Score 8.8
Regulation FDIC
Score 8.8
Regulation FDIC

What is Chase Business?

Chase Business checking and banking accounts are designed for SMBs to manage finances and expenses better. Regarded as a tailored banking solution, Chase offers clients Performance Business Checking, Business Complete Banking, and Platinum Business Checking accounts. In addition, this established multinational banking corporation features mobile functionality and a wide range of business banking services. 

This centuries-old can be traced back to NYC in 1799 with JPMorgan & Company, Chemical Bank, the National Bank of Detroit, The First National Bank of Chicago, Manufacturers Hanover Trust Company Bank One, and The Chase Manhattan Bank. Chase Business Bank operates under the trademark of JPMorgan Chase & Company.

Key Details

Founded
1799
Headquarters
USA
Users
62 Million+
Regulation
FDIC
Rating
Chase Key Details
Founded 1799
Headquarters USA
Users 62 Million+
Regulation FDIC

Chase Account Pros & Cons

Pros
  • green-check-mark Massive brand awareness
  • green-check-mark No minimums and unlimited deposits
  • green-check-mark Access to thousands of ATMs and branches
  • green-check-mark Chase Business Debit Cards & Credit Cards
  • green-check-mark Cash Flow Management with Cash Vault and Lockbox
  • green-check-mark Clients can link Chase business accounts with personal accounts
Cons
  • Chase Business charges a $34 insufficient funds fee per item
  • 3.5% + $0.10 fees for mobile transactions
  • 2.6% + $0.10 for swipe, dip, or tap transactions
  • Limited in-person transactions and fixed fee-free deposits per month
  • Clients must meet an extensive checklist of requirements for different business types
  • Checking account monthly fee of 15$

Chase Banking Features

Chase Business is a highly respected banking enterprise, one of the biggest in the world. This invariably means that Chase Business banking services are integrated with various software, features, and functions. However, bigger is not always better, as regulations and traditional banking services can slow things down and add costs to operations. The following business features are available to small and medium-sized businesses:

Business Loans

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Various lines of credit are available through Chase Business, including operating capital for businesses, financing for investments, SBA solutions for small businesses with guaranteed financing options, and commercial real estate loans. Business loans start at $5000, and business lines of credit start at $10,000.

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Business Savings Accounts

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Business banking services also include savings accounts and certificates of deposit (CDs). Chase offers a higher interest rate or a monthly service fee waiver for qualifying accounts. The business savings accounts are FDIC insured with options such as automatic savings transfers included.

Terms of loans

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The financing options for small business loans include fixed/variable rate options. Loan terms of up to 12 months are available, and an amortized repayment term is applied. Loan amounts begin from $10,000, and Chase offers full financing plus up to 10% in soft costs. It is possible to get terms as long as seven years. Flexible 12 – 84 months terms are available for small business loans with fixed monthly installments. In addition, there are adjustable or fixed rates.

Transfer fees

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Incoming wire transfers for domestic and international payments at no charge, but outgoing wire transfers for business checking accounts are $25 per transfer domestically and $35 per transfer domestically in the branch. International US dollar transfer rates are $40 per transfer. International forex costs $5 per transfer or $0 per transfer if the amount is equal to $5000 or more. International US dollar or forex in-branch transfers are $50.

APY

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The APY for Chase Business Premier Savings is the 0.02% for relationship rates and 0.01% for standard rates. For Chase Business Total Savings, the APY is 0.01%, and for Client Fund Savings, it is 0.01%. For business certificates of deposit, the API changes based on amounts. For example, $1000 – $9999 is associated with an APY of 0.02%. $10,000 – $99,999 has an APY of 0.05% and $100,000 + is associated with an APY of 0.05%.

Business Credit Cards

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Chase Business Credit Cards include a variety of rewards options, notably: Ink Business Unlimited, Ink Business Cash, Ink Business Preferred, United Club, IHG Rewards Premier Business Credit Card, United Business Card, Southwest Rapid Rewards Performance Business Credit Card, Southwest Rapid Rewards Premier Business Credit Card, and World of Hyatt Business Credit Card. Business credit cards are subject to change at Chase’s discretion. These cards are all associated with specific offers, APRs, cashback/rewards, and annual fees (where applicable).

Business Debit Card

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Chase Business Debit Cards and business ATM cards allow you to make deposits/withdrawals through ATMs. You can also access your debit card activity online and on mobile. Auto bill payments can yield additional savings to debit cards. Business debit cards have zero liability protection and allow for contactless processing. Business debit cards also feature security alerts via the app. Examples include the Business Associate Card and The Business Employee Card.  

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Merchant Services

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Merchant services include same-day payments and transparent pricing. Plus, Chase Business banking offers flexible payments anywhere across the United States. In addition, SMBs can manage payments in person via contactless mobile readers with Chase QuickAccept, or Smart Terminals. 

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Integrations

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Chase Business banking services are integrated with BigCommerce, FreshBooks, Agree.com, BuilderTrend, EventZilla, Fiskl, Keap, Fusebill, PayRent, RegPack, mHelpDesk, Zelle, and QuickDeposit. In addition, plenty of integrations are supported with the business banking service.

Plans & Pricing

Chase Business banking services include Chase Business Complete Banking, Chase Performance Business Checking, and Chase Platinum Business Checking.

  • Chase Business Complete Banking – monthly service fee $0 or $15 (terms and conditions).
  • Chase Performance Business Checking – monthly service fee $0 or $30 (terms and conditions).
  • Chase Platinum Business Checking – monthly service fee $0 or $95 (terms and conditions).

FAQ

Requirements for opening a chase account?

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Business merchants must have a US, EU, or Canadian presence for merchant services. Canadian and overseas processing of merchant accounts is typically completed within ten business days or two weeks.

Which companies can open a Chase Business Account?

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Companies include sole proprietorships, partnerships, limited liability companies, corporations, and unincorporated associations/organizations.

What documentation is needed to open a business account?

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The required documents vary according to the business or company type. For example, a corporation must submit the following: personal ID (driver’s license, passport, or another government-issued document), tax ID number (EIN), assumed name certificate, and other forms of supplemental documentation. These could include a corporate resolution, meeting minutes, annual report, or a certified amendment to articles of incorporation.

What is the minimum account balance?

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The Chase Business Complete Checking Account requires a daily balance of at least $2000 to avoid the $15 per month maintenance fee.

Can I access my account on mobile?

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Yes. Android and iOS compatibility is guaranteed.

Is my money secure?

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Yes. Your money is protected against theft, insolvency, or loss by the FDIC ($250K limit per bank). Business owners can use Chase business’s access & security manager online to delegate functions without giving up control. Account alerts and paperless statements are available to beef up the security of Chase accounts. Various resources such as identity theft kit guides, FTC.gov, and FDIC.gov guides are available.

Our Verdict

Chase Business accounts offer business clients an array of features, functions, and benefits. These include checking accounts, savings accounts, loans, debit cards, credit cards, et al. Chase has been around for hundreds of years, and it is part of the mainstream banking system. It is laden with bureaucracy, regulatory requirements, high fees, commissions, charges, and terms and conditions.

Chase tailors its charges to individual businesses, so it’s challenging to get precise information on all the fees you are likely to pay. Since it is a mainstream business bank, it is saddled with high fixed costs of operations and plenty of expenses which are often passed onto merchants and business account holders in the form of higher prices. Trustpilot reviews are mainly negative, probably due to the inefficiencies of operations and the higher cost structure.

User Reviews

2/5
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Slightly better than Wells Fargo but that’s not saying much… The services and support for a Chase Business account is mediocre at best. The major turn-off is that it’s often a massive headache to straighten out any issues with your account. Also the $2000 minimum balance to avoid the $15 monthly fee is unjustified in these times especially since there’s nothing special about their business account. I finally dumped my account and opened a business account with an online bank. More features and much better rates, too.

By GerryO Sep 30, 2021
2/5
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Chase Business – Locked account / Long wait / Incorrect Fees Opened a business account at Chase.com. They locked my account when trying to make a deposit. I had to call customer service and was informed wait time was 50 minutes. I waited 2 hours, and had to hang up. Luckily there was a good account manager at the local Chase bank, and he helped me clear things up. Once my deposit was settled, I withdrew $40 as a test, at a Chase bank ATM. Chase charged me $2.50 for withdrawing from a non-Chase ATM. This time I was able to get through to customer service and they credited the $2.50. I informed them again that I had completed the withdrawal at a Chase ATM, they chalked it up to a ‘glitch’. I am wondering if I am wasting my time with Chase – 2 weeks in, I am NOT impressed.

By VM Nov 13, 2021