Wise Business. You can use Wise to receive payments like a local in global currencies (GBP, USD, EUR, CAD, AUD, JPY and more).

Compared to Chase, Wise Business offers a flat fee on incoming transfers of $4.14 USD and outgoing international transfer fees from 0.43%.

See how much you'll pay below:

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2. Chase Performance Business Checking

This account builds on many of the features of the Complete Business Checking account, with more monthly transactions and a higher allowable cash deposit per month. You’ll also get free incoming wire transfers, and 2 domestic wire transfers per month fee free.

There are a few other options you can choose with this account too, including interest bearing features, and personal account perks if you choose to manage your personal finances with Chase, too.

Fee or limit type	Chase Performance Business Checking Account⁵
Included monthly transactions	250
Included monthly currency deposits	Unlimited electronic deposits + $20,000 cash deposits per cycle
Included wire transfers⁷	All incoming wires, as well as two outgoing domestic wires at no charge per cycle. Domestic transfers are $25 online and Domestic transfers at a branch are $35. International FX $5 per transfer and $0 per transfer if the amount is $5000 USD or more. International USD transfer or FX at a branch is $50 per transfer
Minimum average monthly balance to waive monthly maintenance fee	$35,000
Monthly maintenance fee	$30 Maintenance fee may be waived if you maintain the minimum balance in qualifying business accounts with Chase

3. Chase Platinum Business Checking

Chase recommends this account for larger, well established businesses - and the features and fees reflect the needs of these companies. As well as a higher number of free transactions, all incoming wires and the 4 most expensive outgoing transfers are covered under the terms of this account.

You may also get favorable terms if you choose to open a personal account with Chase.

Fee or limit type	Chase Platinum Business Checking Account⁶
Included monthly transactions	500
Included monthly currency deposits	Unlimited electronic deposits + $25,000 cash deposits per cycle
Incoming wire transfers and 4 most expensive outgoing wire transfers	No charge for these. After this, $25 per domestic transfer $35 per domestic transfer at the branch. For international, $40 per USD transfer online, International FX $5 per transfer and $0 per transfer if the amount is $5000 USD or more. International USD transfer or FX at a branch is $50 per transfer.
Minimum average monthly balance to waive monthly maintenance fee	$100,000 in single account or in a combination of eligible accounts on average
Monthly maintenance fee	$95 Maintenance fee may be waived if you maintain the minimum balance in qualifying business deposit and investment accounts with Chase

Learn More:

US Bank vs. Chase Business Checking: Which is Right for You?

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Sources:

1. Chase - Business Checking
2. Chase - Getting Started
3. Chase - How Business Transactions Work
4. Chase - Business Complete Banking
5. Chase - Performance Business Checking
6. Chase - Platinum Business Checking
7. Chase - How Performance Business Checking Works
8. Chase - Additional Bank Services and Fees
9. Wise Trustpilot