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Chase business banking for members of the military
Military member-run businesses are eligible for waived account fees and discounts.
What business account benefits does Chase offer to military members?Chase offers account discounts and waived fees to active duty, reserve and veteran military service members, in addition to the following perks:
- Chase Business Complete Banking. The monthly maintenance fee is waived for military members.
- Business Line of Credit. Business capital up to $500,000 is available and military members don’t pay the annual fee for the first year.
- Military Survivor Program. Debt cancellation is available on credit cards, business lines of credit and business loans for eligible spouses and dependents of Chase military customers who were killed in action since 2011.
- Servicemembers Civil Relief Act. Chase Military Services can help connect you with SCRA benefits, including reduced interest rates and foreclosure and repossession protection.
How Chase supports the military
In 2011, JPMorgan Chase founded the Office of Military and Veterans Affairs, a program designed to expand employment, business and education opportunities for members of the military. Since its inception, the Office of Military and Veterans Affairs has hired, educated and supported thousands of military members and their families across the US.
JPMorgan Chase helped establish the Veteran Jobs Mission in 2011 alongside co-founders Amazon, AT&T and Dell EMC. The Mission’s goal? To hire over one million US military veterans.
The Veteran Jobs Mission comprises a coalition of over 200 employers across the US. To date, JPMorgan Chase has hired over 14,000 veterans, while the Mission is halfway to its goal with over 500,000 veteran hires.
EntrepreneursChase helps support veteran and military member-run businesses with account discounts and waived fees on many of its business banking products.
It also supports Bunker Labs, a nonprofit founded in 2014 that provides education, resources and networking opportunities to veteran startups and entrepreneurs.
At Syracuse University, JPMorgan Chase‘s Onward to Opportunity program offers a number of free resources through the Institute for Veteran and Military Families. Almost 30,000 participants have enrolled in the program to receive career training, certification and employment opportunities.
JPMorgan Chase‘s Plano, Texas campus runs the Military Pathways Development Program, a two-year training and mentorship program that recruits military veterans for leadership roles within JPMorgan Chase.
In 2012, JPMorgan Chase partnered with Operation Homefront’s Homes on the Homefront to offer mortgage-free homes to veterans. To date, JPMorgan Chase has invested over $185 million in more than 1,000 mortgage-free homes as part of its Military Home Awards Program initiative.
What should I look out for?
If you’re interested in one of Chase‘s business banking products, be wary of the following potential drawbacks:
- Limited online eligibility. Online applications are available for certain products only. Restrictions and limitations may apply. Visit your nearest branch for more details.
- Limited branch network. Chase‘s branch network only covers 36 states: Alabama, Arizona, California, Colorado, Connecticut, Delaware, Florida, Georgia, Hawaii, Idaho, Illinois, Indiana, Kansas, Kentucky, Louisiana, Maryland, Massachusetts, Michigan, Minnesota, Missouri, Nevada, New Jersey, New York, North Carolina, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, Texas, Utah, Virginia, Washington, Washington D.C., West Virginia and Wisconsin.
- Required down payments. Many of Chase‘s business loans require down payments before funding is released.
- Unclear fees and rates. Many of the fees and rates associated with Chase‘s business lending products aren’t available online, so you’ll need to visit a branch for more information.
Other business banking options from Chase
In addition to its business checking and lending products, Chase offers other business banking solutions:
- Business savings. The Chase Business Total Savings account and Chase Business Premier Savings account earn interest and come with ATM-access and free monthly deposits. But a monthly maintenance fee of $10 to $20 applies and transactions are limited to six withdrawals monthly.
- Business CDs. Chase business CDs have a $1,000 minimum opening deposit and come with terms of one month to 10 years with tiered interest rates and no monthly service fees.
How can my business receive Chase military benefits?Chase‘s business banking products have different military benefit requirements. So, if you’d like to apply for Chase military benefits, you’ll need to make an appointment at your local branch to speak with a representative.
To access Chase‘s military benefits, you must meet one of the following requirements:
- Surviving spouse
- Spouse of a deployed military member
- Own at least 51% of the business receiving the military benefit
- An active duty, reserve or veteran military service member of the Air Force, Army Coast Guard, Marines, Navy or National Guard
To receive Chase military benefits, you’ll need to provide qualifying proof of military status, alongside any other application documentation required for the business banking product you’d like to apply for.
JPMorgan Chase helps advocate for the military community by sponsoring and supporting the employment and education of service members and their families. It has a number of business banking benefits to offer, but you’ll need to provide proof of your military status at a local branch to qualify.
Compare your business banking options with other providers to find the product that best fits the needs of your business.
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