Chase Business Complete Banking Review 2023
This article is part of a larger series onBusiness Banking.
Chase has three strong business checking products for businesses of all sizes. Its lowest-tier business checking product, Business Complete Banking, comes with a low and easily waivable monthly fee, built-in card acceptance, and an account opening bonus. It’s suitable for organizations that need nationwide access to in-person banking and have a low to moderate monthly transaction volume.
What We Like
- A $300 bonus upon account opening
- Monthly fee can be easily waived
- Built-in card acceptance with QuickAccept℠ via the Chase Mobile® app
What's Missing
- Limited number of free transactions
- ATM fees not reimbursed
- Fee for cash deposits of more than $5,000 per statement period
Features
- Manage debit, deposit, and ATM card settings for individual employees
- Deposit checks, view account balances, pay bills, and make transfers easily through the mobile app
- Integration with QuickBooks and other leading accounting software
- Accept payments to your account through both the website and mobile app
- Free fraud protection services allow the bank to compare checks to a signature on file that you provide
- Allows you to earn perks when paired with select Chase business credit cards and savings accounts
How Chase Business Complete Banking Stacks Up With Its Competitors
|
Monthly Fees |
Monthly Transaction Limit Before Fees |
Monthly Cash Deposit Limit Before Fees |
Minimum Opening Deposit |
|
|---|---|---|---|---|
Business Complete Banking |
$15; waivable |
Unlimited debit card and Chase ATM transactions;
20 fee-free paper transactions, then 40 cents per item
|
$5,000 free per month, then $2.50 per $1,000 |
None |
Fundamentals Business Checking |
$16; waivable |
200, then 45 cents per item |
$7,500, then 30 cents per $100 |
$100 |
Initiate Business Checking |
$10 (waivable) |
100, then 50 cents per item |
$5,000, then 30 cents per $100 |
$25 |
Chase Business Checking Accounts Comparison
Business Complete Banking is the most basic business checking account Chase offers. If you need to deposit higher amounts of cash every month, send wire transfers frequently, or have a higher number of monthly transactions, you may want to consider one of Chase’s other business banking options. Read our大通业务检查审核for a comparison of all three Chase business checking accounts.
|
Monthly Fee |
Monthly Transaction Limit Before Fees |
Monthly Cash Deposit Limit Before Fees |
Wire Transfer Fees |
|
|---|---|---|---|---|
|
Business Complete Banking℠
|
$15; waivable |
Unlimited debit card and Chase ATM transactions;
20 fee-free paper transactions per month, then $0.40 per item after the limit
|
$5,000, then $2.50 per $1,000 |
$0 or $15 incoming; $35 domestic outgoing; $50 international outgoing |
|
Performance Business Checking® |
$30; waivable |
Unlimited electronic deposits;
250 fee-free transactions per month, then $0.40 per item after the limit
|
$20,000, then $2.50 per $1,000 |
All incoming free, two outgoing free per month |
|
Platinum Business Checking℠
|
$95; waivable |
Unlimited electronic deposits;
500 fee-free transactions per month, then $0.40 per item after the limit
|
$25,000, then $2.50 per $1,000 |
All incoming free, four outgoing free per month |
When Chase Business Complete Banking Is a Good Fit
- You want a bank that offers a full suite of banking services:In ourlist of best small business checking accounts, we named Chase Business Complete Banking the best account for small business banking tools and premium checking. The provider offers a wide range of banking products, including savings, lending products, retirement, and business services.
- You want an in-person banking provider with a wide geographic reach:Chase has over 4,700 banking locations across 48 states.
- You want a bank that rewards you for opening an account:New Chase business account owners can receive a $300 bonus by meeting specific qualifying activities. It’s one of the reasons we included Chase in ourlist of the best banks for startups.
- You need a bank with merchant services:Chase offers merchant and collection services, which is one of the reasons why we placed it in ourlist of best business checking accounts for limited liability companies (LLCs).
When Chase Business Complete Banking Isn’t a Good Fit
- You make over 20 in-person paper transactions per month:Chase Business Complete Banking only offers up to 20 fee-free paper check deposits and withdrawals each month. Businesses with higher transaction volumes should upgrade to Chase’s higher-tier accounts. Our大通业务检查审核can provide more information on Performance and Platinum Business Checking.
- You want an interest-bearing checking account:The Chase Business Complete Banking checking account does not earn interest. A good alternative would be Bluevine, which pays qualified accounts annual percentage yield (APY) of 2.00% on balances up to $250,000. Learn more about how to qualify for Bluevine’s 2.00% APY through ourBluevine Business Checking review.
- You deposit over $5,000 in cash monthly:While businesses needing higher deposit limits could upgrade to a higher-tier Chase account, Bank of America offers a free cash deposit limit of $7,500 for nearly the same monthly fee, which can also be waived. Read ourBank of America Business Checking reviewfor more information.
Chase Business Complete Banking Overview
|
|
|
|---|---|
|
Required Opening Deposit |
None |
|
Required Balance Minimum |
None |
|
Transaction Limit Before Fees |
Unlimited electronic transactions; 20 fee-free paper transactions per month, then 40 cents per item after the limit |
|
ACH Payment Fees |
$25 for first 25 items per month, 15 cents per item above 25 per month, $2.50 return fee |
|
Monthly Fees |
$15; waivable if conditions are met* |
|
Domestic Wire Transfer Fees |
Up to $35 for outgoing wire transfers, up to $15 for incoming wire transfers |
|
International Wire Transfer Fees |
Up to $50 for outgoing wire transfers, up to $15 for incoming wire transfers |
|
ATM Fees |
$3 per transaction at any non-Chase ATM† |
|
Overdraft Fees |
$34 per transaction after the first transaction that reduces the account’s balance to negative $50 |
|
Cash Deposited |
$2.50 per $1,000 after you deposit $5,000 in a billing cycle |
|
APY |
N/A |
*The $15 monthly fee can be waived by satisfying any one of the following criteria each statement period: $2,000 minimum daily balance, $2,000 in net purchase on Chase Ink®Business Card, $2,000 in deposits from Chase QuickAccept℠or eligible Chase payment solutions; linking a Chase Private Client Checking℠account; or providing qualifying proof of military status.
†Third-party operator fees may apply.
|
|
|
|---|---|
|
Debit Card |
Free debit card, mailed within 10 business days of application approval |
|
Physical Checks |
Cost varies depending on type of checks ordered |
|
Accounting Software Integrations |
QuickBooks, FreshBooks, and other leading accounting software |
|
Business Payment Integrations |
Available with Chase Payment Solutions |
|
Customer Service |
Live customer support online or in bank branch locations |
|
Invoicing Products |
N/A |
|
Other Products Available |
Business savings, certificates of deposit (CD), lending products, credit cards, merchant services, and collection service |
Chase Business Complete Banking Requirements
To open a business bank account with Chase, you may apply directly through its website or visit one of its 4,700 banking centers.
Chase’s document requirements depend on how your business is organized. View the requirements per company structure below.
Personal Identification
- Two forms of ID (at least one must be a valid government-issued ID)
Tax Identification Number (TIN)
- Social Security number, international TIN (non-US citizens), or an employer identification number (EIN)
Business Documentation
- Varies based on state of organization
- 笔名certificate, also known as trade name certificate, fictitious business name statement, or doing-business-as (DBA)
- Trust documentation
Personal Identification
- Two forms of ID (at least one must be a valid government-issued ID)
TIN
- EIN
Business Documentation
- Written partnership agreement (for general partnerships) or certified partnership agreement for limited partnerships (LPs), limited liability partnerships (LLPs), and limited liability limited partnerships (LLLPs)
- Joint venture agreement (for general partnerships)
- Active status verification for LPs, LLPs, and LLLPs only (partnerships registered more than 1 year ago also require one of the following: Certificate of good standing, status report, or long form or short form standing)
- Website validation—must be obtained free of charge
- 笔名certificate
Personal Identification
- Two forms of ID (at least one must be a valid government-issued ID)
TIN
- EIN or Social Security number/ITIN (for single-member LLCs only)
Business Documentation
- Certified articles of organization (certificate of formation) – filed with state agency
- Website validation
- Active status verification (LLCs registered more than one year ago also require one of the following: Certificate of good standing, status report, or long form or short form standing)
- 笔名certificate
Personal Identification
- Two forms of ID (at least one must be a valid government-issued ID)
TIN
- EIN
Business Documentation
- Certified articles of incorporation (also known as certificate of formation)
- Website validation – must be obtained free of charge.
- Active status verification (corporations registered more than one year ago also require one of the following: Certificate of good standing, status report, long form standing or short form standing)
Personal Identification
- Two forms of ID (at least one must be a valid government-issued ID)
TIN
- EIN
Business Documentation
- Articles of association
- Charter document validating existence
- IRS confirmation of EIN Issuance
You can also read ourguide to opening a business bank accountfor a downloadable checklist of documents banks typically require.
Chase Business Complete Banking Features
While Chase Business Complete Banking is the lowest tier of Chase business checking accounts, it still has some outstanding features that can help your business grow.
Waivable Monthly Fee
Chase charges a $15 monthly fee for its Business Complete Banking, but you can waive the fee by meeting at least one of the following criteria within a statement period:
- Maintain a $2,000 minimum daily balance
- Make $2,000 in net purchases on your Chase Ink®Business Card(s)
- Have $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
Account Opening Bonus
One major perk with Chase checking is the opportunity to earn up to a $300 bonus for opening an account. You are only eligible for the bonus every two years from the last enrollment date, and only once per account. Offer valid until October 19, 2023. In addition, you must meet one of the following criteria to qualify for the bonus:
To earn a $300 bonus:
- Step 1: Open a new Chase Business Complete Checking account online or in branch and present the $300 bonus offer (which you can receive by entering your email address on Chase’s website).
- Step 2: Deposit a total of at least $2,000 in new money within 30 days.
- Step 3: Maintain at least a $2,000 balance for 60 days from the offer enrollment.
- 第四步:完成5排位赛事务(上市below) within 90 days of enrollment. Qualifying transactions include debit card purchases, Chase QuickAccept℠ deposits, Chase QuickDeposit, ACH (credits), wires (credits and debits), and Chase Online℠ Bill Pay.
Digital Banking
You can manage your Chase business checking account through the Chase website or mobile app.
Through web banking, you can:
- Enable fraud protection services
- Manage your account
- View account activity
- Move money through the Chase Payment Center
- Send and receive money through Zelle
Additionally, the app lets you deposit checks remotely. It also provides budgeting and reporting tools that help you keep track of your spending.
The app has a rating of 4.4 stars onGoogle Play(based on approximately 1.8 million reviews) and 4.8 stars on theApp Store(based on approximately 5 million reviews). Users praised the app for being easy to navigate, reliable, and responsive. However, many disliked that the app displays numerous ads and popups.
Text Banking
If you have the Chase mobile app, you can also access banking information via text. Chase’s text banking feature lets you view account balances, review transactions, and view credit card bill information. However, although Chase does not charge fees for text banking, message and data rates may apply.
Payment Acceptance Through Chase QuickAcceptSM
Payment acceptance is easy with Chase. Through QuickAcceptSM, which can be used on the Chase Business website or through the mobile app, payments are delivered the same day at no additional fee. You can use QuickAccept to enter card transactions, issue refunds, and track disputes among other features. The fee structure is upfront, and there are no monthly contracts.
Fees on entries or swipes through QuickAccept or a Smart Terminal are as follows:
- Key Entry Transactions:3.5% plus 10 cents per authorized transaction when card information is inputted through the app or through a Smart Terminal (a card reader which is sold separately)
- Swipe/Dip/Tap Transactions:2.6% plus 10 cents per authorized transaction via card reader or Smart Terminal
Chase will return transaction fees if a payment is refunded in full.
Physical Debit Cards
For businesses that use debit cards frequently, Chase is a good choice because it provides a free business debit card with the account. You get unlimited debit card purchases and free ATM transactions within the Chase network. It also provides associate and employee debit cards.
Fraud Protection Services
Chase’s Fraud Protection Services allow you to protect your cash flow from fraud. You get check monitoring and approval, along with payment limits and account alerts. You upload a file or information about checks you have written, and Chase compares them to checks presented for payment against that file. The service is optional and available upon request.
Free ATM Usage in the Chase Network
There are no monthly fees or limits for ATM transactions at any of Chase’s 16,000 ATMs. However, Chase charges $3 per out-of-network transaction, plus third-party operator fees.
Perks With Chase Business Credit Cards & Savings
Chase provides additional perks that are tied to its Chase Ink Business Unlimited card and its savings account. You can earn a $750 bonus cash back and 1.5% on every purchase made with the Chase Ink Business Unlimited card. If you make $2,000 in monthly purchases on the card, your $15 monthly checking account fee is waived.
If you link your Chase business checking account to your Chase business savings account, you can waive the business savings monthly fee.
Access to Chase Business Services
Chase Business Services is another great perk for small business owners. Chase provides Chase QuickDeposit, collections services, merchant services, wire transfers, ACH payment services, and access and security managers. You can send and receive payments with Zelle®as well.
Other Chase Business Products
Business Savings
- TheChase Total Business Savings账户是一个机智interest-drawing储蓄账户h a monthly fee of $10, waivable with an average ledger balance of $1,000 or a linked Chase Business Complete Banking account.
- TheChase Business Premier Savingsaccount is an interest-drawing savings account designed for businesses with higher savings balances. It has a monthly fee of $20, which can be waived by either meeting an average ledger balance of $25,000 or linking the account to any Chase business checking account.
For both accounts, the minimum deposit requirement is $25. APY varies depending on the state your business is located in.
Business CDs
Chase Business Certificates of Deposit earn fixed interest rates on FDIC-insured deposits for an opening deposit of $1,000 and no monthly fee. Terms range between 31 days to 10 years. You can access interest rates by choosing longer terms or depositing higher balances. You can earn higher relationship rates if your CD is linked to a Chase business checking account.
Lending & Retirement Services
Chase provides the following business lending services:
- Lines of credit
- Business loans
- Commercial real estate loans
- SBA loans
- Equipment and trade financing
It also provides access to low-cost 401(k) plans through Everyday 401(k) by J.P. Morgan. Some plans start as low as $75 per month plus $5 per participant.
Business Credit Cards
There are 10 types of Chase business credit cards. Read our full review for each credit card by clicking the name of the card:
- Ink Business Premier Credit Card:A cash back credit card with a $195 annual fee
- Ink Business Unlimited Credit Card:A cash back credit card with no annual fee
- Ink Business Cash Credit Card:A $0 annual fee credit card that earns cash back on select purchases
- Ink Business Preferred Credit Card:A points-earning credit card with a $95 annual fee
- Southwest Rapid Rewards Performance Credit Card:A $199 annual fee credit card that earns rewards points on Southwest purchases and select business categories
- Southwest Rapid Rewards Premier Credit Card:A $99 annual fee credit card that earns points on Southwest Purchases and local transit and commuting
- United Business Credit Card:A miles-earning credit card that charges a $99 annual fee and offers additional United travel benefits
- United Club Business Card:A miles- and rewards-earning credit card that provides United Club membership and charges a $450 annual fee
- IHG Rewards Premier Business Credit Card:A $99 annual fee credit card that earns IHG rewards points
- World of Hyatt Business Credit Card:A points-earning credit card with a $199 annual fee
You can read ourlist of best Chase credit cardsto learn more and determine which card best suits you.
Chase Business Complete Banking User Reviews
Chase Business Complete Banking has a rating of 3.5 out of 5 stars on WalletHub1(based on about 15 reviews). Two reviewers said that they found the $2,000 minimum balance requirement to waive fees quite high. Other reviewers complained that the Chase website made it difficult to locate information about fees. On the positive side, one customer said that they found Chase’s customer service team polite and knowledgeable.
Outside Business Complete Banking, Chase’s overall rating on WalletHub2is 3.8 out of 5 stars (based on some 27,000 reviews). The bank also has a rating of 3.7 stars on ConsumerAffairs3(based on 1,400-plus reviews) and 2.5 stars on DepositAccounts4(基于270 - +评论)。几个客户complained that the bank often held their deposits and transfers too long. A few customers were hit with non-sufficient funds fees in the process, as held deposits left them unable to cover automatic payments.
Bottom Line
Chase is one of our top choices for business banks because it offers generous account-opening bonuses, easily waivable monthly fees, and access to a wide variety of business banking products. If you’re looking for a business checking account that offers unlimited electronic transactions, access to in-person banking, and built-in card acceptance, the Chase Business Complete Banking account is a great choice. As your needs change, Chase offers two other checking products that can easily scale as your business grows.
User reviews reference
