Chase Business Checking Accounts Overview
Fortune 500's list rates JPMorgan Chase, the highest ranking bank, at #18. Chase Bank offers an array of business banking options. These include savings, certificate of deposits, checking, merchant services, payroll solutions, collection services, mobile quick deposits, business credit cards and business lending. Today we are going to explore Chase's business checking accounts.
Account Creation
Chase does not offer online account creation for business accounts. All of their business accounts must be opened at a branch location, in person. The necessary documentation and parties that need to be present to open account depends upon the type of business opening the account. The chart below explains the required documents and parties needed to be present to open a business checking account.
|
Business Type |
Sole Proprietor. |
General Partnership |
Limited Partnership |
Limited Liabilities Company (LLC) |
Corp. |
Unincorp. (Non Profit) Assoc. |
|---|
| Identification Required
| Personal ID 2 Valid Forms
| Personal ID 2 Valid Forms
| Written Partnership Agreement
| Articles of Organization
| Articles of Incorporation or Certificate of Incorporation
| Organi
zational Documen
tation
| | Tax ID Required
| Tax ID Number (TIN)
| Employer ID Number (EIN)
| Employer ID Number (EIN)
| Tax ID Number (TIN)
| Employer ID Number
| Employer ID Number (EIN)
| Certifi
cation Required
| If Applicable, Assumed Name, Fictitious Name Certificate
| Written Partnership Agreement or Assumed Name Certificate
| Certificate of Limited, Limited Liability or Limited Liability Limited Partnership And- If Applicable Assumed Name/Fictitious Name Certificate
| If Applicable, Assumed Name, Fictitious Name Certificate
| If Applicable, Assumed Name, Fictitious Name Certificate
| | Parties Need to be Present
| Owner
| All General Partners
| All General Partners
| Member Managed- All Members or Manager Managed- All Managers
| Corporation's President, Secretary, Assistant Secretary or Acting Secretary
| Secretary
|
Which Checking Account Is Right For Your Business?
Chase bank offers three business checking account options. All three accounts include online banking, bill pay, account alerts, complimentary business debit card(s) with access to more than 20,000 ATMs, and mobile banking.
Chase Total Business Checking was developed for growing businesses and those who want to manage their cash flow on the go. Chase Performance Business Checking was developed for mid-sized businesses whose cash management needs are simple. Chase Platinum Business Checking was developed for large businesses that have higher monthly transaction needs. The chart below shows the similarities and differences, options, features and published associated fees between these three accounts.
|
Total Business
Checking |
Performance Business
Checking |
Platinum Business
Checking |
|---|
|
Monthly Fee
| $12- Paper Statements
$10- Paperless Statements
| $20
| $95
| |
Requirement to Waive Monthly Fee
| $1,500 Minimum Daily Balance
| Qualifying Business Deposit Balances of $50,000
| Qualifying Business Deposit Balances of $100,000
| |
Number of Free Transactions
| 200 per Monthly Statement Cycle
3 | 50 per Monthly Statement Cycle
| 500 per Monthly Statement Cycle, Unlimited Electronic Deposits
| |
Dollar Amount of Free Cash Deposits
| $7,500 per Monthly Statement Cycle
| $20,000 per Monthly Statement Cycle
| $25,000 per Monthly Statement Cycle
| |
Total Cash/Deposits Allow Per Month
| $50,000
| N/A
| N/A
| |
Incoming/Outgoing Wire Transfers
| Allowed
| Two Free- Additional for a Fee
| Unlimited Incoming
4 Free Outgoing
Reduced Pricing on Additional Transfers
| |
International Incoming/Outgoing Wire Transfers
| Incoming Only
| Yes- Fee Applies
| Yes- Fee Applies
| |
Telephone Banking
| Standard
| Premier Business Line
| Preferred Client Access Through Chase Platinum Business Services
|
The Fine Print
Unlike Chase's personal account offerings, the fine print for business accounts cannot be viewed online. Their website states that in order to obtain more information about the fees and features of their business checking accounts inquires need to occur at a branch.
Business Banking Debit Card
All three checking accounts offer free business debit card(s). Debit cards offer convenience, control and protection. When a business owner uses their business debit card for purchases the purchase amount is immediately deducted from their account. These purchases appear as an itemized list on their monthly statement and can be view online. The business debit card comes with advanced security features- zero liability protection, real-time fraud monitoring and account alerts.
Businesses can also elect to obtain business associate debit card(s). These cards allow employees to make purchases on the business' behalf. There are no worries of employees overspending, as custom daily limits for both ATM cash withdrawals and purchases can be set. Monthly statements with itemized lists can be generated showing the cardholder's name, merchant name and location and the date and amount of each purchase.
Comparing To Other Online Banks
Business owners who do not mind opening their business checking account with an online bank can eliminate and/or greatly reduce their monthly fees. The chart below explores the business checking accounts offered by two online banks and their features and published fees.
|
Small Business Bank |
B of I Federal Bank
Basic |
B of I Federal Bank
Interest |
B of I Federal Bank
Premier |
|---|
|
Minimum to Open
| $100
| $1,000
| $100
| $100
| |
Monthly Fee
| $0
| $0
| $10
| $15.95
| |
Required to Waive Monthly Fee
| N/A
| N/A
| $5,000 Minimum Daily Balance
| $25,000 Minimum Daily Balance
| |
Online Banking
| Yes
| Yes
| Yes
| Yes
| |
Mobile Banking
| Yes
| Yes
| Yes
| Yes
| |
Debit Card
| Yes
| Yes
| Yes
| Yes
| |
Remote Deposit
| Yes
| Yes
| Yes
| Yes
| |
Free ACH Transfers
| Yes
| Not Published
| Not Published
| Not Published
| |
Checks
| Free
| $50 off First Order
| $50 off First Order
| $50 off First Order
| |
# of Free Deposits
Unlimited
| 200, Additional $0.30 each
| 50, Additional $0.50 each
| 100, Additional $0.30 each
| |
Incoming Wire Transfers
| Free
| Not Published
| Not Published
| Not Published
| |
Incoming International Wire Transfers
| $37.50
| Not Published
| Not Published
| Not Published
| |
Reimbursed ATM Fee
| No
| Yes
| Yes
| Yes
|
Chase Business Checking Account Review Summary
Although online banks may offer business owners reduced checking account fees, they do have the limitation of being unable to accept cash deposits.
Chase Bank's business checking accounts are complimented by Chase's other business banking options. When combined, they offer businesses with a
complete banking package and the convenience of a neighborhood bank. This is especially important for businesses that have the need to make cash deposits.
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