Chase Bank Review | best business loans

Chase Bank Review

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Zero hassle business funding

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Aditi Patel

10 Best Business Loans Editor

Pros

  • No minimum deposit needed to open new accounts
  • Unlimited electronic transactions for free
  • Integrated system for credit card processing
  • No overdraft fee if the account is overdrawn by $50 or less, with a 24-hour grace period for overdrafts exceeding that amount
  • 16,000 Chase ATMs with no fees

Cons

  • $15 monthly services fee
  • No-fee cash deposits are limited to $5,000 per month
  • Out-of-network ATM sees

Overview

Chase provides three business checking account options: Chase Business Complete Banking, Chase Platinum Business Checking, and Chase Performance Business Checking. This review highlights Chase Business Complete Banking, which is particularly suited for small-business owners. It features a relatively low monthly fee of $15, unlimited electronic deposits, and a strong emphasis on digital tools, making it a convenient and cost-effective choice for businesses with straightforward banking needs.

Chase Business Complete Banking is ideal for small-business owners who:

  • Need a Full-Service Bank: Prefer access to business loans, credit cards, and merchant services in addition to a checking account.
  • Have Limited Cash Deposits: Deposit $5,000 or less in cash per month without incurring fees.
  • Make Minimal In-Person Transactions: Conduct 20 or fewer in-person transactions monthly.
  • Utilize Credit Card Processing: Benefit from integrated credit card processing services like Chase QuickAccept.
  • Can Waive Monthly Fees: Meet at least one of the criteria to avoid the $15 monthly service fee.

This account is tailored for small businesses with straightforward banking needs and an emphasis on digital tools and services.

 

 

How to Open an Account?

Privately held sole proprietorships, corporations, or single-member/manager LLCs can open an account online. For all other business types, you’ll need to apply in person at a local Chase branch. With over 4,700 branches across 48 states, Chase offers widespread accessibility. While no initial deposit is required to open a Chase Business Complete Checking account, you must fund the account within 60 days to keep it active. Once your account is funded and established, you can manage your business banking through Chase’s online platform, mobile app, or by visiting branches and ATMs.

To open a business bank account at Chase, you’ll need the following:

  • Identification: Two forms of ID, including a government-issued ID with photo.
  • Tax Identification: Employer Identification Number (EIN) or Social Security Number (SSN) for single-member LLCs.
  • Business Documentation: Relevant documents such as an assumed name or DBA certificate, articles of organization or incorporation, partnership agreement, and business license, depending on your business structure.
  • Contact Information: Address and phone number.
  • Ownership Details: Date of birth, Social Security Number, and personal address for any individual owning at least 10% of the company.

Standout Features

Unlimited Electronic Deposits

Enjoy unlimited electronic deposits, including ACH transfers, internal transfers, ATM transactions, debit card purchases, mobile deposits through Chase QuickDeposit, and other online payments. This provides significant flexibility, comparable to many online-focused business checking accounts.

Sign-Up Bonus

Earn a $300 bonus by meeting these requirements: deposit $2,000 within 30 days, maintain that balance for 60 days, and complete five qualifying activities such as debit card purchases or mobile check deposits. This promotion stands out as one of the best among business bank account offers.

Robust Online Tools

Chase combines robust online tools with an extensive brick-and-mortar presence. With thousands of branches across 48 states and Washington, D.C., you’ll rarely be far from in-person support. For those who prefer digital banking, Chase provides advanced mobile and online features, including:

  • Online Bill Pay
  • Fraud Protection
  • Text Banking and Account Alerts
  • Chase QuickPay with Zelle

Additional features include the ability to set up multiple account users, download account activity to financial software, and access collection and cash-flow management services. Whether you value in-person assistance or comprehensive digital tools, Chase offers strong options for managing your business finances.

Integrated Processing

Chase Business Complete Banking is the only account among Chase’s business checking options that offers Chase QuickAccept for accepting credit card payments via the Chase mobile app. This pay-as-you-go service integrates with a mobile card reader, allowing you to accept tap, swipe, or dip transactions directly through your phone.

Processed payments are deposited directly into your business checking account, eliminating the need for a separate app and streamlining both banking and sales transactions. The processing fees are 2.6% plus 10 cents for tapped, dipped, or swiped transactions, and 3.5% plus 10 cents for keyed transactions.

Drawbacks

Limited No-Fee Cash Deposits

Chase Business Complete Banking® allows up to $5,000 in fee-free cash deposits per month. Beyond that, you’ll incur a fee of $2.50 for every $1,000 deposited. This can be a concern for businesses that deal with large amounts of cash regularly, as the fees can add up quickly.

No rewards

Similar to many business accounts offered by traditional brick-and-mortar banks, Chase doesn’t provide ongoing perks that directly boost your earnings beyond its sign-up bonus. Such rewards are more commonly found with online-only accounts.

Monthly Fees

The $15 monthly fee for Chase Business Complete Banking can be a drawback. If you’re unable to consistently maintain a $2,000 daily balance or meet one of the other criteria to waive the fee, you may want to consider a free business checking account instead.

Customer Support

For mobile and online banking assistance, you can contact Chase Business Customer Service at 1-800-242-7338. You can also sign in to Chase Business Online to send a message. For quick answers, check the FAQs, or let the Business Customer Service team assist you in finding a solution.

You may also tweet your queries to @ChaseSupport
Send a message on Facebook or Instagram
Note: Please avoid sharing personal details or account numbers through social media.

 

Bottom line

Chase Business Complete Checking offers a $300 sign-up bonus and includes access to Chase QuickAccept, enabling businesses to accept credit card payments on the go. However, it restricts free in-person transactions to 20 per month, which is significantly fewer than many competitors provide.

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