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Chase Business Complete Banking review
This business checking account has built-in card acceptance through Chase QuickAccept.
finder.com’s rating: 3.0 / 5.0
★★★★★
The new Chase Business Complete Banking account stands out for its smartphone card reader that processes payments and deposits sales into your Chase account on the same day for no extra fee. This is an unusual perk considering competitors charge a 1.5% fee for same-day deposits.
But you’ll have to buy the smartphone card reader separately and there’s a $15 monthly fee for those who don’t meet certain monthly balance or purchase requirements.
$15 per month
Fee
N/A
APY
$0
Minimum deposit to open
Details
| APY | N/A |
|---|---|
| Fee | $15 per month |
| To waive the fee | Or meet any one of these requirements each month: - $2,000 minimum daily balance - $2,000 in purchases on your Chase Ink Business Card - $2,000 in deposits from QuickAccept or other eligible transactions - Link a Chase Private Client Checking account |
| Minimum deposit to open | $0 |
| Intro or bonus offer | New customers are eligible to receive a $300 bonus offer as long as they meet certain balance and transaction requirements. |
| ATMs | over 16,000 in-network ATMs |
| ATM transaction fee | $0 |
| Out-of-network ATM fee | $2.50 |
Review by
Cassidy Horton
cassidy.horton@findercrew.comCassidy Horton is a writer for Finder, specializing in banking and kids’ debit cards. She’s been featured on Legal Zoom, MSN, and Consolidated Credit and has a Bachelor of Science in Public Relations and a Master of Business Administration from Georgia Southern University. When not writing, you can find her exploring the Pacific Northwest and watching endless reruns of The Office.
Expert review
Instead of new business owners having to cobble together services they need to start their company — such as a card reader and a business checking account — they can find both of these services at Chase.
The new Chase Business Complete Banking is just that — a complete bank account with built-in card processing through Chase’s QuickAccept Mobile Card Reader. Sales hit your account the same day for free, which is another perk that makes this account stand out. Other accounts, such as Stripe, charge a 1.5% fee for instant transfers.
On the downside, the account has a $15 monthly fee. But you can avoid it when you meet certain deposit or relationship requirements each month.
If you regularly process payments on the go and want an all-in-one solution, Chase Business Complete Banking is a no brainer. But if you don’t need the QuickAccept service, a free business checking account may be a better fit.
Deal
$300 signup bonus when you open a new Chase Business Complete Banking account with qualifying activities
Offer valid for Chase business checking accounts through October 21, 2021, when you deposit $2,000 within 30 days of opening your account, maintain $2,000 for 60 days and complete five transactions within 90 days.
Transactions include: debit card purchases, QuickDeposit, ACH deposit, wires transfers.
How do I open a Chase Business Complete Banking account?
Open a Chase Business Complete Banking account at a branch location or online using these steps:
- Click Apply now.
- From the Chase website, under Chase Business Complete Banking click Open account online or Open account in branch.
- Select if you’re a current or new Chase customer.
- Select your legal business structure and business type and click Next.
- Enter your business information and click Next.
- Follow the prompts to complete your application and verify your identity.
Eligibility
You must meet this basic criteria to open an account:
- Valid Social Security or tax identification number
- Valid state-issued ID
- Valid US address
- Sole proprietorship, corporation or limited liability company (LLC) managed by a single member or manager, if applying online
Required information
You’ll need this information when opening a Chase Business Complete Banking account:
- Name and date of birth
- Business address and details
- Business formation documents
- Social Security or tax ID number
- Driver’s license or other state-issued ID
What are the benefits of a Chase Business Complete Banking account?
Chase Business Complete Banking account offers these perks:- $300 bonus offer. New customers are eligible to receive a $300 bonus offer as long as they open an account by October 21, 2021, meet certain balance and transaction requirements.
- Integrated system. Instead of small business owners having to secure separate services for banking and payment processing, they can open one account for both, allowing them to get their businesses off the ground even quicker.
- Unlimited free transactions. You won’t pay a fee for any electronic deposits and deposited items, ACH and ATM transactions, Chase QuickDeposits, debit card purchases and internal transfers.
- Free same-day deposits. Competitors like Square charge a 1.5% fee for instant transfers, but Chase offers this service for free.
- Perks for military members. Active Duty service members enjoy no monthly fees, free incoming and outgoing transactions, free non-Chase ATM network usage and other perks.
- Reasonable processing fees. Chase’s fees for the QuickAccept Mobile Card Reader are similar to what you’ll find with other card reader services. Here’s how much you can expect to pay:
| Card transaction type | Price per transaction |
|---|---|
| Tap, dip and swipe | 2.6% plus $0.10 |
| Keyed entry | 3.5% plus $0.10 |
How can I get Chase’s $300 offer?
New Chase business checking account customers applying online or at a branch have until October 21, 2021, to take advantage of Chase’s promotion when they complete these steps:
- Click Apply now.
- Enter your email address to receive your $300 code.
- Select Open account online or Open account in branch. If you’re applying online your code will be automatically applied. If you’re applying at a branch, you can use your $300 emailed code at a branch.
- Open a Chase business checking account.
- Complete the following eligibility requirements:
- Deposit 2,000 into your business checking account within 30 days of opening
- Keep a $2,000 balance for 60 days
- Complete five transactions within 90 days of opening the account. Transactions include: debit card purchases, Chase QuickDeposit, ACH deposits and wire transfers.
Chase’s ATM network and fees
Chase has over 16,000 in-network ATMs and more than 4,700 branches nationwide. You can use your debit card at any of these ATMs for free. If you use a non-network ATM, expect to pay $2.50 plus any operator fees.
What should I look out for?
The Chase Business Complete Banking account is a good choice for business owners who need to accept card payments on the go. But it has these drawbacks:
- Potential monthly fee. There’s a $15 monthly fee, but Chase waives it when you meet any one of these requirements each month:
- $2,000 minimum daily balance
- $2,000 in purchases on your Chase Ink Business Card
- $2,000 in deposits from QuickAccept or other eligible Chase Merchant Services transactions
- Link a Chase Private Client Checking account
- Cap on cash deposits. Your first $5,000 in cash deposits is free each month. After that, you’ll pay a fee for each additional deposit you make.
- Online application eligibility. Only sole proprietorships, corporations or limited liability companies (LLC) managed by a single member or manager can open an account online. If your business doesn’t fit into one of these, you’ll need to visit a branch.
- Card reader sold separately. Once you set up your checking account, you’ll need to order your Mobile Card Reader through the QuickAccept feature on the Chase Mobile app. Chase’s website doesn’t indicate how much this reader costs.
If you don’t accept in-person payments and just need a free business checking account, compare these top picks.
Compare Chase Business Complete Banking with other business checking accounts
Use this table to see how the Chase Business Complete Banking account compares to other business checking options.
How do I deposit or withdraw my money?
Here are all the ways you can access funds in your Chase Business Complete Banking account:
Deposits
- ATM or branch
- Direct deposits
- Check by mail
- Mobile check deposit through the app
- ACH transfer
- Wire transfer
- Chase QuickAccept
- Chase QuickDeposit
Withdrawals
- ATM or branch
- ACH transfer
- Wire transfer
- Bill pay
What other business checking options does Chase offer?
Chase used to have a Total Business Checking account, but it was discontinued. Chase currently has two additional business checking options:
- Chase Performance Business Checking. Designed for mid-sized businesses, this account comes with 250 free transactions per month. The $30 monthly fee is waived with a minimum daily balance of $35,000 in qualifying business deposit accounts.
- Chase Platinum Business Checking. This account is designed for large businesses and comes with 500 free transactions per month. There’s a $95 monthly fee that’s waived with $100,000 in qualifying business deposit accounts.
Frequently asked questions
Checking account ratings
★★★★★ — Excellent
★★★★★ — Good
★★★★★ — Average
★★★★★ — Subpar
★★★★★ — Poor
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