Chase Platinum Business Checking Review: Key Features, Fees & Alternatives

JPMorgan Chase & Co. is one of the oldest and biggest financial institutions in the world. Chase is the consumer and commercial banking arm, which offers a range of accounts for business customers.

In this Chase Platinum Business Checking review, we look at the account’s main features to help you decide whether it is a suitable choice for the needs of your business or whether an alternative may be a better fit.

If you’re looking for a business account that can send and receive international payments with low fees and clear exchange rates, you can also read about Wise Business as a low-cost solution.

Methodology: The team of dedicated content experts at Wise research each provider thoroughly, uncovering the key features, fees, and pros and cons to watch out for. This is then collected into an easily digestible format, to save you time and hassle when looking into a provider.

Chase Platinum Business Checking Review: Quick Overview

🗝️ Key features	500 free non-electronic transactions and $25,000 in cash deposits Unlimited free domestic and international wire payments each month. Four free outgoing wires each month Accept payments and manage the account through Chase’s website and user-friendly mobile app Integration with accounting software such as QuickBooks Issue cards to employees and manage settings for each individual Optional free fraud protection service
💰 Main fees¹	$95 monthly service fee (waived with an average daily balance of at least $100,000) Outgoing domestic wires through the Chase website: $25 Outgoing domestic wires through a Chase branch: $35 Outgoing international US dollar wires through Chase.com: $40 Outgoing international foreign currency wires through Chase.com: $5 (waived for transfers of $5,000+) Outgoing US dollar or foreign currency wire sent through a Chase branch: $50
✅ Great for	Established business needing many free transactions, deposits, and wires

Chase Platinum Business Checking: Key Features

The Platinum account is the highest tier of Chase’s three business checking options. It’s designed for larger businesses that make many transactions in a month. You get a monthly allowance of 500 free non-electronic transactions and $25,000 in cash deposits. Any additional transactions incur a $0.40 fee and deposits are charged at $2.50 for each additional $1,000 above the limit.

There’s no opening deposit requirement, but there is a $95 monthly fee, although this can be waived if you can maintain an average daily balance of at least $100,000, or $50,000 if you have a Chase Private Client Checking account. You can also receive a monthly service fee waiver on Business Premier Savings and personal Premier Plus Checking accounts you may hold with Chase.³

You can receive an unlimited number of free domestic and international wire payments every month. You can also send four wires each month for free, after which you’ll need to pay fees.

Chase doesn’t charge for out-of-network ATM withdrawals, although you’ll still have to pay third-party ATM charges.

The bank offers free fraud protection services that compare checks to a signature that you provide that is kept on file.

To open a Chase business bank account, you can apply directly through its website or visit one of its physical branches. If your cash deposits or transactions are more in line with one of Chase’s other business account offerings, or if you’re not likely to meet the minimum balance to waive the monthly fee, the Platinum account may not be the best fit.

🔍 Read on for more:
Ease of Use Customer Service Chase Platinum Business Checking Fees Chase Platinum Business Checking Requirements Chase Platinum Business Checking Pros and Cons Chase Platinum Business Checking vs US Bank Platinum Business Checking Conclusion: Is Chase Platinum Business Checking the Best Choice for Your Business? Discover Wise Business: The International Business Account

Ease of Use

Chase provides a range of features that make its account easy to use, streamlining processes for business owners.

As with other Chase business checking accounts, Chase Payments Solutions allows you to accept credit and debit card payments at the counter, online through the website or on the go through the mobile app. The app allows you to deposit checks, pay bills, make transfers, and view the account balance. You can also access account information through text banking to review balances, transactions and credit card bills.

The account provides budgeting and reporting tools and integrates with software such as QuickBooks to simplify accounting.

Chase allows you to issue cards to employees and manage debit, deposit, and ATM card settings for each individual.

The Platinum account comes with an optional free fraud protection service. You can provide Chase with information on checks you have written to keep on file and compare your signatures with returned checks to limit fraudulent transactions.

Holding a business checking account with Chase enables you to consolidate services at one bank, including merchant services, collection services, and quick deposit. You can also send and receive payments with digital money transfer service provider Zelle.

Positive reviews on Trustpilot (an independent review site) state that the Chase mobile app offers a user-friendly experience for business owners, uniting credit cards and bank accounts into a single dashboard. They also praise the bank’s efficient onboarding process for business accounts.⁴

However, some negative reviews from business customers on Trustpilot refer to bad experiences with ineffective fraud prevention and poor customer service experiences.⁵

Customer Service

Chase provides concierge support over the phone from its dedicated Platinum Business customer service team. It also offers customer support online through its secure message center or its @ChaseSupport official Twitter handle, and in person at its 4,700 branches.⁶

Chase Platinum Business Checking Fees

Here are some of the main fees to expect with the Chase Platinum Business Checking account:

• Monthly service fee: $95 (waived with an average daily balance of at least $100,000 or $50,000 in a Chase Private Client Checking account)

• Additional transactions above 500 monthly limit: $0.40 each

• Cash deposits above $25,000 monthly limit: $2.50 per $1,000

• Outgoing domestic wire transfers sent through the Chase website: $25

• Outgoing domestic wire transfers sent through a Chase branch: $35

• Outgoing international USD wire transfers sent through Chase.com: $40

• Outgoing international FX wire transfers up to $5,000 sent through Chase.com: $5

• Outgoing international wire transfers sent through a Chase branch: $50

The Platinum account waives the charges for incoming wires and the four most expensive outgoing wire transfers you make each month. However, if you need to make more frequent payments, the fees can quickly add up.

Consider Wise Business as a low-cost solution for international payments. You’ll pay the mid-market rate with no hidden fees.

Chase Platinum Business Checking Requirements

To open a Platinum business account with Chase, you’ll need to provide the following information:⁷

• Two forms of personal identification, one of which must be a government-issued
• Tax Identification Number
• Business documentation such as Certificate of Formation, website validation, active status verification, etc.
• Business information including address, phone number, nature of the business, annual sales, number of employees, and types of transactions and volumes you expect to process through the account

Chase Platinum Business Checking Pros and Cons

Benefits	Possible drawbacks
Unlimited electronic deposits Unlimited incoming domestic and international wire payments Four free outgoing wire transfers per month Access to 4,700 physical branches across 48 states Priority customer support	High monthly fee of $95 High average daily balance requirement to waive monthly fee High fees for outgoing international wire transfers No refunds for third-party ATM charges Limits on transactions and cash deposits Account does not earn interest

What are the benefits of Chase Platinum Business Checking?

The Chase Platinum business checking account offers a relatively high monthly cap on non-electronic deposits and debits, freeing up financial processes for businesses that regularly have a large volume of transactions. If your business handles large amounts of cash each month, the $25,000 fee-free cash deposit allowance can save you in banking costs.

The Platinum account also offers unlimited incoming domestic or international wire transfers and waives the fees on the four most expensive outgoing wires each month. This saves money for businesses that largely receive wires and do not need to make many international payments.

For businesses that require in-person banking and premium customer support, Chase has more than 4,700 physical branch locations across 48 states and has a dedicated phone line for Platinum account users. Chase can also provide a full suite of business banking services including credit cards, lending, and savings.

Learn More: Chase Business Checking Accounts Overview

What are the possible drawbacks of Chase Platinum Business Checking?

The monthly service fee for the Platinum account may be too expensive for businesses that cannot meet the minimum average balance requirements to get the fee waived. Unless you run a large business with high revenues, it can be a challenge to reach an average daily balance of $100,000.

While the transaction and cash deposit limits are relatively generous, they are still limits and you’ll incur additional fees if you over them. And if you need to make more than four outgoing international wire transfers each month, you’ll rack up further fees of up to $50 per payment.

Chase Platinum Business Checking vs US Bank Platinum Business Checking

US Bank offers an alternative Platinum account with similar transaction and deposit limits to the Chase account but a lower $30 monthly fee that is waivable on accounts with an average $25,000 balance. US Bank provides 500 free monthly transactions and $20,000 in cash deposits compared with Chase’s 500 transactions and $25,000 in cash deposits.

Like Chase, US Bank charges $0.40 for additional transactions, but it charges $0.33 per $150 in cash deposits above the limit while Chase charges $2.50 per $1,000.⁸

US Bank’s wire transfer charges for businesses are higher, as its fees include $14 for incoming domestic wires, $16 for incoming international transfers, $40 for outgoing domestic transfers, and $75 for outgoing international wires.⁹

Conclusion: Is Chase Platinum Business Checking the Best Choice for Your Business?

If your business may not be able to consistently meet the average daily balance of $100,000, then the Platinum business checking account from Chase is unlikely to be the best fit, as the monthly service fee will add up to an additional cost.

There are premium business accounts offered by other providers, such as US Bank, which charge lower monthly fees. There are also business checking options than offer unlimited free transactions and deposits.

You should consider the transaction allowances and other features your business needs from a bank account to find the most suitable fit.

Discover Wise Business: The International Business Account

For businesses that need to make frequent international payments, wire transfers through traditional banks like Chase and US Bank can create additional costs as the fees add up.

A Wise Business account offers a smart online solution. 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 get major currency account details for a one-off fee to receive overseas payments like a local. You can also Send money to 160+ countries.

There are no monthly fees or minimum balance requirements, and you can make international payments at the mid-market rate with no hidden costs. Its low transaction fees are clearly defined.

Find out more about Wise Business

Some key features of Wise Business include:

Major local account details to receive international payments with ease No monthly account fees just a simple one-off fee for account details Receive payments from e-commerce platforms (such as Amazon or via Stripe). Create invoices using the Wise invoice generator or invoice templates. Accounting integrations, including a QuickBooks Bill Pay connection. Bill payments will be synced, matched, and categorized in QuickBooks for simple reconciliation. Batch payment options. Fast payment of up to 1,000 people.

Open a Wise Business account online

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.

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Sources:

¹Additional Banking Services and Fees for Business–Accounts Deposit Account Agreement (PDF)
²Read Customer Service Reviews of chase.com
³CHASE BUSINESS COMPLETE CHECKING ® Earn $300
⁴Trustpilot
⁵Read Customer Service Reviews of chase.com
⁶Contact Us | Chase for Business
⁷Business Checking Account Opening Information
⁸Compare business checking accounts | U.S. Bank
⁹How much does a wire transfer cost?

Sources checked February 2024.