Chase Business Complete Banking Review

Finding a checking account that is efficient and cost-effective is important to ensure that you can run your business with peace of mind that your finances will be in order. One option is the Chase Business Complete Checking account.

In this Chase Business Complete Checking review, we look at the account’s key features, fees, and user experience to help you determine if it’s a good fit for your business needs.

If your business needs to make frequent international payments, you can also learn about Wise Business as a solution in this article.

Chase Business Complete Banking Review: Quick Overview

Chase Business Complete Banking: Key Features

Chase offers three business checking account products for different business sizes. The Business Complete Banking account is its basic option, designed for freelancers, startups and other small businesses that have low monthly transaction volumes.

The Complete account has few transaction limitations and combines a large branch network with a user-friendly online account interface.

The Chase Business Complete Checking monthly fee is $15, but there are several ways to have this waived:³

• Maintain a linked Chase Private Client Checking, JPMorgan Classic Checking, or Private Client Checking Plus account
• Maintain a minimum daily balance of $2,000
• Make at least $2,000 in deposits from Chase QuickAccept or other Chase payment processing services
• Spend at least $2,000 on a Chase Ink Business credit card
• Provide proof of active military status

The Chase Complete Business Checking account allows you to accept credit and debit card payments without the need for a separate merchant services account. If you require access to branch locations for in-person banking, Chase has more than 4,700 branches and more than 15,000 ATMs across the country.

Business owners can open an account online or in person, by providing personal identification, business formation documents, and other relevant paperwork. There is no minimum deposit required to open an account. New account holders receive a $300 Chase Business Complete Checking bonus for completing qualifying activities at the time of writing.⁴

The Business Complete account does not accrue interest, but you can link it to a Chase savings account that pays interest. Unlike some of its competitors, Chase does not reimburse out-of-network ATM fees, which could add up if you frequently need to withdraw cash in areas where there are no in-network Chase ATMs or branches.

For larger or rapidly growing businesses, the Chase Performance Business Checking account offers a higher cash deposit limit than the Complete account and includes unlimited fee-free electronic deposits and incoming wire transfers.

However, you would need to maintain a higher minimum balance to avoid its monthly fee and have a separate merchant account to accept card payments.

In addition, Chase offers other business accounts and services, including savings accounts, credit cards, loans, and merchant accounts, which makes it a good fit for business owners looking to do all their banking in one place.

Ease of Use

The Chase Business Complete Checking account allows business owners to request multiple debit cards with separate PINs for business partners and employees to access the account.

Chase also offers user-friendly online and mobile account management tools that compare well with online banks. You can view and manage the balance, make and accept payments, deposit checks remotely, and manage account permissions.

Chase simplifies payment processing for small businesses by allowing them to accept credit and debit card payments QuickAccept via the Chase Mobile app directly into the Complete account, rather than requiring a separate merchant account.

The transaction fees cost 2.6% plus $0.10 for tap and swipe payments and 3.5% plus $0.10 for manual entry. These are in line with those charged by payment processors such as Square.

Chase offers the additional benefit of allowing instant transfers of card payments to the account on the same day for free. In comparison, Square charges a 1.5% fee for instant transfers; otherwise, payments reach the account after 36 hours.⁶

Customer Service

Chase Business Customer Service is available by phone at 1-800-CHASE38 (1-800-242-7338), via the secure message center in Chase Business Online, on X via the @ChaseSupport handle, as well as in branches.⁹

Positive reviews on Trustpilot (an independent review site) focus on Chase’s customer service, which they indicate is fast and efficient, often singling out specific agents. The bank typically approves and opens business accounts quickly. It also makes it easy for businesses to send wires and transfers.⁷

However, some negative reviews from Trustpilot mention problems with Chase failing to deal with fraudulent transactions. Certain reviews also mention that the bank can place long holds on large deposits, which may be of concern to business owners receiving large payments.⁸ It should be noted, though, that this can be due to necessary security measures.

Chase Business Complete Banking Fees

• Monthly service fee: $15; waivable if conditions are met
• Transactions above 20 monthly limit: $0.40 each
• Cash deposits above $5,000 monthly limit: $2.50 per $1,000
• Non-Chase ATM fee: $3
• Overdraft fee: $34
• Card payment acceptance: 2.6% + $0.10 transaction
• Outgoing domestic wire transfers: $25 online, $35 in branch
• Outgoing international wires: $40 for USD transfers online, $5 for foreign currency transfers below $5,000, $50 for USD or foreign currency in branch

Chase Business Complete Banking Pros and Cons

What are the Benefits of the Chase Business Complete Checking Account?

The Business Complete Checking account from Chase is well-suited to small businesses that make limited cash transactions and receive credit and debit card payments from customers. Chase QuickAccept allows you to process transactions and deposits the funds into the account the same day, without requiring a separate merchant account.

The Complete account does not charge for electronic deposits or in-network ATM transactions. You can also open the account without a minimum deposit.

The account comes with user-friendly online and mobile account management, while still providing in-person banking support from one of the country’s largest branch networks. Business owners can also assign debit cards and limited account access to employees to assist with financial management.

Learn More: Chase Business Checking Accounts Overview

What are the Drawbacks of the Chase Business Complete Checking Account?

The Chase Business Complete Checking fees are relatively complex. While electronic transactions do not incur fees, there are per-transaction charges for cash deposits, in-person deposits and withdrawals, and checks above monthly limits.

Businesses that do not maintain a daily Chase Business Complete Checking minimum balance above $2,000 or deposits above $2,000 have to pay a $15 monthly fee, so may find competitor accounts with no monthly fee more cost-effective.

Chase does not pay interest on the account balance, which may not be a priority, but some alternative account providers do offer an annual percentage yield (APY).

The Chase Business Complete Checking wire fees are relatively high – up to $50 for international transfers – so the account may not be well suited to businesses that make regular international payments.

Conclusion: Is Chase Business Complete Banking the Best Choice for Your Business?

The Chase Business Complete Banking account provides a full suite of services for small businesses that make a limited number of monthly transactions. But as with any account option, it comes with pros and cons that you will need to consider based on your specific business needs.

Before deciding, it’s good practice to explore alternatives that could be a better fit.

Discover Wise Business: Make International Payments With Ease

Wise Business is a smart solution for businesses that make frequent international payments.

Wise is not a bank, but a Money Services Business (MSB) provider and a smart alternative to banks. The Wise Business account is designed with international business in mind, and makes it easy to send, hold, and manage business funds in 40+ currencies. You can also get 9 major currency account details for a one-off fee to receive overseas payments like a local.

Learn more about Wise Business

✔️ Make international payments at the mid-market rate
✔️Open an account online and get set up with ease.
✔️ Manage multiple currencies all in one place
✔️ Make easy batch payments

All sources checked November 14, 2023

About the author:
	Panna is an expert in business finance topics for the US, covering topics from invoicing to international expansion. She creates high-quality reviews on business finance tools and products with the aim to help businesses save time and make informed decisions. You can read more useful business articles on her author profile.