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Chase Business Checking Review 2023
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Chase Business Complete Checking could be worthwhile if you're a small business owner who wants to open an account with one of the best national banks. This business checking account is also a solid option if you're a new customer who qualifies for a cash bonus. Other financial institutions will probably be more suitable if you prefer opening a free business checking account, though.
Chase Business Complete Checking
Insider's RatingA five pointed star A five pointed star A five pointed star A five pointed star A five pointed star
3/5It indicates a confirmed selection.
PerksFees
$15 monthly service fee
Annual Percentage Yield (APY)
None
Minimum Deposit Amount
$0
ProsChase Business Complete Checking could be worthwhile if you're a small business owner who wants to open an account with one of the best national banks. This business checking account is also a solid option if you're a new customer who qualifies for a cash bonus. Other financial institutions will probably be more suitable if you prefer opening a free business checking account, though.
Product DetailsYou might like the Chase Business Complete Checking if you're eligible to waive the $15 monthly service fee.
The monthly service fee can be waived if you meet one of the following requirements: maintain a $2,000 daily balance, make $2,000 in net purchases with a Chase Ink Business Card, receive $2,000 in deposits from Chase QuickAccept or other eligible Chase payment solution transactions, link to a Chase Private Client account, or provide proof of military status.
Chase Business Complete Checking also offers a $300 bonus to new Chase small business checking account customers. You may qualify for the bonus if you deposit $2,000 or more in new money within the first 30 days of opening an account, maintain your new balance in the account for 60 days after enrolling, and make five qualifying transactions within 90 days after enrolling.
If you can't meet the requirements to waive the monthly service fee, other financial institutions will likely be more appealing. The best free business checking accounts do not charge any monthly service fees or have minimum balance requirements.
Chase Business Checking: Pros and Cons Compare Additional Chase Business Checking Accounts Chase Business Complete Checking vs. Chase Performance Business CheckingChase Business Complete Checking is geared toward small businesses, while Chase Performance Business Checking is for mid-sized businesses.
Chase Performance Business Checking might be a better choice than Business Complete Checking if you are looking for higher limits for cash deposits or non-electronic deposits. Chase Performance Business Checking lets you deposit $20,000 in cash per month at no cost. You may also make up to 250 free non-electronic deposits per month. A $0.40 transaction fee still applies to each transaction that surpasses the free limit.
However, you'll have to be mindful of monthly service fees on both business checking accounts. Chase Business Complete Checking has a $15 monthly service fee that can be waived in multiple ways. Chase Performance Business Checking has a $30 monthly service fee that can only be waived if you maintain a combined average daily balance of $35,000 across qualifying business bank accounts.
Chase Business Complete Checking vs. Chase Platinum Business CheckingChase Platinum Business Checking is the strongest business checking option at Chase if your business has a high transaction volume. Chase Platinum Business Checking permits 500 free non-electronic deposits per month. You can also notably deposit $25,000 in cash per month at no cost.
However, you will likely lean more toward Chase Business Complete Checking if you do not regularly maintain high daily balances on business bank accounts. Chase Platinum Business Checking has a significant $95 monthly service fee that can be waived if you maintain a combined average daily balance of at least $100,000 across qualifying business bank accounts and business investment balances, or maintain a combined average daily balance of $50,000 and link a Chase Private Client account.
Chase Business Complete Checking FAQSThe Chase Business Complete Checking Account is the standard small business checking account from Chase Bank. Chase has three primary business checking accounts, and the Business Complete Checking Account has the lowest monthly service fee. Monthly service fees can also be waived.
Chase Business Complete Checking has a $0 minimum opening deposit. If you'd like to waive the $15 monthly service fee, one way to waive the fee is to maintain a $2,000 daily balance. The business checking account offers other ways to waive the monthly service fee, too.
Chase may be a good option for a business account if you prioritize banking with a brick-and-mortar financial institution that has a large branch and ATM network. You also might like Chase if you're interested in some of the bank's other business products. For example, Chase offers one of the best small business credit cards.
You can open a Chase business bank account online if your business is a sole proprietorship, corporation, or limited liability company managed by a single person. If you have another type of business, you must apply for a business bank account at a branch.
Chase has three primary business checking accounts: Chase Business Complete Checking, Chase Performance Business Checking, and Chase Platinum Business Checking. Chase Business Complete Checking has a $15 monthly service fee, Chase Performance Business Checking has a $30 monthly fee, and Chase Platinum Business Checking has a $95 monthly fee. All Chase business checking accounts allow you to waive the monthly service fee if you meet certain requirements each month.
Why You Should Trust Us: How We Reviewed Chase Business Complete CheckingAt Personal Finance Insider, we use a scale from zero to five stars to rate bank products. We used our bank account methodology for business checking accounts to review Chase Business Complete Checking. We analyzed minimum opening deposit requirements, monthly fees, transaction limits, ATM network/fees, customer support availability, mobile app ratings, and Chase's ethics to determine our star rating for the business checking account.
Sophia Acevedo, CEPF
Banking Reporter
Evelyn He
Compliance Associate
Evelyn He is a compliance associate at Business Insider who supports the Personal Finance Insider team. Personal Finance Insider is Business Insider's personal finance section that incorporates affiliate and commerce partnerships into the news, insights, and advice about money that Business Insider readers already know and love.The compliance team's mission is to provide readers with stories that are fact-checked and current, so they can make informed financial decisions. The team also works to minimize risk for partners by making sure language is clear, precise, and fully compliant with regulatory and partner marketing guidelines that align with the editorial team.Before joining Business Insider, she served in various legal and compliance roles in different industries, including the legal and pharmaceutical industries. Evelyn obtained her M.S. Degree in Marketing at Boston University in 2022. Prior to combining and consolidating her knowledge of law and business, she spent one year finishing 1L courses at Suffolk University Law School to further her legal knowledge. She has also completed MBA business law courses while working on her Bachelor of Business Administration in Management at the University of Massachusetts, Amherst. Outside of work, she enjoys spending time with her 14-year-old Shih Tzu named Money, and her 5-year-old Bichon named Tibber.
Read more Read lessBest No-fee Checking Accounts Of December 2023
Checking accounts are an essential financial tool, but they can also be expensive. Many major banks charge account maintenance fees that can cost you up to $15 a month.
Sometimes, if you meet certain requirements, such as maintaining a minimum balance and/or setting up direct deposit, your bank will waive the monthly fee. However, there are a number of good no-fee options that don't come with a bunch of rules attached.
CNBC Select analyzed and compared dozens of checking accounts offered by online and brick-and-mortar banks and credit unions that charge zero monthly maintenance fees.
When ranking the best no-fee checking accounts, we focused on the following criteria:
Accounts on our list had to meet all of the requirements above to be considered one of the best. In addition, all checking accounts mentioned below provide access to thousands of free ATMs and offer mobile check deposits. (See our methodology for more information on how we choose the best checking accounts.)
Best no-fee checking accounts Best overall Capital One 360 Checking®Capital One Bank is a Member FDIC.
70,000+ Capital One®, MoneyPass and Allpoint® ATMs
Who's this for? The Capital One 360 Checking Account takes the number-one spot on our list thanks in part to its top-rated mobile app, physical bank locations and an above-average APY. Plus, this account ranks number four on J.D. Power's 2019 U.S. National Banking Satisfaction Study, which ranks bank customer experience across various factors, including deposit accounts and convenience. Capital One receives strong satisfaction scores for mobile banking and checking accounts.
There's no minimum to open a Capital One 360 Checking Account, and you can earn 0.10% APY on all balances, which is higher than the national average of 0.04%.
Capital One charges no overdraft fees. If you overdraw your account, Capital One offers the ability to opt-in to No-Fee overdraft, which allows the bank to authorize certain transactions that exceed the balance in your account. According to Capital One, you'll need to replenish your balance promptly — otherwise, you may lose the ability to overdraft in the future, and your account may be closed. If you don't opt-in, Capital One will either auto-decline transactions that exceed your checking account balance (at no fee) or transfer available funds from a linked savings account, depending on the option you choose.
For account holders who prefer to bank in-person, Capital one has 450 branch locations and is a better choice than online-only checking accounts. Plus there are currently 41 Capital One Cafes that provide a place to bank, work, grab a cup of coffee and get advice from a certified money coach.
There are no foreign transaction fees, so you can use your debit card outside the U.S. Without incurring any extra costs.
Runner-up Ally Bank Spending AccountAlly Bank is a Member FDIC.
0.10% less than $15,000 minimum daily balance; 0.25% over $15,000 minimum daily balance
Up to $10 per statement cycle
Who's this for? If branch-based locations aren't a must, consider the online-only Ally Bank Spending Account (Ally's checking product). This account ranks slightly behind Capital One due to its lack of physical locations. Otherwise, it's quite similar with no minimum to open and a well-reviewed mobile app.
Ally Bank account holders have access to over 43,000 fee-free Allpoint ATMs, but even then you may want to use an ATM from a different provider. What sets Ally apart is that you can be reimbursed up to $10 per statement cycle for fees charged at out-of-network ATMs nationwide. You don't need to meet any requirements to benefit from this perk.
Account holders also earn a higher-than-average APY. You can earn more depending on how much you have in your account:
While the Ally Bank Spending Account (Ally's checking product) offers a higher interest rate on balances over $15,000, you're better off putting that money in a high-yield savings account. The Ally Online Savings Account, which is on Select's list of the best high-yield savings accounts, currently offers a 1.00% APY on all balances, which is double the checking account's APY.
Best for rewards Discover Cashback Debit AccountDiscover Bank is a Member FDIC.
1% cash back on up to $3,000 in debit card purchases each month. See website for details by clicking "Learn More".
60,000+ Allpoint® and MoneyPass® ATMs
Who's this for? If you want a debit card that acts similar to a credit card, the Discover Cashback Debit Account has you covered. This checking account provides customers with 1% cash back on up to $3,000 in debit card purchases each month. That's up to $30 cash back per month and $360 annually.
While 1% is lower than the cash-back rate you'd receive with one of the best credit cards, it's great for debit cards, which typically don't offer rewards programs. Account holders have the ability to redeem cash back as a deposit into a Discover checking, savings or money market account or transfer it to their Discover credit card.
Since Discover is an online bank, there are no physical locations. However, Discover provides 100% U.S.-based customer service representatives that are available 24/7 and access to over 60,000 fee-free Allpoint and MoneyPass ATMs.
There is no minimum deposit required to open this account, and overdraft protection is free (which is hard to find).
Best for out-of-network ATMs Alliant Credit Union High-Rate CheckingAlliant Credit Union is a Member NCUA.
$25 when opening online or over the phone
0.25% with paperless and recurring monthly electronic deposit
80,000+ Alliant network ATMs
Who's this for? Consumers who find it hard to stick to in-network ATMs should opt for a checking account that reimburses the fees you may incur. The Alliant Credit Union High-Rate Checking Account provides you with up to $20 per month in ATM fee rebates if you use out-of-network ATMs.
This is one of the highest monthly reimbursements and can save you up to $240 in ATM fees each year. There are no requirements to benefit from this perk.
Beyond ATM fee rebates, the Alliant Credit Union High-Rate Checking Account offers 0.25% APY, and you don't have to deposit any money to open an account. In order to earn interest, you must opt-in to paperless statements and have a recurring monthly electronic deposit (such as direct deposit, payroll deposit, ATM deposit, mobile check deposit or transfer from another financial institution).
Alliant is primarily an online-only institution with one location in Illinois. Since it's a credit union, you have to be a member to open a checking account. The easiest way to become a member is by supporting Alliant's partner charity, Foster Care to Success. However, you don't need to pay the charity directly since Alliant pays $5 on your behalf when you apply to join the credit union.
Beyond no-fee checking, Alliant offers an industry-leading cash-back credit card: the Alliant Cashback Visa® Signature Credit Card. This is a great cash-back card with 2.5% cash back on your first $10,000 of qualifying eligible purchases (1.5% for purchases over $10,000).
Best for students Chase College Checking℠$5,000 to waive monthly service fee
$6 monthly service fee; no monthly service fee for up to 5 years if you're a student between the ages of 17 to 24 at account opening with proof of student status
More than 15,000 Chase ATMs
With Chase Overdraft Assist℠, Chase doesn't charge an Overdraft Fee if you're overdrawn by $50 or less at the end of the business day OR if you're overdrawn by more than $50 and you bring your account balance to overdrawn by $50 or less at the end of the next business day (you have until 11 PM ET, 8 PM PT, to make a deposit or transfer). Chase Overdraft Assist does not require enrollment and comes with eligible Chase checking accounts
Who's this for? The Chase College Checking℠ Account provides zero monthly service fees for up to five years for college students 17 to 24 who show proof of student status at account opening.
After the five-year period, the monthly fee is $6, which is waived if you make one direct deposit each month or maintain an average beginning day balance of at least $5,000.
Beyond no service fees for students, this Chase account is known for offering new account holder bonuses. Currently, new Chase College Checking℠ account customers can receive $100 after completing 10 qualifying transactions within 60 days of coupon enrollment (offer ends 1/24/2024).
There's no deposit required to open this account, and you'll also pay no monthly maintenance fee on a Chase Savings℠ account linked to this account for overdraft protection.
Chase has more than 15,000 fee-free ATMs and more than 4,700 branches across the U.S. Plus Chase ranks number two on J.D. Power's 2019 U.S. National Banking Satisfaction Study for providing innovative technology and high satisfaction with ATMs, plus the lowest incidence of problems.
Common checking account feesBefore you choose a checking account, familiarize yourself with common checking account fees. Here are seven common fees you may incur:
At CNBC Select, our mission is to provide our readers with high-quality service journalism and comprehensive consumer advice so they can make informed decisions with their money. Every checking account review is based on rigorous reporting by our team of expert writers and editors with extensive knowledge of banking products. While CNBC Select earns a commission from affiliate partners on many offers and links, we create all our content without input from our commercial team or any outside third parties, and we pride ourselves on our journalistic standards and ethics. See our methodology for more information on how we choose the best checking accounts.
Our methodologyTo determine which checking accounts provide the best place to deposit your money at no monthly cost, CNBC Select analyzed dozens of U.S. Checking accounts offered by online and brick-and-mortar banks, including major credit unions. We narrowed down our rankings by only considering checking accounts that charge no monthly maintenance fees (and no catches to benefit from zero monthly fees).
While the accounts we chose in this article consistently have no monthly maintenance fees, we also compared each checking account on a range of features, including:
All of the accounts included on this list are Federal Deposit Insurance Corporation (FDIC) or National Credit Union Administration (NCUA) insured up to $250,000. This insurance protects and reimburses you up to your balance and the legal limit in the event your bank or credit union fails.
The rates and fee structures for checking accounts are subject to change without notice and they often fluctuate in accordance with the prime rate.
Your earnings depend on any associated fees and the balance you have in your checking account. To open an account, some banks and institutions may require a deposit of new money, meaning you can't transfer money you already had in an account at that bank. However, the five accounts listed above currently don't require any deposit during account opening.
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Information about the Ally Bank Spending Account and Alliant Cashback Visa® Signature Card has been collected independently by Select and has not been reviewed or provided by the issuer of the card prior to publication.
Ally Bank is a Member FDIC.
Editorial Note: Opinions, analyses, reviews or recommendations expressed in this article are those of the Select editorial staff's alone, and have not been reviewed, approved or otherwise endorsed by any third party.
A Processing Glitch Has Held Up A 'small Percentage' Of Bank Deposits Since Thursday, Overseer Says
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