Chase Bank has a choice of account options to suit your business’s needs, whether you’re beginning a tiny business or running a large established one. We’ll go through the specifics of Chase’s business accounts review in this study, also we’ll help you with how to open a chase business account requirements, customer service and all you need to know.
Chase Business Account
Chase Business business account, formerly known as Chase Total Business Checking, provides small-business owners with key banking tools. Unlimited electronic deposits, access to Chase branches and ATMs, and the ability to deposit cash, write checks, and send and receive wires are all included in this business bank account.
When compared to certain competitors, chase business account review offers fewer fee-free transactions. The account, however, stands out thanks to a $300 welcome bonus and access to Chase QuickAcceptSM, which allows you to accept credit card payments on the move.
Chase Business Account Review
Chase Business account review, Chase Performance Business Checking, also Chase Platinum Business CheckingSM are the three business checking accounts offered by Chase. With a low monthly cost (and four methods to waive it), unlimited electronic deposits. And a focus on digital tools, Chase Business Complete Checking is the best option for small businesses.
Unless you meet one of the following conditions during your monthly statement period, your Chase Business Complete Checking account will be charged a $15 monthly service fee.
- Maintain a daily minimum balance of $2,000.
- Spend a minimum of $2,000 on purchases using a Chase Ink Business Card.
- Deposit at least $2,000 into your account from Chase QuickAccept transactions or other eligible Chase Merchant Services transactions.
- Link a Chase Private Client Checking account.
- Military service members and veterans can also have this monthly fee waived with a valid military ID or proof of military service.
How To Apply For Chase Business Account
By visiting a branch, you can apply for an account in person. If your company is a privately held sole proprietorship, corporation, or LLC, you can also apply online (with one member or manager).
You’ll need to give information about yourself and your business, as well as supporting identity. And also paperwork, to complete and submit your application, regardless of how you apply.
You’ll be able to access and start setting up your account once Chase has reviewed and accepted your application. The Chase Business Complete Checking account has no minimum beginning deposit requirement. But you must transfer funds into your account within 60 days or the account will be terminated. More so, you can manage your business banking via Chase online, the Chase mobile app, and Chase branches and ATMs after your account is funded and set up. Customer care is also available by phone 24 hours a day, 7 days a week.
Where Chase Business Complete Checking stands out
#1. Unlimited electronic deposits
You have access to unlimited electronic deposits, which include deposited items, ACH transfers, ATM transactions, debit card purchases, internal transfers and Chase QuickDeposit (mobile deposit). This provides a high level of flexibility with online payments. Similar to what you’ll find with many online-based businesses checking accounts.
#2. Sign-up bonus
You can earn $300 when you sign up for Chase business account review, provided you deposit $2,000 within 20 days, maintain that balance for 60 days. And also complete five the qualifying activities such as debit card purchases or mobile check deposits. In fact, if you’re looking for a business checking account with a sign-up bonus, this is an opportunity to earn one.
#3. Mobile and online banking tools
Chase mobile and online banking include features such as online bill pay, fraud protection, text banking, account alerts and Chase QuickPay with Zelle. You can also set up multiple users on your account, download account activity to financial software and have access to the collection and cash-flow services.
#4. Integrated credit card processing
Among the Chase business checking accounts, thus, business complete is the only one that lets you use Chase QuickAccept to accept credit card payments with the Chase mobile app. Thus, this integrated credit card processing service is pay-as-you-go and connects with a mobile card reader to tap, swipe or dip transactions.
Therefore, processed payments will be deposited into your checking account without the need for a separate app, allowing you to manage banking and sales transactions seamlessly. Therefore, you’ll pay 2.6% plus 10 cents for tapped, dipped, or swiped transactions and 3.5% plus 10 cents for keyed transactions.
Is Chase Bank Good for Small Business Accounts?
Chase is the best option for banking services tailored specifically to the needs of small businesses. You will never be too far away from your bank because of the expansive network that includes close to 5,000 physical branches and 16,000 automated teller machines all over the world. Additionally, you can make bill payments, and transfers, check your balance and deposit checks online through their mobile app.
Do You Need an EIN to Open a Chase Business Account?
To be able to open a checking account for a business, you will furthermore need one of the following tax identification numbers: A number associated with Social Security. The number assigned to each taxpayer as a unique identifier (for non-U.S. citizens) Number of Employer (Employer) Identification (EIN)
What are the Benefits of Opening a Business Account With Chase?
Because of this, a significant number of significant businesses are interested in the Chase Platinum Business CheckingSM. This account provides our biggest amount of fee-free transactions, up to 500 per month; limitless electronic deposits and incoming wire transfers; and up to $25,000 in monthly cash deposits with no additional fees per statement cycle.
Does Chase Business Run Your Personal Credit?
You can include money you receive from a job, money from your businesses, and income received by your spouse when calculating your gross annual income. Chase still needs to examine your credit score, despite the fact that your Chase business credit cards won’t show up on your personal credit report.
Where Chase Business Complete Checking Falls Short
#1. Monthly fee
Although there are several ways to waive the $15 monthly fee, it’s still something to keep in mind and budget for. Plus, there are free business checking account alternatives from both brick-and-mortar and online competitors.
#2. Limited fee-free cash deposits
The Chase Business Complete Checking account includes up to $5,000 in cash deposits per month only without fees. After that $5,000, you’ll pay $2.50 per $1,000 deposited. If your business operates mainly in cash, this low threshold may be problematic, especially if you are continuously having to pay the $2.50 excess fee.
#3. Limited fee-free transactions
This Chase business checking account offers unlimited electronic deposits, but only 20 fee-free physical transactions are allowed per month (each additional transaction costs 40 cents). In fact, in comparison, Chase’s middle business checking account Chase Performance Business offers 250 fee-free transactions per month. If you plan on writing paper checks or making teller deposits frequently, the business complete checking account may not meet your needs.
Chase Business Account Requirements
#1. Sole Proprietorship
If you are a sole proprietor, you’ll need to meet these basic chase business account requirements. All owners, trustees, or agents plus any authorized signers must be present when opening the account.
- Two forms of ID including at least 1 issued by the government such as a state-issued driver’s license or passport.
- Tax Identification Number or Social Security number, ITIN (non-US Citizens), or Employer Identification Number (EIN).
- Business documentation, which may include an Assumed Name Certificate or Trust Documentation. These requirements vary by state.
- Certain information about your business will be requested at account opening and will include your business address and phone number, number of locations, where your products or services are sold, hence, the location of suppliers and vendors, annual sales, number of employees, and the anticipated amount of transactions processed through your new account.
#2. Partnership
If you have a partnership, you’ll need to meet these basic chase business account reuirements requirements. All general partners in the partnership and any authorized signers must be present when opening the account.
- Two forms of ID including at least one issued by the government such as a state-issued driver’s license or passport.
- Tax Identification Number (your Employer Identification Number).
- Partnership agreement or joint venture agreement, assumed name certificate, plus website validation.
- Basic business information including business address and phone number, number of locations, where your products or services are. The location of suppliers and vendors, annual sales, number of employees, and anticipated amount of transactions processed through your new account.
- Supplemental documentation including an amendment to the Partnership Agreement or Joint Venture Agreement, letter on company letterhead listing the current general partners, or an annual report may be requested.
#3. Unincorporated Business Association or Organization
If you have an unincorporated business association or organization, you’ll need to meet these basic chase business account requirements. An authorized representative (either the Secretary or Assistant Secretary) plus any authorized signers must be present when opening the account.
- Two forms of ID including at least 1 issued by the government such as a state-issued driver’s license or passport.
- Tax Identification Number (your Employer Identification Number).
- If the organization or association is using its own EIN, requirements will include articles of association, a charter document validating existence, and IRS Confirmation of EIN issuance.
- If the organization or association is using the EIN of a national or regional organization, a letter of authorization from the national or regional office is required.
- Assumed Name Certificate (varies by state)
- Basic business information including business address and phone number, number of locations, where your products or services are. The location of suppliers and vendors, annual sales, number of employees, and anticipated amount of transactions processed through your new account.
- Supplemental documentation may be required including a letter on organization or association letterhead or meeting minutes listing the current officers.
#4. Limited Liability Company (LLC)
If you have an LLC, you’ll need to meet these basic chase business account requirements. All members or managers of the LLC plus any authorized signers must be present when opening the account.
- Two forms of ID including at least 1 issued by the government such as a state-issued driver’s license or passport.
- Tax Identification Number (your Employer Identification Number). Single-member LLCs can use their SSN or ITIN and non-U.S. Citizens can use an ITIN.
- Certified Articles of Organization (Certificate of Formation) filed with a state agency.
- Website validation
- Assumed Name Certificate (varies by state)
- Basic business information including business address and phone number, number of locations, where your products or services are sold, the location of suppliers and vendors, annual sales, number of employees, and anticipated amount of transactions processed through your new account.
- Documentation listing the current members or managers of the LLC may be required.
#5. Corporation
For a Corporation, you’ll need to meet these basic requirements. An authorizing representative (President, Secretary, Assistant Secretary, or Acting Secretary) plus any authorized signers must be present when opening the account.
- Two forms of ID including at least 1 issued by the government such as a state-issued driver’s license or passport.
- Tax Identification Number (your Employer Identification Number).
- Business documentation filed with a state agency: Certified Articles of Incorporation, Website Validation, Active Status Verification.
- Assumed Name Certificate (varies by state)
- Documentation listing the current officers of the Corporation (such as a letter on company letterhead, meeting minutes, or annual report) may be required.
- Basic business information including business address and phone number, number of locations, and where your products or services are. The location of suppliers and vendors, annual sales, number of employees, and anticipated amount of transactions processed through your new account.
- Additional information from owners, shareholders, and individuals holding key roles may be required.
Which bank is Best to Open a Business Account?
Here are the top best banks you can consider for your small business in 2023
- Chase: Best Overall
- US Bank: Best Fee-Free Brick-And-Mortar Checking.
- Navy Federal Credit Union: Best Credit Union
- Axos Bank: Best for Online-Only Checking.
- Wells Fargo: Best for Number of Branches
- M&T Bank: Best for Business Analysis
Chase Business Account Customer Care
- Existing Accounts (1-800-242-7338)
- Online/Mobile Banking Technical Support (1-877-242-7372)
- Outside the United States 1-713-262-3300
- Business Platinum Line 1-877-425-8100
- Cash Management 1-800-606-7615
- Ink Business Credit Card Services 1-800-945-2028
- Ink Credit Card Member Services 1-800-346-5538
- Merchant Services 1-888-886-8869
- ACH Support 1-800-677-7477
- Chase Customer Claims 1-866-564-2262
- Debit Card Fraud Prevention 1-800-978-8664
- ACCESS and Payable Web Service 1-866-872-3321
- ARP and Controlled Disbursement Inquiries 1-800-235-6286
Does it Cost Money to Open a Business Bank Account?
There are a number of banks that do not charge a monthly fee; but, in order to create an account with them, you will be required to deposit a certain minimum amount. For a basic business bank account, the minimum deposit can be as low as $25; however, this comes with some conditions, such as maintaining a daily balance of $1500.
How Long Does it Take Chase to Approve a Business Account?
What you need to know about the approval process for a Chase business card is as follows: There is a possibility that you will be given a decision as soon as you submit your application. On the other hand, if Chase needs to collect or evaluate additional evidence, the decision-making process can take up to a month.
Does Chase Ask for Proof of Income?
According to Experian, one of the most reputable credit bureaus, a score of 670 or higher is “usually considered good,” while a score of 800 or above is “typically considered exceptional.” Sufficient Income: Chase will want to verify that you have sufficient income so that they can evaluate your ability to make payments and establish how much of a credit card limit you should have.
FAQ
Is Chase business account free?
With Chase Business Complete Banking, thus you’ll have to pay a monthly service fee of $15, though there are multiple ways to waive it.
How do I avoid fees on Chase business account?
Chase Performance Business Checking comes with a $30 Monthly Service Fee that can be waived by maintaining an average beginning day balance of $35,000 or more. In linked business savings, also CDs and other Chase Performance Business Checking accounts (excluding client funds savings accounts).
How much can you withdraw from Chase business account?
Your account comes with a debit card for convenient access to business funds. Hence, chase imposes these limits on card transactions: Daily purchase limit: $10,000. Daily Chase in-branch ATM withdrawal limit: $3,000.
Related Articles
