Chase Business Complete Checking Account Review

Star Best Brick & Mortar

The Chase Business Complete Banking℠ account stands out as one of the most flexible brick-and-mortar business checking accounts on the market. It places few limitations on transactions and gives you the best of both worlds with a large branch network and user-friendly online tools. Plus, you don’t need a separate merchant services account to accept credit card transactions.

What We Like

  • Unlimited electronic, ATM, and debit card transactions
  • Large branch and ATM network
  • Credit card processing included automatically

Could Be Better

  • In-person signup required
  • No option to earn interest
  • No out-of-network ATM fee reimbursements

The Blueprint Score

4.0
out of 5

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The Chase Business Complete Banking℠ account is a flexible and affordable option for small business owners, particularly those who don't have a high monthly cash transaction volume. But if you don't live near one of Chase's branches, this account may not be a good fit. Here's a closer look at its features and how to decide whether it's the right match for your business.

At a glance: Chase Business Complete Checking

Minimum Opening Deposit

No

Monthly Fee

$15, waivable if you meet specific criteria

ATM Fee

$2.50 for domestic out-of-network ATM usage or $5 per withdrawal

$2.50 per transfer or inquiry for international out-of-network ATM usage

Free Cash Deposits

$5,000, then $2.50 per $1,000 thereafter

Wire Transfer Fee

Incoming: $15 per transfer or $0 if transfer originates from Chase

Outgoing: $25 to $35 for domestic wires, $40 to $50 for international wires

Overdraft Fee

$0 for overdraft transfer from a linked Chase account, otherwise $34 per overdraft

APY

None

Free Bill Pay

Yes

Signup Bonus

$300


Who is Chase Business Complete Banking℠ for?

The Chase Business Complete Banking℠ account is a great option for small businesses that don't deal a lot in cash. As long as you can fulfill one of the criteria necessary to waive its monthly fee, you'll likely find this account to be more affordable than many of its competitors.

It doesn't have transaction limits for electronic transfers, ATM or debit card transactions, internal transfers, or deposits made using Chase QuickDeposit℠, if you meet the waiver requirements.

It's also a great fit for those who are comfortable banking online, yet still want the option of getting in-person support if they need a little extra help. Chase has one of the largest branch networks in the nation as well as user-friendly online and mobile account management tools.


Features of the Chase Business Complete Banking℠ account

The Chase Business Complete Banking℠ account stands out for the following reasons.

1. Few limits on transactions

Chase doesn't charge you for any electronic deposits, ATM and debit card transactions, internal transfers, or Chase QuickDeposit℠ transactions. You may have to pay a per-transaction fee for cash deposits, deposits and withdrawals you make at a branch, and checks you write from your account over the monthly limits. Most businesses probably won't encounter these issues.

Few other business checking accounts are as generous as the Chase Business Complete Banking℠ account in this respect, so it's worth considering if you don't want to be nickeled-and-dimed every time you move money around.

2. Plenty of ways to waive the monthly fee

Like most brick-and-mortar business checking accounts, the Chase Business Complete Banking℠ account has a monthly maintenance fee, but the bank gives you plenty of opportunities to waive it.

Many businesses should be able to meet one of these criteria, but even if you can't, the fee isn't unreasonable compared to similar business checking accounts.

The methods are:

  • $2,000 minimum daily balance
  • $2,000 in purchases on your Chase Ink® Business cards
  • $2,000 in deposits from QuickAccept℠ and/or eligible Chase Merchant Services transactions
  • Link to a Chase Private Client Checking℠ account

3. Accept credit card purchases

If your customers frequently pay with credit cards, you'll appreciate the option to add Chase QuickAccept to your account. This enables you to process credit card transactions from just about anywhere and Chase will deposit the funds into your account the same day. However, you'll incur additional fees with Chase QuickAccept, so make sure you're comfortable with these before you use the service.

4. No minimum deposit to open

The Chase Business Complete Banking℠ account is one of the few brick-and-mortar business checking accounts that doesn't require new customers to deposit a certain amount of money to open an account. You can even open a Business Complete Banking℠ account with no money if you don't have extra cash on hand.

5. Multiple user accounts

You can give employees limited access to your financial accounts if they need it for bookkeeping. You have the option to add users and assign them permissions through your online account, which you can change or remove.

6. Sign-up bonus

If you open a Chase Business Complete Banking℠ account by Jan. 21, 2021 at a branch near you, you could be eligible for a sign-up bonus. You must deposit at least $2,000 within 20 days of account opening and maintain a balance of at least $2,000 for 60 days and complete five qualifying transactions to get your bonus.


How to access your money with the Chase Business Complete Banking℠ Account

Chase small business banking customers have these options for moving money in and out of their Business Complete Banking℠ accounts.

Deposit options

You can deposit funds into your Chase Business Complete Banking℠ account using these methods:

  • Electronic transfer
  • ATM deposit
  • Chase QuickDeposit℠
  • Chase QuickAccept (fees apply)
  • Visiting a branch location
  • Wire transfer

Withdrawal options

Here's how you can withdraw money from your Chase Business Complete Banking℠ account:

  • Electronic transfer
  • ATM withdrawal
  • Visiting a branch location
  • Wire transfer
  • Point-of-sale withdrawal
  • Writing a check

Advantages to using Chase for your business checking account

Chase is one of the largest and most popular banks for a reason. Here's why you should consider opening a business bank account here.

1. Large branch and ATM network

Chase has one of the largest networks of bank branches and ATMs in the nation. That's not a guarantee there will be one near you, but the odds are higher than they would be with most Chase competitors. That makes it a good fit for business owners who value in-person support.

2. User-friendly account management tools

Though it's a brick-and-mortar bank, Chase also offers online and mobile account management tools that can compete with the best online banks. You can view your balance and transfer money between accounts, pay bills, remotely deposit checks, accept credit card payments, and manage account permissions for every member of your organization from anywhere with an internet connection.

3. Variety of business products geared to companies of all sizes

Besides the Chase Business Complete Banking℠ account, Chase offers multiple other business checking accounts, discussed below, business savings accounts and CDs, credit cards, loans and lines of credit, and more. That makes it a great fit for growing companies and those interested in doing all their business banking in one place.


Drawbacks of using Chase for your business checking account

While Chase has a lot going for it, here are a few reasons to look elsewhere for a business checking account.

1. No out-of-network ATM fee reimbursements

Some of Chase's competitors, particularly online banks, offer out-of-network ATM fee reimbursements to help customers keep their costs down. Chase doesn't do this and that could make it more expensive if you frequently travel to areas where Chase doesn't have in-network ATMs or branches.

2. Low or no interest on business checking accounts

Chase isn't a great fit for business checking customers who hope to earn interest on their balance. Most of Chase's business checking accounts don't offer interest and those that do typically offer a low rate, especially compared to online business checking accounts. While most people don't choose a business checking account for its interest-earning potential, you can find more lucrative accounts elsewhere if this is important to you.

3. In-person setup required

You must visit a Chase branch in person to open a Chase Business Complete Banking℠ account. This may not be a huge inconvenience if there's one near you, but if not, this could rule out Chase as an option for your business banking needs.


Alternate business checking account options from Chase

The Chase Business Complete Banking℠ account is primarily designed for small businesses. If you have a large business or your company is growing quickly, one of these other Chase business checking accounts might suit you better:

  • Chase Performance Business Checking®: This account has a higher cash deposit limit and includes unlimited free electronic deposits and incoming wires. But you need a merchant services account to accept credit card payments and you'll need a much higher balance to avoid the monthly fee.
  • Chase Platinum Business Checking℠: This is Chase's priciest business checking account, but it comes with some unique perks, including several free outgoing wire transfers per month, a high monthly cash transaction limit, and a large number of free monthly transactions.

Is the Chase Business Complete Banking℠ account right for you?

The Chase Business Complete Banking℠ account is definitely worth a closer look if you're just starting your business and want a flexible checking account with few fees. But as with any bank account, it pays to compare a few different options before you decide which one is right for your business. Check out some of our reviews of other top business checking accounts to see what else is out there.


Frequently Asked Questions for Chase Business Complete Banking℠

Can I accept credit card payments with the Chase Business Complete Banking℠ account?

Yes, the Chase Business Complete Banking℠ account comes with Chase QuickAccept, which enables you to process credit card payments from just about anywhere. However, there are per-transaction fees for this service.

What do I need to open a Chase Business Complete Banking℠ account?

You'll need your business formation documents, some form of personal ID, your Employer Identification Number (EIN), and paperwork showing your doing business as (DBA) name if you have one. The Chase Business Complete Banking℠ account doesn't require you to add a certain amount of money to open the account.

Which ATMs can I use with my Chase Business Complete Banking℠ account?

If you'd like to avoid fees, stick to Chase's network of ATMs. You can find the nearest one to you using the locator tool on the company's website or in its mobile app. You can use an out-of-network ATM, but Chase will charge you a fee and the ATM owner may as well.

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Kailey Hagen has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.