Chase Business Checking Account Review 2024

Every startup and small business needs a bank to separate their owners’ personal assets and effectively manage their business finances. There are a litany of banking services available to business owners from neobanks to traditional banks — each with their own advantages and disadvantages. 

Chase is a popular, trusted name in business banking. But, is it right for your startup? This Chase business checking account review outlines the key considerations you need to make as a business owner to determine if Chase is the best choice for your startup. 

Recommended: Read our full list of the best banks for startups. 

Chase Business Checking Account Eligibility Requirements

The eligibility criteria for Chase business checking accounts is pretty standard. Applicants must provide information about the business’s legal structure as well as  all startup owners with a 10% or greater ownership percentage of the company. It is important to note that requirements may vary, depending on business structure. These are the general requirements you can anticipate when applying for one of these business bank accounts: 

• Formation documents for your startup 
• The applicant must have a Social Security number (SSN) and tax identification number (TIN)
• Businesses must provide information for all parties that own 10% or more of the company

Pros and Cons of Chase Business Checking

Pros of Chase Business Checking

• More than 15,000 ATMs and 4,700 branches available for customers 
• Monthly fee waivers available for checking and savings accounts 
• No minimum balance requirement for the first 30 days

Cons of Chase Business Checking

• Minimums to waive monthly fees are higher than some competitors 
• Minimum balance required within 90 days to access cash bonus reward

Chase Business Checking Account Pricing & Features

Chase offers three different business checking accounts: Chase Business Complete Banking, Chase Performance Business Checking, and Chase Platinum Business Checking. Each checking account comes with features like unlimited purchases, multiple ways to send and receive funds, and employee deposit cards upon request. 

Plus, customers gain access to Chase QuickAccept, a feature of Chase Business Complete Banking, that includes same-day deposits, payment acceptance, refund issuance, and dispute tracking. 

Rewards and Benefits

• Same-day deposits with no additional fees 
• Unlimited debit card purchases and Chase ATM transactions 
• Robust fraud protection services 
• Chase Ultimate Rewards on qualified purchases 
• Earn $300 when you open a Chase Business Complete Checking Account

Fees

• Chase Business Complete Banking:
  • $15 monthly service fee
  • Additional fees apply if more than $5,000 in cash deposits are made per statement cycle 

• Chase Performance Business Checking: 
  • $30 monthly service fee
  • Additional fees apply if more than $20,000 in cash deposits are made per statement cycle
  • Additional fees apply if more than 250 transactions are made per statement cycle 

• Chase Platinum Business Checking:
  • $95 monthly service fee
  • Additional fees apply if more than $25,000 in cash deposits are made per statement cycle
  • Additional fees apply if more than 500 transactions are made per statement cycle 

Chase customers are able to waive their monthly service fee if they meet the criteria for their selected checking account. Chase Business Complete Banking members must achieve $2,000 in their minimum daily balance and their deposits from Chase. Chase Performance Business Checking members must maintain a $35,000 combined average beginning day balance. Finally, Chase Platinum Business Checking members must maintain a $100,000 combined average beginning day balance.

Customer Reviews

Here are some verified customer reviews from Trustpilot by people who use a Chase business checking account: 

“I’ve had Chase personal and business accounts for close to 11 years now. I’ve had occasional minor issues, but, compared to the other big banks, they’re great. Great customer service (for a large bank), great credit cards, there’s not much to complain about.”

“Great service, I walked in and was served immediately. They were very thorough (which is good), and I had a new business account set up in 30 minutes, approved for business within 24 hours. You guys are PROS, thank you. I look forward to a very long, healthy relationship with your bank.”

“Their people try hard to personalize relationships and their technology is pretty good. But, a big bank is a big bank and personal relationships are hard for them to do. Not in their DNA.”

How Does Chase Business Checking Compare?

While there are plenty of positives about choosing to open a business checking account with Chase, it is important to compare their services to others to ensure it is the best choice for your startup. 

Mercury is a fintech startup that offers more than just a checking account with no monthly fees. Mercury customers gain access to a more than 5% yield on their savings accounts, access to venture debt funding, and a robust suite of tech-driven features. Here’s how Chase measures up to popular fintech startup Mercury. 

Final Thoughts on Chase Business Checking Account

Chase is a strong choice for small businesses looking for a traditional banking option with access to physical bank locations and plenty of included features. However, they do require higher minimums in order to avoid monthly fees. Therefore, early stage startups and small businesses that are just starting out may want to opt for a banking service that offers lower minimums or no monthly service fees. 

Frequently Asked Questions