Chase Business Complete BankingSM Review 2023
Small Business Checking with a Major Bank
Chase Business Complete Banking Review
Commissions & Fees - 4
Customer Service - 7
Ease of Use - 8
Locations - 10
Savings Options - 5
Rates - 1
Chase Business Complete BankingSM is a small business checking account from one of the largest banks in the United States. It's best for businesses that want a physical bank branch to visit for in-person customer service and banking. It requires a monthly fee of up to $15 if you don't maintain a $1,500 minimum daily balance. And it provides only 100 transactions per month.
What Is Chase Business Complete BankingSM?
Chase Business Complete BankingSM is the starter small business checking account from Chase Bank. It is best for businesses that want a bank branch to visit, as Chase has one of the biggest branch networks in the United States.
Chase operates more than 4,700 branches and more than 16,000 ATMs. There are branches in 33 states. Odds are good that there is a Chase branch near you.
Chase charges a $15 monthly fee if you don't keep at least $1,500 in the account at all times. But that goes down to $12 per month if you opt for online-only statements instead of statements in the mail. Chase Private Client customers and customers with a personal Chase Sapphire checking account can also avoid the monthly fee.
Chase offers customer service that's generally very good. If you want a traditional-style checking account from a major brick-and-mortar bank, this is one of the best accounts around.
Chase Business Complete BankingSM Review Features
|Accounts||Savings, Checking, Money Market, CDs|
|Access||Web Based, iPhone App, Android App, Blackberry App|
|Amount of Branches||4900|
|Customer Service||By phone, in-person at a Chase branch, or email.|
Chase Business Complete BankingSM is best for small to midsized businesses. This account offers the following features and limits:
- Up to 100 transactions per month
- Unlimited electronic deposits
- Up to $5,000 in cash deposits per statement period
Multiple ways to waive the Monthly Service Fee, including maintaining a minimum daily balance or purchases on your Chase Ink® Business credit card
Going over those limits can result in additional fees. That may not be an issue for many businesses, but if you receive a lot of cash or generally need more than 100 monthly transactions, this account probably isn't the right fit.
Here are other core features that make this account a good choice for many businesses:
- Online banking: Check on your balance, transfer funds, pay bills and handle other self-service banking needs for all of your Chase accounts with just one login. And it integrates with most major small business accounting software packages.
- Mobile banking: Chase's feature-filled app includes the ability to deposit checks and do most everything else you need from an online bank.
- Delegate control: Give other members of your business access to your business accounts. And you can set limits on what each user can do.
How Does Chase Business Complete BankingSM Work?Chase Business Complete BankingSM is a standard checking account that acts as a financial clearinghouse for your business. You can manage your account in person and get assistance from a teller or business banker, or handle your banking entirely online.
The big benefit of this and other Chase accounts is the huge network of branches and the ability to handle nearly any banking need. Unlike online-only banks, Chase bank accounts can do just about anything you might need from a bank.
However, that big network of branches is also very expensive for Chase to maintain. Customers pay for that with higher fees and lower interest rates than online competitors. The most glaring example is the $1,500 minimum balance to avoid a $12 or $15 monthly fee.
This makes Chase a great choice for many. But it's definitely not perfect for every business.
Other Chase Business Accounts
- Chase Business Total Savings: The sister savings account to Chase Business Complete BankingSM is Chase Business Total Savings. You can transfer between Chase checking and savings accounts instantly. This account offers a very low 0.01% annual percentage yield (APY) interest rate as of October 7, 2022. There is no monthly fee when you also have a linked Chase Business Complete BankingSM account.
- Chase Performance Business Checking: Performance Business Checking offers up to 250 monthly transactions, free incoming wire transactions, two free outgoing monthly wires per month, and other added benefits. It has a $30 monthly fee unless you maintain a $35,000 average daily balance.
- Chase Platinum Business Checking: The high-end account for larger businesses costs $95 per month unless you maintain a combined average daily balance of at least $100,000 in qualifying Chase accounts. It offers higher limits for activity without incurring additional fees. But this account doesn't make sense for most smaller businesses.
Chase Business Complete BankingSM Fees
Chase Business Complete BankingSM is far from a fee-free account. These are the most common fees you'll run into with this account:
- Monthly fee: This account requires a $15 monthly fee, or $12 with online-only statements unless you maintain a $1,500 daily minimum balance.
- Additional transactions: Going over 100 transactions, not including the unlimited electronic deposits, requires a fee of 40¢ per transaction.
- Additional cash deposits: Going over $5,000 in cash deposits in a month will lead to added fees as well.
You'll also pay fees for less common needs like cashier's checks, wire transfers and other banking services.
Chase Business Complete BankingSM Alternatives
Not sure if Chase is right for you? Consider these alternatives to Chase Business Complete BankingSM:
|Accounts||Savings, Checking, Money Market, CDs||Savings, Checking, Money Market, CDs||Savings, Checking, Money Market, CDs|
CIT Bank. Member FDIC.
Chase Business Complete BankingSM Review Pros & Cons
Final Thoughts on Chase Business Complete BankingSM
From among large, nationwide banks with branches around the country, Chase Business Complete BankingSM is arguably the best checking account for small businesses. But it offers features that may not be needed for many businesses. For those businesses, choosing instead a separate online-only business bank could save them money.
If you run a small business and want a traditional banking experience, however, Chase Business Complete BankingSM is one of your best options.
Mediocre services and support at best. The major turn-off is that it’s often a massive headache to straighten out any issues with your account. Also the $2000 minimum balance to avoid the $15 monthly fee is unjustified in these times especially since there’s nothing special about their business account. I finally dumped my account and opened a business account with an online bank. More features and much better rates, too.
Horrible bank to open a small business account with! They will let any company come in and take your money and will not give money back! They do not protect their customers. I was told 3/5 days for a credit back to my account now been told 10! Just been giving the Run around after merchant took thousands of unauthorized amounts.