Chase Business Checking Review
Is It Right For You? (Pros, Cons & More)
Last Updated: By TRUiC Team
Do you need a business bank account, but you don’t know who offers the features you want and the convenience you need? There are so many options for business banking these days that it’s difficult to discern which one’s right for your company.
As a supplement to your own research, our team invested hours poring over the details of the best banks for business. Our goal is to provide you with the information you need to choose the best fit for you.
In this Chase business banking review, we’ll go over the pros and cons, pricing, features, customer reviews and more. Read on to find out if they’re a good choice for you!
Chase Pros & Cons
Pros of Chase
- With 16,000 ATMs and more than 4,700 branches around the country, it’s easy to find a Chase banking center.
- 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. Additionally, they’re often on the leading edge of technological advancements in the banking industry.
- Their 3 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.
- If you add a business credit card, you get access to some great rewards including cash back, travel rewards and much more.
Cons of Chase
- Their top-tier Platinum Business checking account is expensive, with $95 per month in fees, and it still has a 500 transaction limit.
- With savings rates that range from 0.05-0.15%, their interest rates aren’t the absolute lowest in the business, but they’re still pretty low.
Chase Pricing & Features
Chase gives you 3 options for business checking, and their packages are tailored for small, medium and large businesses. Let’s take a look at what they have to offer in their Business Complete Checking, Performance and Platinum checking packages:
Chase Business Complete Banking℠
The Chase Business Complete Checking Account has a $0 minimum deposit to open, $15 monthly fees, and benefits that include:
- Earn $300 when you open a new Chase Business Complete Checking account. For new Chase business checking customers with qualifying activities.
- More ways to waive fees. Multiple options to waive the Monthly Service Fee, including maintaining a minimum daily balance or purchases on your Chase Ink® Business credit card
- Built-in card acceptance. Accept card payments anytime, anywhere in the U.S., and get transparent pricing with Chase QuickAccept(SM).
- Same-day deposits with QuickAccept(SM). Free up the cash you need to keep your business moving forward with same-day deposits at no additional cost.
- Alerts to help you stay on top of your account activity.
- Easy account management through Chase Business online and the Chase Mobile® app.
- Unlimited electronic deposits, ACH and Chase Quick Deposit(SM).
- Convenient access to 16,000 ATMs and more than 4,700 branches.
Performance
What It Includes: 350 monthly transactions, $20 monthly fee waived with $50,000 average balance, $20,000 monthly cash deposits, 2 domestic wires per month.
Who It’s Right For: Growing companies with more demanding banking needs will do well with the Performance account.
Platinum
What It Includes: 500 monthly transactions, $95 monthly fee waived with $100,000 average balance, $25,000 monthly cash deposits, unlimited electronic deposits and incoming wires, 4 outgoing wires per month, Chase Platinum Business Service customer support system which grants you priority service.
Who It’s Right For: Large companies with complex banking requirements, who either don’t mind paying the $95 fee or have enough cash to maintain the $100,000 average balance to waive it.
Savings Accounts
Chase takes a unique approach to their business savings rates, with rates of just 0.04-0.05% for customers who don’t link the account to a Chase checking account. For those customers who have both, the rates are as follows:
- $0-$9,999 balance: 0.05% APY
- $10,000-$99,999: 0.10%
- $100,000+: 0.15%
Finally, keep in mind that their business credit cards have some great perks like cashback and travel rewards.
Chase Customer Reviews
It can be hard to find honest customer reviews for business banking institutions, but one place where we consistently turn to is reviews of bank apps.
Chase does quite well in this area, as they have excellent average ratings on both Google Play and iTunes. It seems that many of their business customers enjoy the convenience afforded by Chase’s many physical branch locations, as well as how easy it is to manage multiple accounts.
Customer Reviews Last Updated 10-09-23
- Google Play: 4.4/5 out of 1.79 million reviews
- Apple: 4.8/5 out of 5.1 million reviews
Conclusion: We'll be honest, it’s rare to see such positive customer feedback for a major financial institution. We will say that we found some complaints about their service department, but that’s bound to happen anytime you’re dealing with a company this large (some unsatisfied customers always fall through the cracks). On the whole, customer feedback is quite good for Chase.
How Chase Compares
Considering how much time we've spent studying the best banks for business, we've figured out that some of them are simply better offers than others. Of course, the goal is still to discern which one has the best combination of features and convenience for you.
Chase is a good bank for business because of their easy accessibility and technological advancements. Still, it’s always smart to keep an eye on the competition, so let’s also look at our personal favorite, Spark Business by Capital One.
Pricing: Spark Business does not charge any fees, and they don’t have minimum balances on their business bank accounts.
Features: Chase has more than 4,700 branches nationwide, whereas Spark Business is a digital product that doesn’t have physical branch locations. However, Spark Business does give you access to 40,000+ ATMs, while Chase has 16,000. As for the savings accounts, Spark Business gives you a 0.40-1.00% APY which is far better than Chase’s 0.05-0.15%.
Customer Support: Considering the size and scope of these banks, customer service by default will not lead to 100% of their customers being satisfied. In our personal experience, both Chase and Spark Business are easy to get ahold of and have friendly, knowledgeable reps. Just know that not everyone has this same experience.
Experience: Capital One is the 8th biggest American financial institution, having opened back in 1988. On the other hand, Chase is the largest bank in the US, in business since 1877.
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, with more than 4,700 branches there’s bound to be one nearby.
What Perks Come with Checking Accounts?
Their Performance and Platinum accounts include wire transfers, and Platinum also includes their preferred customer service program.
How Are Deposits Made?
You can make deposits through their Chase Mobile app, at a branch near you or at one of their many ATM locations.