Review: Chase Small Business Checking, 2019

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  • Chase Bank has three different sized business checking accounts to accommodate any business owner.
  • Get $200 in checking bonuses and $150 in savings bonuses.
  • Chase business checking accounts carry a $15-95 monthly fee depending on size.
  • Chase Bank has 16,000 ATMs and 5,100 branches nationwide.
  • Comprehensive mobile app features for banking on-the-go.
  • Free transactions are limited to just 100 per month for small businesses.
  • Sign up for a business checking account at Chase.com by filling out online quick forms and completing your initial deposits or visit a nearby branch location.

Is Chase Bank easy to use?

Chase makes it easy to use and offers a wide range of checking account options for business owners of all sizes. With a network of 5,100 branches and 16,000 ATMs throughout the country, it’s simple to head to your nearest branch, withdraw from an in-network ATM, or do some mobile banking with their comprehensive app.

Chase offers an instant P2P payment solution through integration with Zelle, making it easy to transfer money to clients or other businesses instantly. It’s also designed with affordable wire transfer fees, making it simple to send and/or receive wires to domestic or international locations as needed.

What are Chase’s checking account options?

There are three different account options for business owners to choose from based on their size and needs:

  • Chase Total Checking
  • Chase Premier Plus Checking (earns interest)
  • Chase Sapphire Checking (free investing and feeless banking)

Does Chase have business checking offers?

Chase is currently offering a $200 bonus for its Chase Total Business Checking account customers. To qualify you must meet the following requirements:

  • Make a $1,000 deposit within the first 10 days of opening the checking account
  • Maintain a $1,000 average daily balance for 60 days
  • Make at least five qualifying transactions in the first 60 days

How much are Chase banking fees?

Chase has a straightforward fee structure that’s affordable for checking and savings account users, but it’s important to take the time to understand the fees, otherwise, you could get hit with costs that are completely avoidable.  

  • Checking Monthly Service Fee: $15-95 (depending on size)
  • Savings Service Fee: $5 per month
  • Cash Deposit fee: $2.50 per $1000 after the first $5,000 per month
  • Savings Withdrawal Fee: $5 per month when you withdraw
  • Transaction Fees: $0.40 per transaction after the first (100-500 limit depending on the account) per month
  • ATM Fee- $2.50 per use at out of network ATM
  • Domestic Wire Fees:  Incoming $15, Outgoing $40
  • International Wire Fees: Incoming $15, Outgoing $40

While some of these fees are unavoidable, such as the wire transfer costs, the maintenance fees on checking and savings accounts are completely avoidable. To avoid paying the maintenance fees on a business checking account, all you need to do is maintain a daily balance of $1,500 or greater for a Chase Total Business Checking account, or an average balance of $5,000 throughout the entire month. You can also skirt the fee if you direct deposit $500 or more per month.

How big is Chase bank?

Chase is one of the largest banks in the United States and has an impressive 5,100 branches throughout the country and 16,000 ATM locations. This makes it very easy to find a location wherever you are, though Chase does not waive out-of-network non-Chase ATM fees for small business checking accounts, and offers to waive up to four fees for larger accounts.  

What are Chase’s business checking account features?

Chase offers a range of nice features for business checking account holders that make life easier and more efficient.

Mobile Payments

  • Check account balances, deposit checks using your smartphone, receive text updates about your account, and make Zelle P2P payments.

Quickbooks Integration

  • Business owners can sync their Quickbooks with their Chase business checking account to more efficiently manage their finances and taxes.

Fraud Monitoring

  • Chase bank provides its customers with free fraud monitoring to protect business checking accounts from suspicious activity and use.

Paperless Savings

  • If you decide to go paperless it can lower your monthly fee from $15 to $12.

Visit Chase’s website to find out the perks and special features for Premier Plus checking and Sapphire checking accounts for larger businesses like specially designed checks and multiple free checking accounts.

How do I open a Chase Business Checking account?

To create a Chase Business Checking or Savings account you need all of the following documents before you begin going through the online application or signing up in person at a Chase Bank location near you:

  • State ID or Driver’s License
  • For LLC or Corporation – Articles of Incorporation or Organization
  • Tax ID or Security Number
  • For Corporation – Name, address, birthday, SSN or Tax ID of any partners with 10% stake or more, senior managers or voting members of the board

Summary

Chase is the biggest bank in the U.S. and for that reason, it is a reliable business checking solution for small to large business owners. The monthly maintenance fees are pretty easy to avoid if you maintain the basic minimum monthly balances. The fee structure is competitive with other major banks. Despite their size, they offer less innovative cash flow management features than some other business checking accounts do. For a smaller business looking to bank online exclusively, there might be better signup deals or simpler interface with lower fees to meet their needs. Chase is designed especially to accommodate medium-big business.

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