Chase Total Business Checking Accounts [In-Depth Guide]

BY 

Katie Seemann

- February 6, 2019

1. Business Owners  / 
2. Credit Cards  / 
3. Strategies & Guides

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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 requires only a minimum $25 deposit to open.

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:

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

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:

• Online and mobile banking including access to Chase QuickDeposit^SM and Chase Online^SM Bill Pay
• Debit cards for employees to access account
• 100 transactions per month with no charge
• Access to over 16,000 ATMs and 5,100 Chase branches nationwide
• Unlimited electronic deposits
• Up to $5,000 in cash deposits per statement cycle without an additional fee
• Domestic and international wire transfers
• 24/7 customer service

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

$300 Bonus When You Open a New Chase Total Business Checking Account

If you are thinking about opening a Chase Total Business Checking account, now might be a good time.

Now through April 9, 2019, you can receive a $300 bonus when you open a new Chase Total Business Checking account (with an offer code) and complete the following activities:

• Deposit at least $1,000 in new money (money not previously held by Chase) within the first 20 days of account opening
• Maintain that balance for at least 60 days
• Complete 5 qualifying transactions including debit card purchases, Chase QuickDeposits, ACH (credits) and wires (credits and debits) within 60 days

You can request an offer code through this link.

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 Organization: An 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.

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)

CHASE CARD	BENEFITS & INFO
Ink Business Preferred℠ Credit Card We Get $1,600+ of Value Using This Card >>	Earn 80,000 bonus points after you spend $5,000 on purchases in the first 3 months That's $1,000 toward travel when you redeem through Chase Ultimate Rewards® Earn 3 points per $1 on the first $150,000 spent in combined purchases in the following categories each account anniversary year: Travel, Shipping purchases, Internet, cable and phone services, Advertising purchases with social media sites and search engines. Get up to $600 per claim in Cell Phone Protection against covered theft or damage for you (and your employees listed on your monthly cell phone bill) when you pay it with your Chase Ink Business Preferred credit card. Annual Fee: $95
Ink Business Cash℠ Credit Card 21 Benefits This Card Offers Biz Owners >>	Earn $500 bonus cash-back after you spend $3,000 on purchases in the first 3 months Earn 5% cash back on the first $25,000 spent in combined purchases at office supply stores and on internet, cable and phone services Earn 2% cash-back on the first $25,000 (combined) spent at gas stations and restaurants each year 0% introductory APR for 12 months on purchases and balance transfers, then a variable APR of 15.49% - 21.49% $0 Annual Fee
Are you a business owner? For more detail, see our Chase business credit cards article, or in-depth business credit card guide to make an ideal choice for your situation.

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