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Chase Business Checking Account Review – $200 Bonus

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At a Glance
chase for business logo
3.8 / 5
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Chase Total Business Checking®

  • Accounts: Chase Total Business Checking®, Chase Performance Business Checking, Chase Platinum Business Checking
  • Bonuses: Get $200 bonus cash when you open a Chase Total Business Checking account and complete the following: Deposit $1,000 (new money only) within 20 business days, maintain a $1,000 balance or greater for 60 days, and execute 5 qualifying transactions within the same timeframe: debit card purchases, checks paid, and qualifying deposits.
  • Monthly Maintenance Fees: Total Business Checking: $15 ($12 with paperless statements), waived with $1,500 minimum daily balance or a linked Chase Private Client CheckingSM or Chase Sapphire® Checking personal account; Performance Business Checking: $30, waived with $35,000 in qualifying business deposit balances; Platinum Business Checking: $95, waived with $100,000 in qualifying business deposit balances
  • Minimum Balance Requirements: Variable
  • Benefits: Fee-free access to approximately 16,000 Chase ATMs and 5,000 branches; mobile check deposit; Chase QuickPay; text banking; up to 500 transactions free each month (excluding wires); up to $25,000 in monthly fee-free cash deposits

Chase Business Checking is part of the Chase for Business vertical, which includes a host of small business credit cards (including the excellent Chase Ink Business Preferred Credit Card) and business savings accounts.

Chase has three main business checking accounts: Chase Total Business Checking®, Chase Performance Business Checking®, and Chase Platinum Business CheckingSM. All three can help reduce common business expenses and facilitate business funding initiatives for nascent startups and mature enterprises alike.

Each Chase Business Checking account has its own fee structure, inclusions, and limitations. In particular, the Chase Total Business Checking® account has a very nice account opening bonus: $200 bonus cash when you open an account as a new customer, make a minimum qualifying deposit, and fulfill some other straightforward requirements within 60 days. I’ll explain the bonus in greater detail below.

Here’s what you need to know about Chase’s three main business checking accounts.

Key Features for Each Chase Business Checking Account

Here’s what you need to know about each Chase Business Checking account.

Chase Total Business Checking®

This is Chase’s “entry level” business checking account – though it’s far from basic.

First, and most important, is this product’s account opening bonus. When you open a new Chase Total Business Checking® account as a new client and complete the qualifying activities, you’re entitled to a new account bonus worth $200 cash.

To qualify for the bonus, you need to do the following:

  • Open your new account
  • Deposit at least $1,000 in new money – funds not currently held with Chase – within 20 business days
  • Maintain a minimum balance of at least $1,000 for 60 days
  • Complete at least five qualifying transactions – debit card purchases, Chase QuickDeposit, wires (credits and debits), ACH transfers (credits and debits), and checks paid – within 60 days of account opening

Once you’ve fulfilled your obligations, you’ll receive your new account bonus as a direct deposit within 10 business days.

Here’s what else you need to know about this account.

  • Minimum Opening Deposit: There’s no minimum deposit required to open this account.
  • Monthly Maintenance Fee: $15 with paper statements and $12 with paperless statements. The fee is waived when you maintain a $1,500 minimum daily balance or maintain a linked Chase Private Client CheckingSM or Chase Sapphire® Checking personal account.
  • Transaction Limits: Up to 100 free transactions per month and unlimited deposits, excluding wire transfers. The transaction limit excludes outgoing wire transfers as well. Above the transaction limit, there’s a $0.40 fee for each transaction.
  • Cash Deposit Limits: Up to $5,000 in fee-free cash deposits per month.

Chase Performance Business Checking®

This is Chase’s mid-level business checking account. It’s ideal for established midsize businesses with straightforward cash management needs.

  • Minimum Opening Deposit: The minimum opening deposit is $25.
  • Monthly Maintenance Fee: $30, waived when you maintain qualifying business account deposits (across all linked business accounts) of $35,000 or more.
  • Transaction Limits: Up to 250 free transactions per month and unlimited deposits, including incoming wires. The transaction limit excludes outgoing wire transfers, but the account does include two outgoing wires at no charge. Above the limit, the transaction fee is $0.40.
  • Cash Deposit Limits: Up to $20,000 in fee-free cash deposits per month.

Chase Platinum Business CheckingSM

This is Chase’s top-tier business checking account. It’s designed for larger businesses that need to handle lots of transactions.

  • Minimum Opening Deposit: The minimum opening deposit is $25.
  • Monthly Maintenance Fee: $95, waived when you maintain qualifying business account deposits (across all linked business accounts) of $100,000 or more.
  • Transaction Limits: Up to 500 free transactions per month and unlimited deposits, including incoming wires. Up to four outgoing wires are included at no charge, with standard wire transfer fees applying above that limit. The post-limit transaction fee is $0.40.
  • Cash Deposit Limits: Up to $25,000 in fee-free cash deposits per month.

This isn’t a full accounting of all the fees and limitations that you could encounter as a Chase Business Checking customer. For a complete guide to each account, call Chase’s business banking helpline at or check in with a business banker at one of the company’s 5,000+ U.S. branches.

Key Features for All Accounts

Online Banking With Bill Pay

Chase’s online banking suite includes:

  • Online Bill Pay: Fee-free bill payments (subject to transaction limits) to vendors, contractors, and others.
  • Account Activity Sync: Easily download account activity to QuickBooks and other accounting platforms for easy offline and on-the-go access.
  • Account Alerts: Text, push, and email alerts for important account events, such as incoming deposits, low balances, and more.
  • Mobile Banking: Chase’s mobile banking app offers full functionality on iOS and Android devices.
  • Paperless Statements: All Chase business checking customers are eligible for paperless statements, which may reduce monthly maintenance fees.

Complimentary ATM Access and Debit Cards

All Chase business checking account holders enjoy complimentary business debit cards and fee-free access to more than 16,000 Chase ATMs around the United States. Chase also has more than 5,000 physical bank branches in the U.S., though they’re not evenly distributed across the country.

Chase QuickDepositSM

Chase QuickDeposit is a user-friendly mobile check deposit tool that’s free for low-volume users. To deposit a check at no charge, simply follow the prompts in the mobile check deposit app.

If your business processes a lot of paper checks, you’ll want a physical check scanner. A single-feed check scanner is free to purchase, but requires a $25 monthly fee on a two-year contract. A multi-feed check scanner, which is ideal for high-volume deposits, requires a $50 monthly fee on a two-year contract and no upfront charge.

Chase Merchant Services

Chase has a slew of services and solutions for merchants that need to accept payments in-person, online, and over the phone. For in-person transactions, merchants can choose from several different POS configurations for terminal, pay-at-the-table, and mobile sales. For remote transactions, Chase offers virtual terminal and e-commerce portal solutions. These solutions may carry equipment and maintenance fees, and may require longer-term contracts, so talk to your Chase banker for more information.

Chase Business Banking Services

In addition to the services and solutions outlined above, Chase offers lockbox, cash (Branch Deposit Express), and cash vault services for larger businesses that need to rapidly and accurately process lots of transactions. These services may carry additional fees and limitations – talk to your banker for more details.

Advantages

  1. Attractive New Account Bonus for Total Checking. When you open a new Chase Total Business Checking account as a new client and complete the qualifying activities, you’ll get a $200 new account bonus. To qualify, you need to deposit just $1,000 in new money within 20 days of opening your account, maintain that balance for at least 60 days, and complete five qualifying transactions within the same timeframe. Unless your business is extremely cash-poor, it’s likely you can swing this.
  2. Relatively Easy to Avoid Monthly Maintenance Fees in Chase Total Business Checking. All you need to do to avoid the $12 to $15 monthly maintenance fee in your Chase Total Business Checking account is maintain a daily minimum balance of at least $1,500. This should be within reach of most businesses – it’s only 50% greater than the amount required to obtain the $200 new account bonus on Chase Total Business Checking.
  3. User-Friendly Mobile Check Deposit. Chase’s user-friendly QuickDeposit tool is a boon for business owners who don’t work within easy reach of a physical Chase branch or ATM – and those who simply can’t find the time to visit the bank themselves. If you’re a landlord who needs to cash security deposit checks on the go, for instance, this is a lifesaver. The mobile check scanning app is free to use; for higher deposit volumes, you’ll want a check scanner, which requires a contract and $25 to $50 monthly fee.
  4. Free Access to More Than 5,000 Branches. Chase has more than 5,000 physical branches around the United States. That’s a big advantage over mostly or solely online banks like Capital One (which has just a few physical branches) and Ally Bank (which has no physical branches). Even with Chase’s comprehensive, user-friendly online tools, it’s always nice to be able to talk to a banker in person.

Disadvantages

  1. Relatively Strict Cash Deposit Limits. No matter which Chase Business Checking account you select, you can’t deposit more than $25,000 cash per month. This is a problem for cash-heavy businesses, such as restaurants and retailers.
  2. Excess Transactions Incur a $0.40 Fee. If your business conducts lots of small-dollar transactions (or lots of transactions in general), Chase Business Checking might not be for you. Depending on your account level, as few as 101 transactions per month can trigger the $0.40-per-transaction fee. Some competing accounts, including Capital One Spark Business Checking, have no transaction limits and no fees for excess transactions.
  3. Smallish ATM Network. Chase has just 16,000 fee-free ATMs in the U.S. This is far fewer than Capital One, whose Spark Business Checking account comes with access to nearly 40,000 fee-free ATMs.
  4. No Interest on Deposits. These accounts don’t pay interest on deposits. While business checking accounts generally aren’t as generous as business savings accounts in the interest department, some major banks do at least pay token interest on deposits. For instance, Wells Fargo’s top-tier business account is interest-bearing.
  5. Need to Apply in Person. You can’t open a Chase Business Checking account online. You have to walk into a Chase branch and apply with a banker. Needless to say, this takes time and rules out business owners who don’t live or work within easy reach of Chase branches.

Final Word

Chase Business Checking is one of the most recognizable business checking solutions out there, but it’s probably not the only financial solution your company needs. Chase has a nice lineup of business savings solutions, including traditional savings accounts and CDs, so you’ll want to look into those if you’re not impressed by Chase Business Checking’s lack of interest-bearing options. It also has multiple credit card options for businesses and consumers alike, including some of the top travel rewards credit cards and cash back credit cards on the market.

And, of course, your Chase banker is always happy to discuss borrowing options with you. In other words: No matter what your growing business needs, Chase can probably help. Just be sure to compare their offerings to the competition. No one is perfect, after all, and it’s never been easier to learn what else is out there.

Do you use Chase Business Checking? How has your experience been?

Verdict
chase for business logo
3.8 / 5
Rating

Apply Now

Chase Total Business Checking®

Chase Total Business Checking® is ideal for businesses of any size. The attractive new account bonus and relative ease of avoiding monthly maintenance fees make it a low-cost option for businesses that don’t handle lots of cash or conduct lots of small-dollar transactions.

On the other hand, the tight transaction limits are problematic for retailers and others that need to conduct many hundreds or thousands of transactions each month. The in-person application requirement effectively freezes out businesses not based in Chase’s home territory. There’s also no interest on deposits – bad news for companies with healthy balances.

Noteworthy benefits include an attractive new account bonus ($200), relative ease of avoiding monthly maintenance fees, 5,000-strong Chase branch network, and easy mobile check deposit.

Drawbacks include relatively strict cash deposit limits, fees for excess transactions, lack of interest on deposited balances, the in-person application requirement (and corresponding geographic restrictions on account ownership), and the smallish fee-free ATM network.

Overall, Chase Business Checking is a great option for small to large businesses with relatively simple cash management needs and no need to conduct overwhelming amounts of small-dollar transactions.

Editorial Note: The editorial content on this page is not provided by any bank, credit card issuer, airline, or hotel chain, and has not been reviewed, approved, or otherwise endorsed by any of these entities. Opinions expressed here are the author's alone, not those of the bank, credit card issuer, airline, or hotel chain, and have not been reviewed, approved, or otherwise endorsed by any of these entities.

Brian Martucci
Brian Martucci writes about credit cards, banking, insurance, travel, and more. When he's not investigating time- and money-saving strategies for Money Crashers readers, you can find him exploring his favorite trails or sampling a new cuisine. Reach him on Twitter @Brian_Martucci.

Comments Disclosure: The below responses are not provided or commissioned by the bank advertiser. Responses have not been reviewed, approved or otherwise endorsed by the bank advertiser. It is not the bank advertiser's responsibility to ensure all posts and/or questions are answered.

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