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Chase Performance Business Checking Review
Choosing the right banking provider is crucial for the smooth operation of your business. One of the options for small business owners is the Chase Performance Business Checking account.
In this Chase Performance Business Checking review, we look at the key features, fees, and pros and cons of the account to help you determine if it's the right choice for your business needs.
If your business handles frequent international transactions, you may also learn more about Wise Business in this article.
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Chase Performance Business Checking Review: Quick Overview
| Key features |
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| Main fees¹ |
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| Trustpilot rating for Chase as a whole² |
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Chase Performance Business Checking: Key Features
Chase offers three business checking account options: Business Complete Banking, Performance Business Checking, and Platinum Business Checking.
The Performance Business Checking account is aimed at businesses that have moderate to high monthly transaction volumes and require full-service banking. The Chase Performance business checking account monthly service fee is $30, which can be waived by maintaining a combined average balance of $35,000 at the beginning of the day across linked business accounts.
Account holders receive a monthly service fee waiver on linked Business Premier Savings and personal Premier Plus Checking accounts. There are options to earn interest on the account balance.
Businesses can make electronic deposits and 250 non-electronic deposits and debits for free each monthly statement cycle. Additional transactions incur a $0.40 fee. The first $20,000 in monthly cash deposits are also free.³
Businesses can receive incoming domestic and international wires and two outgoing domestic wires for free per statement cycle.
The account comes with free fraud protection services. Account holders can also earn a $900 cash back bonus and an unlimited 1.5% on every business purchase made with the Chase Ink Business Unlimited card (at the time of writing).
Chase provides a business debit card with unlimited purchases and free ATM transactions, although out-of-network ATM operators may apply charges. Account holders can request associate debit and employee deposit cards.
The checking account provides access to Chase’s business services, including Zelle to send and receive payments, merchant services, Chase QuickDeposit, and collections services.
Chase has more than 15,000 ATMs and more than 4,700 branches. Business owners can open an account online or in person. The Chase Performance Business Checking required documents include proof of identity and business registration documents.
Ease of Use
The Chase Performance Business Checking account can be managed through the Chase website or mobile app, where users can manage debit, deposit, and ATM card settings for individual employees, accept payments, view account balances, pay bills, and make transfers.
The mobile app can also deposit checks and provides budgeting and reporting tools. The Chase account integrates with QuickBooks and other accounting software.
Text banking allows users to view account balances, transactions, and credit card bill information free of charge, although messaging and data charges may apply.
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.⁶
Positive reviews on Trustpilot (an independent review site) state that the bank offers helpful and efficient customer service, provides instant approval of business accounts, and makes it easy to send wires and transfers.⁴
However, some negative reviews from Trustpilot mention the bank placing long holds on large deposits, which may be of concern to business owners.⁵ It should be noted that this may also be due to necessary security requirements.
Chase Performance Business Checking Fees
- Monthly service fee: $30; waivable if account balance remains above $35,000
- Transactions above 250 monthly limit: $0.40 each
- Cash deposits above $20,000 monthly limit: $2.50 per $1,000
- Check enclosure fee: $4 per statement period
- Outgoing domestic wires after 2 free included: $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.⁷
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Chase Performance Business Checking Pros and Cons
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What are the Benefits of Chase?
Chase offers a solid checking account option for businesses that need the option of in-person banking, with more than 4,700 branch locations in 48 states.
The account provides unlimited free electronic deposits and allows $20,000 in monthly cash deposits as well as 250 fee-free transactions, which should be enough for most small businesses to avoid transaction charges.
Chase Performance Business Checking benefits businesses that receive regular wire transfers benefit from free incoming domestic and international wires, in addition to two fee-free outgoing domestic wires per statement cycle.
Chase also provides full-service banking with a range of features for businesses, including merchant services, credit cards and loans.
Learn More: Chase Business Checking Accounts Overview
What are the Drawbacks of Chase?
The Chase Performance Business Checking monthly service fee is $30 and requires an average daily account balance of $35,000 to waive it, which can be a high threshold for freelancers, entrepreneurs and businesses starting out. There are full-service online banks that provide accounts with no monthly fees that may be more appropriate.
For business owners that need to make frequent ATM withdrawals, although Chase doesn’t charge fees for using out-of-network ATMs, it doesn’t refund third-party ATM fees unlike some of its competitors.
The Chase Performance Business Checking wire transfer fee may not be suitable for businesses that make regular international wire payments, as charges go up to $50 per transfer.
Chase Performance Business Checking vs Platinum Business Benefits
For larger businesses that handle more monthly transactions and cash deposits, or businesses that outgrow the Performance checking account, the Chase Platinum Business Checking account may be a better option.
For a $95 monthly fee (waivable on accounts with balances over $100,000), businesses can make 500 fee-free monthly transactions and $25,000 monthly cash deposits. Like the Performance account, the Platinum option offers unlimited electronic deposits and incoming wires.
The Platinum account also provides cash management services like account reconciliation, economy lockbox, commercial sweeps, ADT with zero balance account functionality, cash vault services, and more.⁸
Conclusion: Is Chase Performance Business Checking the Best Choice for Your Business?
Chase Performance Business Checking is a well-rounded banking solution with a range of business features. However, like any financial product, it has its pros and cons. While the bank offers a full range of business services, the Chase Performance Business Checking international wire transfer fee is high for frequent US dollar transfers.
To determine if it's the best choice for your business, you should consider your specific service needs, transaction volumes, and budget constraints.
Take the time to compare your options, and check whether an alternative account may be more suitable.
Discover Wise Business: Make Low-Cost International Payments With Ease
If you're looking for a business account that offers no monthly fees, international payments at the mid-market rate, easy batch payments, integration with QuickBooks, and multi-currency management, Wise Business may be an alternative to consider.
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
| Read the guide to see if you can use Wise as a business account |
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Sources:
¹ Chase Banking Services
² Read Customer Service Reviews of chase.com
³ Chase Performance Business Checking
⁴ Trustpilot
⁵ Trustpilot
⁶ Contact Us | Chase for Business
⁷ Chase Business
⁸ Chase Platinum Business Checking
All sources checked November 14, 2023.
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*Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.
This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.
We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.
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