Opening a business bank account is a crucial step for any entrepreneur, separating personal finances from business transactions and laying the groundwork for financial organization, tax reporting, and professional credibility. If you're considering Chase Bank, a major player in the financial industry, you're likely wondering: how much does it cost to open a business account at Chase Bank?
The good news is that opening a Chase business checking account itself generally costs $0 for an initial deposit. However, the "cost" really comes down to potential monthly service fees and other associated transaction fees, which can vary depending on the account type you choose and how your business operates.
Let's dive deep into the specifics, providing a comprehensive, step-by-step guide to understanding the costs and process of opening a business account at Chase.
The Cost to Open a Business Account at Chase Bank: A Detailed Breakdown
Ready to get your business finances in order? Let's explore the costs and considerations involved with opening a Chase business account.
Step 1: Discover Your Business's Banking Needs (Engage!)
Before we even talk about specific accounts and fees, let's start with you. Take a moment to think about your business. What does a typical month look like for your finances?
How many transactions do you anticipate? This includes deposits (cash, checks, electronic), withdrawals, debit card purchases, and ACH transfers.
How much cash do you typically deposit? Some accounts have limits on free cash deposits.
Do you send or receive wire transfers regularly? These often come with fees.
What's your typical monthly balance? Maintaining a certain balance can help waive monthly fees.
Do you need integrated payment processing (e.g., for credit card sales)?
Understanding these aspects will help you choose the Chase business checking account that best fits your needs and minimizes your potential costs.
Step 2: Understand Chase's Business Checking Account Tiers
Chase offers several business checking accounts, each with different features, transaction limits, and monthly service fees. The key is to select the one that aligns with your business's activity level to potentially waive those monthly fees.
Sub-heading: Chase Business Complete Banking®
Best for: Small businesses with moderate transaction volumes and cash deposits.
Monthly Service Fee: $15
How to Waive the Fee: You can avoid the $15 monthly service fee by meeting one of the following requirements each statement cycle:
Maintain a $2,000 minimum daily balance in your account.
Have $2,000 in monthly purchases on a linked Chase Ink® Business Card.
Receive $2,000 in deposits from Chase QuickAccept® or other eligible Chase Payment Solutions transactions.
Provide qualifying proof of military status.
Link to a Chase Private Client Checking℠ account.
Transaction Limits:
Unlimited electronic deposits and debit card purchases.
Typically, your first 20 teller or paper-based transactions (checks written, deposits at a teller, withdrawals) are free.
Beyond 20 transactions: A fee of $0.40 per additional transaction applies.
Cash Deposit Limit: You can usually deposit up to $5,000 in cash per month at no additional charge.
Additional cash deposits may incur a fee of $2.50 per $1,000.
Sub-heading: Chase Performance Business Checking®
Best for: Growing businesses with higher transaction volumes and cash deposits.
Monthly Service Fee: $30
How to Waive the Fee: You can avoid the $30 monthly service fee by meeting one of the following requirements each statement cycle:
Maintain an average daily balance of $35,000 across qualifying business deposit accounts.
Transaction Limits:
Typically, your first 250 transactions (electronic and paper-based) are free.
Beyond 250 transactions: A fee of $0.40 per additional transaction applies.
Cash Deposit Limit: You can usually deposit up to $20,000 in cash per month at no additional charge.
Additional cash deposits may incur a fee of $2.50 per $1,000.
Wire Transfers: Includes 2 free outgoing domestic wires per month.
Sub-heading: Chase Platinum Business Checking℠
Best for: Larger businesses with significant transaction volumes and cash deposits.
Monthly Service Fee: $95
How to Waive the Fee: You can avoid the $95 monthly service fee by meeting one of the following requirements each statement cycle:
Maintain an average daily balance of $100,000 across qualifying business deposit and investment accounts.
Transaction Limits:
Typically, your first 500 transactions are free.
Beyond 500 transactions: A fee of $0.40 per additional transaction applies.
Cash Deposit Limit: You can usually deposit up to $25,000 in cash per month at no additional charge.
Additional cash deposits may incur a fee of $2.50 per $1,000.
Wire Transfers: Includes 4 free outgoing domestic wires per month.
Sub-heading: Initial Deposit
While the account opening fee is $0, you'll need an initial deposit to fund your account. For Chase Business Complete Banking, there is typically a $0 minimum opening deposit. However, some accounts, like Chase Performance Business Checking, may have a minimum opening deposit (e.g., $25). Always confirm the latest minimum opening deposit for your chosen account directly with Chase.
Step 3: Gather Necessary Documentation
This is a critical step to ensure a smooth application process. The documents you'll need depend on your business structure.
Sub-heading: Personal Identification
Two forms of ID are generally required. One must be a government-issued photo ID (e.g., driver's license, state ID, passport). The second can be another form of ID or a document like a credit card with an embossed name, or a utility bill.
Personal information for all owners with 10% or more stake in the business, including name, residential address, date of birth, and Social Security Number (SSN) or Individual Taxpayer Identification Number (ITIN).
For non-U.S. citizens, specific IDs like a Permanent Resident Alien Card (Green Card) or U.S. Employment Authorization Card may be required.
Sub-heading: Business Information and Documentation
The specific documents will vary based on your business entity type:
Sole Proprietorship:
Your personal SSN or ITIN.
Doing Business As (DBA) Certificate or Fictitious Name Statement if you operate under a name other than your legal personal name.
Business address and phone number.
Nature of your business.
Limited Liability Company (LLC):
Employer Identification Number (EIN) – This is crucial.
Certified Articles of Organization or Certificate of Formation filed with your state agency.
Operating Agreement (may be requested).
Corporation (S-Corp, C-Corp):
Employer Identification Number (EIN).
Articles of Incorporation or Certificate of Formation.
Corporate Bylaws (may be requested).
Meeting minutes documenting the election of officers (may be requested).
Partnership (General, Limited):
Employer Identification Number (EIN).
Partnership Agreement.
Assumed Name Certificate or Fictitious Business Name Statement if applicable.
Sub-heading: Additional Information
Business address and phone number.
Number of locations.
Where your products or services are sold.
Location of suppliers and vendors.
Anticipated annual sales.
Number of employees.
Anticipated amount of transactions processed through your new account.
Step 4: Choose Your Application Method
Chase offers a couple of ways to open a business account.
Sub-heading: Online Application
Convenient for sole proprietors and some simpler business structures.
You can often start the application process online, inputting personal and business details.
Be prepared to upload digital copies of your required documents.
If you're an existing Chase customer, you can typically sign in with your personal or business banking username and password.
Sub-heading: In-Branch Application
Recommended for more complex business structures (LLCs, Corporations, Partnerships), or if you prefer in-person assistance.
You'll need to bring all your original documents to the branch.
It's often helpful to schedule an appointment with a business banker beforehand to ensure all necessary personnel are available and to expedite the process.
For certain business structures, all authorized signers or key executives may need to be present or provide notarized forms if not present.
Step 5: Complete the Application and Fund Your Account
Once you've gathered your documents and chosen your method, you'll fill out the application. Be thorough and accurate with all information.
You'll be asked to provide your business's Tax Identification Number (TIN), which is typically your EIN for most business structures, or your SSN/ITIN for sole proprietorships.
The initial deposit to fund your account will be required at this stage. As mentioned, for most Chase business checking accounts, the minimum opening deposit is $0, but it's essential to confirm this for your specific chosen account.
Chase may run a credit check, but this typically has no impact on your personal credit score for business account openings.
Step 6: Managing Your Account and Avoiding Fees
Once your account is open, the ongoing "cost" largely depends on your ability to meet the monthly fee waiver requirements.
Sub-heading: Strategies to Avoid Monthly Fees
Maintain the Minimum Daily Balance: This is the most common and straightforward way to avoid fees for most Chase business checking accounts. Monitor your balance closely.
Utilize Linked Accounts/Services: If you have a Chase Ink Business Card or use Chase QuickAccept, ensure you meet the spending/deposit thresholds to qualify for the waiver.
Optimize Transactions: Keep an eye on your transaction count. If you frequently exceed the free transaction limit, consider if upgrading to an account with higher limits (like Performance or Platinum) would be more cost-effective in the long run, or adjust your banking habits (e.g., consolidate deposits).
Leverage Electronic Transactions: Most electronic transactions (ACH, online bill pay, debit card purchases) are unlimited and free. Minimize teller-assisted or paper-based transactions if you're close to your limit.
Consider Bundling: If you have other Chase products (personal checking, savings, loans, merchant services), sometimes these relationships can contribute to fee waivers or offer other benefits.
Sub-heading: Be Aware of Other Potential Fees
While the monthly service fee is the primary concern, be mindful of other potential fees:
Excess Transaction Fees: As detailed above, going over your free transaction limit will incur a fee per additional item.
Cash Deposit Excess Fees: Depositing more cash than your account's free limit will result in charges.
Wire Transfer Fees: While some accounts include free outgoing domestic wires, international wires and additional domestic wires typically incur a fee (e.g., $25-$50 per wire).
ATM Fees: While Chase ATMs are free, using non-Chase ATMs will incur fees from Chase (e.g., $3 for domestic, $5 for international) and potentially from the ATM owner.
Overdraft Fees: If your account goes into overdraft, you'll be charged a fee.
Stop Payment Fees: Placing a stop payment on a check will have a fee.
Returned Item Fees: If a check you deposit is returned unpaid, you might incur a fee.
Foreign Transaction Fees: Using your debit card for purchases in a foreign currency can incur a small percentage fee.
Step 7: Leverage Chase Business Resources
Chase provides various tools and resources to help businesses manage their finances.
Online and Mobile Banking: Use the Chase Business Online platform and the Chase Mobile® app to monitor transactions, manage cash flow, set up alerts, and initiate transfers.
Chase QuickAccept℠: If you accept card payments, this integrated service offers same-day deposits and can contribute to waiving your monthly fee.
Business Credit Cards: Explore Chase Ink® Business Cards, which can offer rewards and, as noted, sometimes help waive checking account fees.
Business Savings Accounts: While the interest rates on Chase business savings accounts are typically very low (e.g., 0.01-0.02% APY), linking them to your checking account can help meet minimum balance requirements for fee waivers.
By carefully selecting the right account and actively managing your banking activity, you can significantly minimize, or even eliminate, the cost of maintaining a business account at Chase Bank.
10 Related FAQ Questions
Here are 10 related FAQ questions with quick answers to further guide you:
How to choose the right Chase business checking account for my small business?
Quick Answer: Assess your typical monthly transaction volume, cash deposit needs, and ability to maintain a minimum daily balance. Start with Chase Business Complete Banking if your needs are modest, and consider Performance or Platinum as your business grows or if you consistently meet their higher balance requirements.
How to avoid monthly service fees on a Chase business checking account?
Quick Answer: For Chase Business Complete Banking, maintain a $2,000 minimum daily balance, or have $2,000 in monthly Chase Ink Business Card purchases, or receive $2,000 in deposits from Chase payment solutions. Higher tiers have higher balance requirements.
How to open a Chase business checking account online?
Quick Answer: Visit
How to get an Employer Identification Number (EIN) for my business?
Quick Answer: You can obtain an EIN for free directly from the IRS website (irs.gov) by completing the online application. This is a quick process, and you'll typically receive your EIN immediately.
How to link a Chase Ink Business Card to my business checking account for fee waivers?
Quick Answer: The link is usually automatic if both accounts are under the same business entity. However, it's always best to confirm with a Chase representative when opening or linking accounts to ensure the waiver criteria are properly met.
How to deposit cash into my Chase business account without fees?
Quick Answer: Each Chase business checking account has a certain limit for free cash deposits per month ($5,000 for Business Complete Banking, $20,000 for Performance, $25,000 for Platinum). Stay within these limits to avoid additional charges. Deposits at Chase ATMs are also typically free.
How to manage my Chase business account through the mobile app?
Quick Answer: Download the Chase Mobile® app, log in with your Chase Business Online credentials, and you can view transactions, make transfers, deposit checks using mobile deposit, pay bills, and set up alerts.
How to find a Chase branch near me to open a business account?
Quick Answer: Use the "ATM & Branch Locator" tool on the Chase website or within the Chase Mobile® app. You can search by your current location or by entering an address.
How to get free transactions on my Chase business checking account?
Quick Answer: Each account tier comes with a set number of free transactions (e.g., 20 for Business Complete, 250 for Performance, 500 for Platinum). Utilize electronic transactions like debit card purchases, ACH transfers, and online bill pay, as these are often unlimited and free.
How to contact Chase Business Banking customer service?
Quick Answer: You can contact Chase Business Banking customer service by calling the number on the back of your debit card, visiting their "Contact Us" page on Chase.com, or stopping by a local Chase branch for in-person assistance.
