Chase Total Business Checking Accounts [In-Depth Guide]

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If you’ve started a small business and need to open a new checking account to keep your personal and business expenses separate, Chase has you covered.

Chase offers 3 different types of business checking accounts: Chase Total Business Checking, Chase Performance Business Checking, and Chase Platinum Business Checking. Each is geared toward different sizes and types of business, and each has different benefits to offer.

This post will go over everything you need to know about Chase’s most popular business checking account: Chase Total Business Checking.

Chase Total Business Checking Accounts

Chase Total Business Checking® accounts are geared toward small and new businesses. This type of account doesn’t require a minimum deposit to open.

Chase Business Checking Accounts
Image courtesy of chase.com.

Cost

There is a $15 monthly service fee for a Chase Total Business Checking Account. However, that fee is waived if you meet any one of the following criteria each statement period:

Bottom Line: The monthly fee for a Chase Total Business Checking Account is $15. However, if you enroll in paperless statements, it’s reduced to $12. The fee is waived completely if you maintain a minimum daily balance of $1,500 or keep a linked personal Chase Private Client or Chase Sapphire℠ Checking account.

Benefits

A Chase Total Business Checking account is perfect for the needs of small and growing businesses. As an account owner, you will receive the following benefits:

  • Get $200 as a new Chase business checking client, when you open a Chase Total Business Checking® account with qualifying activities
  • Access to 16,000 ATMs and nearly 5,000 Chase branches
  • Chase has business specialists at your local branch to help with your business needs
  • Account Alerts are a great way to stay on top of your account’s activity and enhance security
  • Unlimited electronic deposits at no charge, including Chase QuickDeposit℠, ACH and ATM

To find a Chase branch near you, click here and enter your zip code.

Requirements for Opening a Chase Total Business Checking Account

Chase business checking account requirements vary based on the type of business you have, but there are some universal requirements.

To open a Chase Total Business Checking Account, you will need:

  • 2 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-U.S. citizens), or Employer Identification Number (EIN)
  • 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

You might also be required to submit additional documentation based on the type of company you have.

1. Sole Proprietorship: All owners, trustees, or agents plus any authorized signers must be present when opening the account. Required business documentation may include:

  • Assumed name certificate or trust documentation (requirements vary by state)

For a full list of requirements for a sole proprietorship, click here.

2. Partnership: All general partners in the partnership and any authorized signers must be present when opening the account. You will likely need to provide:

  • Partnership agreement or joint venture agreement
  • Assumed name certificate
  • Website validation

Supplemental documentation may include:

  • Amendment to the Partnership Agreement or Joint Venture Agreement
  • Letter on company letterhead listing the current general partners
  • Annual report

For a full list of requirements for a partnership, click here.

3. Unincorporated Business Association or OrganizationAn authorized representative (either the Secretary or Assistant Secretary) plus any authorized signers must be present when opening the account. Here’s what you’ll need:

  • 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)
  • Supplemental documentation may be required, including a letter on organization letterhead, or meeting minutes listing the current officers.

For a full list of requirements for an unincorporated business association or organization, go here.

4. Limited Liability Company (LLC): All members or managers of the LLC plus any authorized signers must be present when opening the account. You’ll need to bring:

  • Certified Articles of Organization (Certificate of Formation) filed with a state agency
  • Website validation
  • Assumed name certificate (varies by state)
  • Documentation listing the current members or managers of the LLC may be required

For a full list of LLC documentation requirements, click here.

5. Corporation: An authorizing representative (President, Secretary, Assistant Secretary, or Acting Secretary) plus any authorized signers must be present when opening the account. You will need:

  • Business documentation filed with a state agency, including:
    • 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
  • Additional information from owners, shareholders, and individuals holding key roles may be required

For a full list of requirements for a corporation, click here.

How to Transfer an Existing Checking Account

If you have an existing business checking account from another bank, it’s easy to transfer to Chase. Just use this checklist to quickly make the switch in 4 steps.

4 Steps To Switch To Chase
Image courtesy of chase.com.
  1. Open your new Chase Total Business Checking account and deposit the initial funds.
  2. Enroll in Chase Online For Business and download the Chase Mobile App.
  3. Transfer your automatic payments and deposits to your new Chase account.
  4. Close your old account once all checks and transactions have cleared.

Chase Small Business Credit Cards

Now that you have a new Chase business checking account, you might consider pairing a great small business credit card with it.

A small business credit card from Chase can help you manage your expenses, and you can earn some valuable rewards in the process. Here are some of our favorites:

Recommended Chase Cards (Business)

Final Thoughts

Chase offers 3 types of business checking accounts: Chase Total Business Checking, Chase Performance Business Checking, and Chase Platinum Business Checking. They cater toward different types and sizes of businesses, from sole proprietorships to large corporations.

Chase Total Business Checking is a sold option for your small or growing business, with benefits that include up to 100 free transactions, wire transfers, ATM cards, online and mobile banking, and 24/7 customer service.


Featured Image Credit: Flamingo Images/Shutterstock

FAQ

Can I open a Chase business checking account online?

No, you can’t open a Chase business checking account online. You will need to visit a Chase branch to complete your application.

How much does it cost to open a Chase Total Business Checking account?

There is a minimum $25 deposit to open a Chase Total Business Checking account, plus a $15 monthly fee. The good news is that fee is dropped to $12 if you enroll in paperless statements, and it is waived completely if you meet any of the following criteria each month:

  • Maintain a $1,500 minimum daily balance
  • Maintain a linked personal Chase Private Client Checking account
  • Maintain a linked personal Chase Sapphire℠ Checking account

What documents do I need to open a Chase Total Business Checking account?

The required documentation to open a Chase business checking account varies by the type of business you have. However all businesses will need the following:

  • 2 forms of ID including at least 1 issued by the government, such as a state-issued driver’s license or passport
  • Tax Identification Number, Social Security number, ITIN (non-U.S. citizens), or Employer Identification Number (EIN)
  • Basic business information, which could include 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.
Katie Seemann

About Katie Seemann

Katie is an Ohio native who caught the travel bug after spending a semester in college in Nottingham, England. In addition to exploring England, she visited Ireland, Scotland and the Netherlands during that time and loved every minute of it (everything except the hostel in Scotland - that's an experience she doesn't intend on repeating!). In late 2015, Katie discovered the world of points and miles, and it literally changed her life.

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