Last Updated 03 July 2017 | By:

Chase Business Checking Review

Is It Right For You? (Pros, Cons & More)

Chase Business Checking ReviewLooking to open a new business checking account, but overwhelmed by how many options there are? Which bank will be the most convenient without nickel and diming you? With over 200 years in the banking industry, JP Morgan Chase is worthy of consideration.

In this Chase business banking review, we’ll take a look at some pros and cons, features, pricing, customer reviews and much more. By the time we’re finished, you’ll have a great idea whether you want to open a business checking account with Chase, or if you’d rather investigate other options. Enjoy!

Chase Business Checking Pros & Cons

Pros

  1. They frequently run promotions that reward customers with hundreds of dollars for opening a business checking account. As we put this review together, the bonus is $500!

  2. With 16,000 ATMs and 5,200 branches around the country, it’s easy to find a Chase banking center.

  3. Their three levels of business checking packages are targeted to suit small, medium and large businesses. No matter what your needs are, Chase has a checking account for you.

  4. Chase’s mobile apps are user-friendly. Customer reviews for their mobile banking are overwhelmingly positive, which isn’t true for all of their major competitors.

  5. In terms of security, banking with Chase means there’s almost zero chance your money will be hacked. They have layer upon layer of security measures, and can afford some of the best software firewalls money buys.

Cons

  1. Their top-tier Platinum Business checking account is expensive, with $95 per month in fees, and it still has a 500-transaction limit.

  2. In terms of their customer reviews, while they’re great when it comes to mobile apps, it’s not so great if we’re talking about customer service reps and the many pitfalls of dealing with such a huge institution.

Chase Pricing & Features

With Chase business checking, you can pick one of three service packages: Total, Performance and Platinum.

Chase Business Checking Pricing

Let’s briefly dive into the core features of these three packages so you can quickly see which applies to you and your business needs.

  • Total:
    • $10 monthly fee (waived with $1,500 minimum balance), 200 transactions, and $7,500 monthly cash deposits.
  • Performance:
    • $20 monthly fee (waived with $50,000 minimum balance), 350 transactions, $20,000 monthly cash deposits, and 2 outgoing wires per month.
  • Platinum:
    • $95 monthly fee (waived with $100,000 minimum balance), 500 transactions, $25,000 monthly cash deposits, and 4 outgoing wires per month.

The jump from $20 to $95 in monthly fees from Performance to Platinum doesn’t quite seem worth it – 150 transactions, $5,000 in cash deposits and two more wires, for an additional $75? Not impressive. That said, both Total and Performance look like excellent values depending on the size of your business and how frequently you conduct transactions.

Chase Customer Reviews

Customer ReviewsChase is a huge operation as one of the top banks for business in the entire country. It’s tough to get a general impression of how their business customers like their service, because reviews are often buried beneath thousands of personal banking customers sounding off on overdrafts and interest rates.

  • One thing that seems to be universal for all Chase customers is praise for their advanced tech. From their super-slick website to their universally-beloved mobile apps, Chase is head and shoulders above the competition.
  • Considering they have so many branches and ATMs, it’s no surprise their customers are pleased with this accessibility. Many reviews mention how convenient it is to find a Chase location, no matter where you are in the US.

For a company of their size, it’s a bit surprising there aren’t more complaints about customer service. With large corporate banks like this, there are usually massive piles of customer criticisms revolving around poor service, whether over the phone or at their local branch.

There are plenty of customers who take issue with their fees, but most seem generally pleased with their Chase business checking account.

How Does Chase Compare?

Chase ComparisonChase is an excellent choice to open your business bank account. Their mobile app and website are technologically advanced, and they have quite a few ATMs and bank branches across the country. Of course there are other banks, so let’s take a quick look at Bank of America and Spark Business by Capital One.

Spark Business by Capital One

  • Their claim to fame is no monthly fees, transaction limits or even minimum balance requirements…meaning more of your money stays in your account instead of being chipped away.
  • Spark Business is an entirely digital banking option. Running your checking account using their user-friendly iOS and Android apps can be a breeze!

Bank of America

  • They toss in a savings account free of charge when you open any business checking account.
  • Bank of America’s Business Advantage Checking is a top-tier checking account as well. With Business Advantage, you can operate multiple checking accounts and gain access to their helpful Small Business Priority Team.

At the end of the day, our favorite business bank account is from Spark Business by Capital One. If you require regular cash deposits and can’t go full-digital, our preference goes to Bank of America due to their many ATMs and branches nationwide.

HERE’S A QUICK VISUAL

Capital One
  • Service Fee Starts at
    $0

  • No minimum balance required

  • Perfect for:
    Anyone looking for a startup-friendly, cost-effective business checking account

Visit Website
Chase
  • Service Fee Starts at
    $10/month

  • Maintain minimum balance of $1,500

  • Perfect for:
    Anyone looking for wide variety of financial solutions for their startup business

Visit Website

Frequently Asked Questions

How Easy Is It to Get Set Up?

You can’t open an account online, which means you’ll have to go to the nearest Chase location. While that’s a bit of a letdown, we’re sure it doesn’t take too long in person. And again, there’s bound to be a branch nearby.

What Perks Come with Checking Accounts?

Chase offers up to $500 for new business banking customers, on a promotional basis. Make sure to check and see if they’re currently running one of these deals when you sign up.

How Are Deposits Made?

Easy, you can make deposits through their Chase Mobile app, at a branch near you, or at one of their many ATM locations.

Should You Use Chase?

Chase is one of the top business checking accounts available. The excellent customer reviews for their mobile banking and conveniently located branches make them a great option for your business.

Use the links below to either get started with Chase today, or continue exploring other options.

Visit Chase Or Visit Other Options