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A checking account is like a financial clearinghouse. It serves as the center of your financial life. Any money you make arrives in your checking account and all the money you spend comes out of your checking account.
Businesses, just like people, need access to banking services like checking accounts. Business owners can use business checking accounts to keep their personal and company finances separate and many banks offer specialized, business-focused features in their business checking accounts.
Chase is a large bank that offers both personal and business banking services. Its best business checking account is called Chase Business Complete Checking®.
Chase Business Complete Checking Features
These are some of the top features of the Chase Business Complete Checking Account.
$300 Welcome Bonus
When you open a new Chase Business Complete Checking account, you can earn a $300 bonus by meeting a few qualifying activities.
- Deposit at least $2,000 in new funds into your account within 30 days of offer enrollment.
- Maintain at least a daily balance of $2,000 for 60 days.
- Complete five qualifying transactions within 90 days of offer enrollment.
For any small business, those activities should be rather simple. When completed, your bonus will be deposited into your account within 15 days. Offer expires 10.19.2023.
Online Bill Payment
Businesses, just like people, have bills to pay. Whether it’s paying your employees or paying invoices submitted by suppliers, your business will have to send money to other people from time to time.
Chase Business Complete Checking offers multiple options for both sending and receiving payments. Chase’s online bill payment service has a few business-focused features, making it easy to track your payments in progress and your bills so you can be sure to never miss a due date.
The company also offers an online bill payment guarantee. Chase guarantees that your bill payments will always arrive by the time they are scheduled to arrive. If an error by Chase causes you to miss a due date and incur a fee, Chase will pay the late fee for you.
Business Savings and Lending Services
One of the benefits of banking with Chase is that it is a large, well-known brand that offers a variety of banking services. If you like your experience with Chase Business Complete Checking, the odds are good that you won’t have to find another bank if you need other services, like credit cards or loans.
Related: Best Small Business Loans
Business credit cards are a great way for business owners to finance smaller purchases over the short term and give employees who need to make business purchases a way to do so without complicated reimbursement arrangements. Chase also has generous rewards programs if you use its business credit cards.
Chase also offers loans and lines of credit to companies large and small, giving you a way to finance an expansion of your company or the money you need to tackle other projects.
Related: Best Small Business Credit Cards
Point of Sale Systems
One thing that any successful business needs is a way to get paid for the goods and services it provides. Even if you have the best products in the world, you can’t make money if people can’t pay you.
Chase offers point-of-sale solutions that you can use with any of its business checking accounts. The Chase QuickAccept tool lets you accept both credit card and debit card payments with an easy-to-understand fee structure and same-day deposits of the payments you receive.
You can install the app on your phone or tablet, which means you don’t have to buy any additional equipment to accept payments for your business.
Chase Business Complete Checking Pricing and Fees
Chase Business Complete Checking charges a $15 monthly fee but that fee can be waived by meeting just one of the following criteria:
- $2,000 minimum daily balance
- $2,000 in net purchases on your Chase Ink® Business Card(s)
- $2,000 in deposits from Chase QuickAccept® or other eligible Chase Payment Solutions transactions
- Link a Chase Private Client Checking℠ account
- Provide qualifying proof of military status
Some of Chase’s other account services also involve fees. For QuickAccept transactions, you’ll pay 3.5% + $0.10 per key entry transaction and 2.6% + $0.10 for card reader transactions.
You’ll also pay $0.40 per transaction (deposit, withdrawal, ACH transfer, etc.) if you make in excess of each account’s free transaction limit.
Opening a business checking account with Chase is just like opening an account with any other bank minus a minor detail. First, you will need to input your email address to be mailed a special offer code (which includes the $300 bonus if you qualify)
During the application process, you’ll be asked for some basic information about yourself and your business.
You’ll also have to link another bank account if you want to fund your business account with an online transfer. If you have an existing personal bank account at Chase, they make this process easy.
You can also open the account in person at a branch by bringing in the coupon code. The application process will be similar in person, on your desktop or using your phone.
Learn More: How to Open a Business Bank Account
Chase Mobile App, Security, and Support
Chase Mobile App
Chase offers one powerful mobile app that you can use to manage all of your Chase accounts in one place. This includes business and personal bank accounts, credit cards, and loans.
The app is easy to use and has a sleek interface. You can accomplish almost any task you need to through the app, including transferring money between accounts, paying bills, setting up automatic transfers, and accepting card payments from customers.
Related: Best Mobile Banking Apps
When it comes to your money, security is a top concern, so you want to know that the money you keep in your Chase business checking account will be safe.
Chase uses state-of-the-art encryption and internet security tools to protect your personal information and your money. The same is true for its mobile application. You can also set up multi-factor authentication for additional account security.
Related: Is Online Banking Safe?
Chase offers many ways to contact customer service when you need help. Some of these options are available 24/7 while others have more limited hours, but there’s always a way to get the help that you need.
The simplest way to get help is to call the company’s support line. Assistance is available 24/7.
If you’d rather not chat with someone over the phone, you can send a secure message through your account portal any time of the day or night. Chat support through the company’s Twitter account is also available from 7 AM – 11 PM Eastern on weekdays and 10 AM – 7 PM Eastern on weekends.
Chase also accepts support requests through the mail and of course, you can visit a branch to speak to a banker anytime a branch is open.
Related: Best ATM Locator Apps
Chase Business Complete Checking Pros and Cons
- Nice welcome bonus – $300 is a very solid welcome offer
- Widely available customer support — Customer support is available 24/7 by phone and there are also options to speak with someone in person at a branch or online through social media.
- Multiple account types available — Chase offers three different checking accounts to suit the size of your business.
- Banking services — Full suite of banking services, including lending and savings.
- Large network — National network of branches and ATMs.
- Monthly fee — Avoidable, but not ideal for very small businesses
- Transactions — Some limits on transactions.
- Extra perks — Lack of features and perks, like integrations with bookkeeping tools or discounts on business services.
Chase Business Complete Checking Alternatives
Novo offers an online business checking account that is great for business owners who do most of their business online.
As a fintech company, Novo doesn’t offer an option for depositing cash. However, it offers many perks and features that can benefit online businesses. For example, account holders can get discounts on services like Google Cloud, Quickbooks, HubSpot, Google Ads, and more.
Novo also integrates with tools like Slack, Shopify, and Stripe to make it easier for you and your team to keep your business running smoothly.
Best of all, Novo doesn’t charge any hidden or monthly fees. Once you make the $50 opening deposit, there are no minimum balance requirements and very few fees to worry about.
- Minimum balance: None
- APY: None
- Transaction Limits: 20 check deposits per month
- Monthly Fee: None
If you’re a freelancer who doesn’t need all of the services that Chase provides, Lili might be a good choice for you. Lili is a mobile-focused bank that was designed specifically for freelancers.
There are no minimum balance requirements to worry about and the account is practically fee-free. There is no monthly fee and you don’t even have to worry about overdraft fees.
You’ll maintain easy access to your cash with a debit card that you can use anywhere and a network of more than 30,000 fee-free ATMs around the country.
Lili can also help make paying your taxes easier by automatically setting some of your income aside to make estimated tax payments. Lili also tracks your debit card spend, which can make it easier to claim business expenses on your tax return.
- Minimum balance: None
- APY: None
- Transaction Limits: $5,000 per day for debit card spending
- Monthly Fee: None
Bluevine offers an online checking account and lending services, making it a solid choice for companies that need inexpensive banking services, but who want the option to borrow money if they’re looking to expand.
Like Novo, Bluevine lets businesses deposit cash. The deposits happen through a partnership with GreenDot, so there is a $4.95 fee for each deposit. This can add up quickly if you make frequent deposits, but the good news is that there are no monthly maintenance fees to worry about.
Another perk of the account is that you can earn a solid interest rate on balances up to $250,000 – Eligibility requirements apply. If your company has a large cash cushion, the interest can add up.
- Minimum balance: None
- APY: 2.00%
- Transaction Limits: None
- Monthly Fee: None
Frequently Asked Questions (FAQ)
Does Chase have a fee-free business checking account?
No, Chase does not have a completely free business checking account. The closest account it offers is the Chase Business Complete Checking account, which has a $15 monthly fee but offers many ways to have the fee waived.
Who can open a business checking account?
Anyone with a business or who is planning to start a business can open a business checking account, and there are many benefits to doing so. Chase will allow people with officially organized businesses as well as sole proprietors with no special business documents to open accounts.
Can I use a personal bank account for my business?
It is possible to use your personal bank account for your business, but it isn’t a good idea. Having a dedicated business bank account keeps your personal and business finances separate, making it much easier to keep track of your business’s money. In some cases, it’s required. For example, owners of limited liability companies can lose their liability protections if they mix their business and personal funds.
Business bank accounts also come with features that are focused on making it easier for business owners to manage their company’s finances. Personal bank accounts focus on individuals’ financial needs, meaning the features won’t be as applicable to a small business.
Is Chase Business Complete Checking Right for You?
The greatest drawback of Chase Business Complete Checking is the $15 monthly fee. While the fee is relatively easy to avoid, it’s still expensive compared to the many free options out there.
I’ve used Chase’s credit cards, both personal and business, for years now and I’ve had nothing but good experiences with them. I also banked with the company for a short time and had a lovely experience.
If you want a business checking account that works and has the ability to grow with your business, Chase Business Complete Checking is a great choice. The account’s fee structure is reasonable, the $300 welcome offer is a great start, and it’s easy to avoid the monthly maintenance charge.
Opening the account also gets you access to many other services your business could use, like credit cards and loans, making it easy to recommend trying the account out.
Most businesses will be best served by Chase Business Complete Checking and for those who take in a lot of cash, it’s one of the best Business Checking accounts you can own.