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There are three different Chase business checking account options that can help startups and established businesses easily access their revenue to pay bills and increase their brand. Each account offers different benefits, and you can waive the monthly fee by maintaining a certain minimum balance. Here’s what you’ll need to open a Chase business checking account.
Open a Chase Business Checking Account
Before we get started, note that there are three accounts we’ll be looking at. They include:
- Chase Business Complete Banking®
- Chase Performance Business Checking®
- And the Chase Platinum Business Checking℠
Chase Business Complete Banking
The Chase Business Complete Banking® account requires maintaining a minimum $2,000 daily balance, deposits from Chase QuickAccept℠, or Chase Ink Business Card purchases to waive the $15 monthly fee.
This account minimum is by far the easiest to achieve for the three business checking options. You can enjoy a Chase Business Complete Banking experience to accept customer payments and have multiple ways to waive your monthly service fee.
Customer benefits include:
- Chase Business Online and Online Bill Pay
- Chase Mobile® Banking
- Unlimited debit card and Chase ATM transactions
- Up to 20 teller and paper transactions
- $5,000 in cash deposits per statement cycle without a fee
- Monthly service fee waiver on Business Total Savings™
- Associate Debit and Employee Deposit cards available upon request
This entry-level account tier and the upper tiers provide access to over 4,700 local branches and 15,000 Chase ATMs across the United States. This is a great option if you want to open a Chase business checking account.
Related: Finding The Best Chase Business Checking Account For You
Chase Performance Business Checking®
The information for Chase Performance Business Checking® has been collected independently by Johnny Jet. The card details on this page have not been reviewed or provided by the card issuer.
Additionally, the Chase Performance Business Checking® account is the mid-tier checking option, and it’s designed for mid-sized businesses. You can waive the $30 monthly fee by maintaining a combined average beginning-of-the-day balance of $35,000 or more in qualifying business deposit and investment balances.
Accountholders will enjoy these benefits:
- 250 transactions per month at no charge
- Unlimited electronic deposits and incoming wires
- $20,000 in cash deposits per statement cycle without fees
- Accept credit and debit cards in-person or online with Chase Payments Solutions
- Monthly service fee is waived on Business Premier Savings and a personal Total Checking account
This account tier is best if you can satisfy the monthly fee waiver requirements. However, it can also be with paying the fee if you need the additional complimentary services to avoid incidental charges.
Related: What’s the Easiest Chase Business Card to Get?
Chase Platinum Business Checking℠
The information for Chase Platinum Business Checking℠ has been collected independently by Johnny Jet. The card details on this page have not been reviewed or provided by the card issuer.
This next option if you want to open a Chase business checking account is a premium option. The Chase Platinum Business Checking℠ requires maintaining a combined $100,000 average beginning day balance with qualified business deposit and investment balances. You can also waive the $95 monthly fee by having a combined average daily balance of at least $50,000 with a linked Chase Private Client Checking℠ account.
Platinum Business Checking account perks include:
- 500 transactions without a fee
- Unlimited electronic deposits and incoming wires
- Four most expensive outgoing wires are reimbursed each statement cycle
- $25,000 monthly cash deposits per statement cycle without an additional fee
- Complimentary fraud protection services (check protection services, check monitoring, ACH Debit Block using Chase Business Online)
- Personal account benefits are available
Related: Best Chase Business Credit Cards
Open a Chase Business Checking Account: Checking Requirements
You can apply for a Chase business checking account online or at a local branch. It’s necessary to provide a combination of personal and business documentation.
There are published minimum requirements or balance requirements to open an account. However, you may decide to open an account when you’re earning consistent income. Ideally, you’re able to waive the monthly service fee for your desired account tier.
Revenue Details
Some of the money-related details you will provide include:
- Annual sales in dollars
- Types of transactions and volumes per month
- Where products or services are sold
- Location of suppliers and vendors
Your responses to the above inquiries can help Chase match you with the best account tier and other business banking services.
Business Details
You will also provide these basic business details:
- Business address and phone number
- Industry sector
- Number of locations
- Number of employees
- Business license or proof of operation (requirements vary by state)
Your banking representative can work with you to obtain any additional documentation.
It’s possible to apply as a sole proprietor, partnership, LLC, corporation, or as an unincorporated business association or organization. Your business structure type determines which owners, senior leadership, or agent must be present at account opening.
There are no minimum business age requirements as newly-launched companies and entrepreneurs are welcome to apply.
Personal Details
In addition to providing business details, you will also need to provide personal identification. The documentation requirements are similar to competing banks but don’t involve income requirements.
- Two forms of ID
- Tax identification number
- Social Security Number (for U.S. citizens)
- Individual taxpayer identification number (for non-citizens)
- Employer Identification Number (EIN)
Additionally, you will need to be at least 18 years old.
Some of the initial application questions can be prefilled for existing Chase customers. During the application process, there will be an option to log into your account to proceed.
It’s possible to apply online when you’re ready to upload documents or provide digital copies. There is also a phone number to call for assistance, or you can visit a local Chase branch.
After verifying your identity and business details, your business checking account is open.
The bank will likely perform a soft credit check to look for any potential red risks such as recent account chargeoffs. Neither this inquiry nor the account opening will impact your credit score. This consumer report inquiry may also determine if you’re eligible for checking account offers.
It’s possible to earn bonus cash by completing qualifying activities. This bonus can be an easy way to maximize your membership by performing tasks you already plan on doing upon account opening. It can also be a good way to learn more about your account and explore other Chase Bank features that may help you work with customers and merchants.
Does Chase Have a Free Business Checking Account?
Unfortunately, all of the Chase business checking accounts charge a monthly fee. However, there are several ways to waive it. For example, you can waive the $15 monthly fee for the Chase Business Complete Banking® account by completing one monthly activity below:
- Maintain a minimum $2,000 daily balance
- Have at least $2,000 in net purchases with a Chase Ink Business Credit Card
- Receive $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
You won’t pay a fee as long as you satisfy the statement cycle activity requirements each month.
Summary
In conclusion, if you want to open one of Chase’s business checking accounts, you’ll be happy that they don’t require a minimum opening balance or business revenue to apply. It’s possible to open an account to start your business or to expand your existing banking capacity. However, the best business checking account can be the one that you can consistently waive the monthly fee for. Plus, you will want one that provides the payment services and deposit allowances you need.
