Chase Bank For Business Reviews 2023: Features & Alternatives
Reviewed by Randolph Vialva, MBA
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Chase is an American national bank. They offer both consumer and commercial banking, and are a subsidiary of the U.S. multinational company, JPMorgan Chase.
Pros
- No minimum opening deposit
- Unlimited electronic deposits
- Can earn a $300 sign-up bonus
- Access to thousands of ATMs
Cons
- Monthly fee
- Limit to fee-free cash deposits per month
- A limited number of fee-free physical deposits per month
- Large overdraft fees
- Unlimited electronic deposits
- Integrated credit card processing
- Mobile and online banking tools
- Sign-up bonus
- No annual percentage yield (APY)
- Based out of New York, NY
- Founded in 1799
- Subsidiary of JPMorgan Chase
Chase is a national bank headquartered in New York City, New York. It’s a subsidiary of the financial services holding company JPMorgan Chase Co., covering commercial and consumer banking for the company.
This financial institution has thousands of branches and ATMs across the United States and is used by a large majority of the population. They offer a broad range of financial services including personal banking, Chase savings account, Chase credit cards, mortgages, auto financing on a new or used car, home equity lines, investment advice, small business loans, payment processing, business banking, and more.
They offer three different checking accounts for businesses and are a digitally-friendly bank that also gives small business owners branch access when needed.
Chase Bank For Business Advantages
To begin, let’s take a look at some of the main benefits businesses have when using Chase.
Business Complete Checking? account: Earn $300
The Business Complete Checking? account is a major benefit to small businesses banking with Chase. They offer sizable sign-on bonuses for new customers worth hundreds of dollars, plus it gives account holders access to Chase QuickAccept?, which allows users to accept card payments from anywhere. This checking account has a low monthly fee, unlimited electronic deposits, and great digital tools and capabilities like allowing account access online and online bill pay through the mobile app.
Earn Unlimited 1.5% Cash Back with Ink Business Unlimited®
Using Chase’s Ink Business Unlimited card, customers can earn unlimited 1.5% cash back on all purchases. This offers great value to small business owners, as they can earn on all spending that they do with their Chase credit card. Other competitors do not offer such generous cash-back terms.
Support
Lastly, the support Chase offers for their banking services clients is very comprehensive. Chase customers enjoy a wide range of ways to contact a Chase representative, including via phone, secure chat online, or through Twitter.
Chase Bank Review: Products & Prices
| Chase Checking Account | Chase Business Complete Banking? | Chase Performance Business Checking® | Chase Platinum Business Checking? |
| Service Fee | $15 or $0 Monthly | $30 or $0 Monthly | $95 or $0 Monthly |
| Waive the Monthly Service Fee if | Achieve $2,000 of minimum daily balance, deposits from Chase QuickAccept?, or Chase Ink Business Card purchases | Maintain a $35,000 combined average beginning day balance | Maintain a $100,000 combined average beginning day balance |
Now let’s consider some of the monthly fees for Chase savings accounts, including the Chase Premier Savings? Account and Total Savings? Account.
Chase Bank For Business Savings Account
| Chase Business Total Savings? | Chase Business Premier Savings? | |
| Monthly Service Fee | $10 or $0 | $10 or $0 |
| Minimum deposit to open | $25 | $25 |
| Transactions per month | 0-15 deposited items – No Charge 16+ $0.40/each | 0-30 deposited items – No Charge 31+ $0.40/each |
| Cash deposits per month are included at no charge | First $5000 | First $10000 |
As you can see, both the Chase Savings accounts and checking accounts offer great services and benefits at low monthly service fees and minimum initial deposits.
Chase Bank For Business Credit Card
The Ink Business Unlimited® credit card offered by Chase is another great element to business banking with this financial institution.
Other Chase Bank’s Products: Home Loans and Auto Loans
Chase offers other financial services outside of its business offerings, which include secure banking for consumers, auto loans, a home equity line, access to JP Morgan wealth management, and more.
Chase Bank Quick Overview
Best Overall Value
- Chase accounts have a low monthly fee
- Credit cards have a great cash-back policy and access to Chase Ultimate Rewards
- Chase Premier Plus Checking?
Chase Bank Customer Reviews
Chase does not have stellar ratings among customers, as is evident on Trustpilot. Let’s take a look at what some customers show concern about.
Worst bank, especially credit card FREEDOM UNLIMITED. The customer service is very bad and there are not professional employees who do not help you, the interest rates is very high and for last 3 years of using the bank I was convinced that this is the worst bank ever I used…
Aleksandr
Their mobile deposit is a scam. Deposit a check on my account. They received the money 2 days layer from my other account. There making me wait 10 days before they clear my account. That’s was a waste of time. I should have just deposited cash. That’s my fault for trying to save time. Will not be using that mobile deposit again.
Jeffrey
Not recommend! Worst customer service I have ever experienced. I made 5 calls and all routed to outside of US. All calls dropped and I asked the last one to write down my number just in case if the call drop again, the response I have got was: No, we can not call you back, because we are not in the United States. Call dropped, again! Issue unsolved.
Kathy
We use Chase for our business and personal accounts and couldn’t be happier. Wires and transfer are really easy to send. However, I wish they would do away with the fees for multiple accounts.
Grace
Chase Bank Service Review
Review of Chase Bank
| Overall Pricing and Value | 80%
| 80% |
| Cost Value | 80%
| 80% |
| Customer Support | 70%
| 70% |
| Ease of Use | 90%
| 90% |
| Included Features | 80%
| 80% |
Let’s take a final look at why Chase may be a good match for you.
Is Chase Bank Right For You?
So is Chase a good fit for your needs? With low monthly fees, great cash back on credit cards, and their Chase Premier Plus Checking account that offers great benefits to customers, there are many reasons why Chase is a good choice for small businesses. They have a great digital platform via their mobile app, where customers can pay bills, view their Chase bank account balances, and more.
Cost Value
Chase secure banking offers great value at low costs. The monthly service fee is minimal, and can even be avoided in certain circumstances. Thus, it’s a great option for anyone looking for a budget option.
Customer Service
Many customer reviews point to a negative customer service experience, though we notice that the team is highly available via a number of channels, including social media, online chat, and over the phone.
Ease of Use
Chase is very digitally-friendly, meaning it’s a great platform that’s easy to use in today’s economy. Business owners can accept card payments from anywhere, utilize their credit cards for cash-back rewards, and set up automatic payments and direct deposit when necessary.
Overall
Chase is a great option for any small business as a tool for its overall financial strategy. Earn interest on account balances, enjoy low monthly fees, and great rewards as a member of the bank that is very digitally friendly.
2 Top Chase Bank Alternatives
| CIT Bank | Capital One | Chase Bank | |
| Basic Checking Account |  | | $12 per month, (waivable in three ways) |
| Basic Savings Account | | No maintenance fees | $5 per month, (waivable in four ways) |
| Non-bank ATMs in the U.S | | | $2.50 per transaction (waivable in three ways) |
| Overdraft | $0 | $35 | $34 |
| Detail | Read detail | Read detail | Read detail |
| Link |
CIT Bank
Cit Bank offers a number of services for small businesses, including credit cards, checking and savings accounts, loans, and other product offerings to help businesses grow. They have a focus on flexibility, convenience, and support to aid their customers.
Capital One
Capital One provides small businesses with an array of services, resources, and financial advice. They tailor all services to the individual needs of the business, allowing for great flexibility and personalized services.
Conclusion
Above all, Chase offers many reasons why small businesses would bank through them. They have comparable monthly fees, a great online platform, and great benefits through their various business checking and saving account for customers to enjoy.
Frequently Asked Questions (FAQs)
Yes, Chase Bank does offer auto loans within the consumer banking arm.
Yes, Chase customers can use out-of-network ATMs, though they will face a $3 fee per transaction.
Chase Private Client is the highest banking product they offer, with the Chase Sapphire checking account closely behind. Sapphire is open to the public and doesn’t require invitations.
Yes, a linked Chase checking account is possible, allowing for easy transfers and to withdraw of funds as needed for a great personal finance tool.
Typically, the terms for bank loans with Chase will be up to five years, and interest rates will depend on each applicant and the current markets.
When the term of the CD is less than 12 months, account holders will face early withdrawal penalties.
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Chase is rated “Bad” with 1.3 / 5 on Trustpilot. Trustpilot. Published October 15, 2022. https://www.trustpilot.com/review/chase.com