Whether you’re a new business owner just starting your enterprise or a seasoned entrepreneur with years of experience under your belt, you need a reliable, low-stress option for your business banking.
As your business grows, it’s essential to focus on your customers while improving and expanding your product and service offerings. But you must tend to the financial health of your business too.
There are plenty of business banking options to consider, including online lenders, community banks and credit unions, and large national banks.
Today, we’re reviewing the Chase Total Business Checking® account, now offering a $300 bonus for new account owners.
Chase Total Business Checking® Features, Bonus, and Fees
Chase right-sizes their business checking offers to meet the needs of Solopreneurs, Freelancers, Partnerships, and other small, mid-sized, or large corporations.
Small businesses are ideal for the Chase Total Business Checking® account.
Alternatively, the Chase Performance Business Checking® account is a better option for mid-sized companies. Large business operators can use Chase Platinum Business Checking℠.
Key Features of Chase Total Business Checking®
- $0 minimum balance to open an account
- Virtual access through mobile banking and online account management
- Access to almost 4,900 Chase branches and 16,000 ATMs
- Alerts to enhance security and stay on top of account activity
- Business specialists at each branch to help with your business needs
- 100 transactions per month for free ($0.40/transaction after that)
- Unlimited electronic deposits at no charge with Chase QuickDeposit℠, ACH and ATM
- $5,000 cash deposits per cycle without a fee
- Send & receive funds with wire transfers, Chase QuickDeposit℠ and Chase Online℠ Bill Pay
- Chase QuickDeposit℠ allows you to deposit checks without visiting a branch
- Easy to transfer money between your bank accounts
- Multiple owners get individual debit cards, PINs, and online access to account
- Debit cards for employees that you control
- Domestic and international wire transfers
Bonus & Requirements
When you open a new Chase Total Business Checking® account and complete the qualifying activities, you’ll receive $300 as a new Chase business checking customer.
To meet the requirements to earn the bonus, you’ll need to:
- Apply for and open a new Chase Total Business Checking® Account
- Deposit a minimum of $1,000 into the account within 20 business days from open date (must be “new money” not currently held by Chase or their affiliates)
- Maintain a $1,000 balance for 60 days from the date of that deposit
- Complete five qualifying transactions including debit card purchases, Chase QuickDeposit℠, ACH (Credits), wires (Credits and Debits)
Your bank bonus is deposited into your account within ten business days of the completion of qualifying activities.
Important notes: You can only earn one business checking account bonus every two years. And only one bonus for each type of business account you open. Also, if your account is closed for any reason within six months of opening it – the bonus amount is deducted at closing.
You’ll pay a $15 monthly fee ($12 with paperless statements) unless you maintain a minimum daily balance of $1500 or more in your Chase Total Business Checking® account.
The monthly fee can also be waived if you have a linked Chase Private Client or Chase Sapphire Checking personal account. Chase Military Banking benefits also waive monthly fees for this type of account.
Additionally, if you overdraft your account, a $34 Insufficient Funds Fee is charged for each item. See Chase’s Standard Overdraft Practice for more information.
Pros & Cons of Chase Total Business Checking®
There are plenty of benefits from opening a Chase Total Business Checking® account.
You’ll have 24/7 secure access to your business finances and Chase customer service.
With 4,900 branches and a network of 16,000 ATMs, you’ll have flexibility if you need cash on the run or if you need to talk to someone in a branch location.
Plus, Chase makes it easy to deposit, send, and receive money with your Chase Total Business Checking® account.
As your enterprise grows, you can also upgrade to one of the other business checking accounts offered by Chase.
$300 Bonus offer: If you want to open an account but can’t maintain the $1500 balance (or meet other criteria to have it waived), consider that the current bonus offer covers two years of monthly fees when you opt for paperless statements.
Fees are a significant issue new entrepreneurs and small business owners must seriously consider.
In addition to the account’s potential monthly maintenance fee, when you have more than 100 transactions during a month, you’ll pay $0.40 per additional transaction.
While Chase charges a similar insufficient funds (NSF) fee compared to other lenders, you’ll likely get charged a few dollars less for overdrafts with an online or local lender.
Another potential con? The $300 bonus is considered interest and may be reported on IRS Form 1099-Int or 1042-S
Finally, while you can start the process of obtaining your bonus offer code for your new business checking account online, you’ll need to visit a branch to open the account.
While there are almost 5,000 branches in the U.S., Chase may not operate in your state.
States with Chase ATMs or branch locations:
|Kansas||New York||West Virginia|
Applying for Your Business Account
When you begin the business checking application process, they’ll ask if you want to add a Chase Business Total Savings account. (A $10 monthly service fee is waived if linked to Chase Total Business Checking®.)
If you’re a sole proprietor, you’ll need a Driver’s license or state ID, along with providing your personal information, including: name, address, date of birth, Social Security number or tax ID number, and country of citizenship.
When your business operates under a name other than its legal name, you’ll also need a Doing Business As (DBA) certificate.
LLC’s and Corporations need to provide the personal information of every owner and the Articles of Organization or Certificate of Formation.
You’ll then be asked to share specific business information before you submit your application.
With the review of your application, there’s a “soft” credit inquiry, but that doesn’t affect your credit score.
Other Business Checking Options
If you search “business checking options” online, you’ll probably find hundreds of different banking options to consider.
While many online lenders promote free or no monthly fee business checking accounts, be sure you read the fine print for each offer.
Certain features of the account may be free, but other fees can add up substantially each month.
Should you need to make cash deposits or use other in-bank support for your business, online lenders may not be the right choice.
When comparing with a Chase Business Checking account, community banks or credit unions may have similar offers. But you may not have access to as many branches of the lender or a network of ATMs without fees.
You also may find a small bonus offered by some local lenders. But rarely will you find a business banking bonus as generous as the one Chase is offering.
A Little About Chase and Their Important Initiatives
JPMorgan Chase & Co. is one of the biggest and oldest financial companies in the World.
“We know that when communities do well, our company does well. At JPMorgan Chase, we are investing in our customers, employees and communities around the world to break down barriers to opportunity and create an economy that works for more people”.JPMorgan Chase & Co. Mission Statement
Women On the Move
As part of their mission, JPMorgan Chase is committed to providing women with opportunities to succeed in their professional and personal lives.
The goals of their Women on the Move program are to expand women-run businesses, improve women’s financial health, and advance women’s career growth.
Securing an equal future for female employees, clients, consumers, and the communities we serve is their goal.
Check out the Women on the Move Podcast too! The goal of their episodes is to inspire listeners and share insights from some of the most notable leaders working to secure an equal future for women in the workplace.
Advancing Black Pathways
Advancing Black Pathways is another important Chase initiative that builds on their existing efforts to help the black community chart stronger paths towards economic success and empowerment.
The focus is on three pathways to accelerate economic empowerment and opportunity.
These include wealth-building opportunities, increased access to education and training opportunities, and more access to well-paying career paths and support of black executives.
You can learn more about their “efforts to advance solutions that create inclusive economic growth” here.
Is Chase Total Business Checking® Right for You?
Addressing your business’s banking needs should drive your decision on what type of business checking account to open.
Along with the $300 bonus and the pros listed above, when you need to make cash deposits, enjoy in-branch support, and prefer 24/7 customer service, Chase Total Business Checking® can be a smart financial move for your business.
If you use Chase or Chase branded credit cards (including the Chase Freedom card) for your personal banking, it makes sense to consider adding a Chase Total Business Checking® account for your small business banking needs. But, if you don’t, it might be a great time to start!
To learn more about Chase Total Business Checking® and if it’s right for your enterprise, visit this link to request your $300 bonus offer code today! This offer expires on 10/9/20.