The Ultimate Guide To Chase Business Checking Accounts

Chase Business Checking Accounts

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We all know how great Chase business credit cards are, but what about their banking services? If you’re in search of a great checking account for your business, see how Chase stacks up.

Chase offers 3 different checking accounts for businesses, ranging from one that’s great for small companies to one that’s better for a large established business.

This post explains everything you need to know as you decide if a Chase business checking account is right for you.

Chase Business Checking Accounts Overview

There are many benefits offered by all Chase business checking accounts.

  • Chase Mobile® Banking: This feature allows you to access your Chase accounts anytime, anywhere through the Chase app, the mobile website, or even through text.
  • Chase OnlineSM Banking: You can manage your personal and business Chase accounts including bank accounts and credit cards online with a single user ID.
  • Access to 16,000 ATMs and over 5,000 Chase branches
  • Debit cards
  • 24/7 customer service
Chase mobile banking
Chase mobile banking is one of the many features available on all Chase business checking accounts. Image courtesy of chase.com.

To open an account, you will need to visit a Chase branch with all required documentation (see below). You can easily search online for the nearest Chase branch. If you have a current business checking account at another bank, Chase makes it easy to switch by offering a step-by-step guide to help you along the way.

Hot Tip: Pair your Chase business checking account with a powerful business credit card like the Chase Ink Business Cash℠ Credit Card or Chase Ink Business Preferred℠ Credit Card. These cards will help turn your business expenses into lots of Ultimate Rewards points that can be redeemed for free travel or transferred to any of Chase’s hotel and air partners.

How to Access Chase Business Checking Information

There are 2 ways to access more information about Chase Business checking accounts.

  1. Go to chase.com and click on the drop-down menu under Open an Account. Select Chase for Business, then select Business Checking.
  2. Go directly to chase.com/business and select Business Checking.
Chase For Business
Visit chase.com/business for more information about their business checking accounts. Image courtesy of chase.com.

Requirements For Opening a Chase Business Checking Account

Chase business checking account requirements vary based on the type of business you have.

1. Sole Proprietorship

If you are a sole proprietor, you’ll need to meet these basic requirements. For a full list of requirements, click here. 

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, 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 requirements. For a full list of requirements, go here.

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 sold, 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 requirements. For a full list of requirements, go here.

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 sold, 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 requirements. For a full list of requirements, click here.

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. For a full list of requirements, click here.

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, 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.
  • Additional information from owners, shareholders, and individuals holding key roles may be required.

Bottom Line: The documentation needed to open a Chase business checking account varies based on the type of business you have.

Types of Chase Business Checking Accounts

There are 3 distinct business checking accounts offered by Chase. The size of your business will be a big factor in determining which account is right for you.

  1. Chase Total Business Checking
  2. Chase Performance Business Checking
  3. Chase Platinum Business Checking
3 types of Chase business checking accounts
Chase offers 3 types of business accounts for all organization sizes. Image courtesy of chase.com.

Chase Total Business Checking

Chase Total Business Checking is geared to small and new businesses. This type of account requires a minimum $25 deposit to open.

Cost

There is a $15 monthly service fee ($12 if you enroll in paperless statements) that’s waived if you meet any of the following criteria each statement period.

  • $1,500 minimum daily balance.
  • Maintain a linked Chase Private Client checking account.
  • Maintain a linked Chase Premier Platinum Checking personal account.

Benefits

  • 100 free transactions each month.
  • Unlimited electronic deposits.
  • No fee for up to $5,000 in cash deposits each month.

Hot Tip: Chase Private Clients can receive waived fees or reduced balance requirements on Chase business checking accounts. To get Chase Private Client status, you need to have an average daily balance of at least $250,000 in your Chase accounts.

Chase Performance Business Checking

This is the most popular of the 3 business checking accounts that Chase offers. It will appeal to mid-size businesses that aren’t too big, but not too small (sort of the Goldilocks of Chase business checking accounts!). There is a minimum $25 deposit to open a Chase Performance account.

Cost

There is a monthly service fee of $30 that’s waived when you maintain an average daily balance of $35,000 in qualifying business deposit accounts.

Benefits

  • 250 free transactions each month.
  • Unlimited electronic deposits.
  • Unlimited incoming wires plus 2 outgoing domestic wires with no fee per statement cycle.
  • No fee for up to $20,000 in cash deposits each month.
  • No charge for Positive Pay and Reverse Positive Pay.

Chase Platinum Business Checking

Designed for large businesses, the Chase Platinum Business Checking account has the largest monthly fee but has the greatest benefits.

Cost

There is a monthly service fee of $95 that is waived when you maintain an average daily balance of $100,000 in qualifying business deposit and business investment accounts. Even with this premium account, the required minimum deposit is still only $25.

Benefits

  • 500 free transactions each month.
  • Unlimited electronic deposits.
  • Unlimited incoming wires plus 4 outgoing domestic wires with no fee per statement cycle.
  • No fee for up to $25,000 in cash deposits each month.
  • No charge for Positive Pay and Reverse Positive Pay
  • Reduced balance requirement for Chase Private Clients
  • Monthly service fee waived on a linked Chase Business Premier SavingsSM account

Bottom Line: Chase offers 3 levels of business checking accounts: Chase Total Business Checking, Chase Performance Business Checking, and Chase Platinum Business Checking.

Coupons For Opening a Chase Business Account

Often, you will be able to find a coupon or special to get a little cash back for opening a business account. Now through July 10, 2018, you can receive a $200 bonus when opening your Chase business checking account and meeting the following requirements:

  • Deposit at least $1,000 into your account within the first 10 days. Funds must not come from another Chase account.
  • Maintain a balance of at least $1,000 for at least 60 days from the initial deposit.
  • Complete 5 qualifying transactions within 60 days including debit card purchases, Chase QuickDepositSM, ACH (credits), or wires (credits and debits).

If your account is closed within the first 6 months, your $200 bonus will be deducted at closing. Click here to request your $200 bonus code.

You can only receive 1 checking account opening-related bonus per calendar year and only 1 bonus per account. We have seen this bonus as high as $500 in the past, so it could pay to wait a while if you aren’t in a hurry to open your account.

Hot Tip: Sometimes Chase will offer a cash bonus for opening a business checking account. These usually range from about $200-$500.

Final Thoughts

Chase offers 3 different types of business checking accounts for any size business.

Bottom Line: Whether you’re a sole proprietor or run a huge corporation, there’s a Chase business checking account available to meet your needs.

To get the most value out of your account, pair it with a Chase business credit card such as the Chase Ink Business Cash℠ card or the Ink Business Preferred℠ for all of your business expenses.

FAQ

How Much Does it Cost to Start a Business Checking Account At Chase?

The minimum deposit to start a Chase business checking account is only $25. The monthly service fees range from $15-$95, but these are often waived if you meet a set of requirements such as average minimum balance.

How Do I Open a Chase Business Checking Account?

You will need to go into one of Chase's 5,000+ branches with the appropriate documentation to open a Chase Business checking account.

Do I Need a Tax ID Number To Open a Business Checking Account?

Not always. If you are a sole proprietor, you can use your Social Security number to open a business account. Other types of businesses will need a tax ID number to open an account.

Can I Use a Personal Account For my Business?

Technically, yes, but it's not recommended. Keeping your business and personal expenses separate will help keep your legal liabilities clear and will make things easier when it comes to taxes. Chase allows you to view all of your personal and business accounts with only 1 user ID for added convenience.

What Type of Documentation do I Need to Open a Business Checking Account With Chase?

The requirements for opening a Chase business checking account will vary based on the type of business you have. Here are links to the full list of requirements for each type of business:

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