Chase Business Complete Banking® review

Who is Chase Business Complete Banking® best for?

Chase Business Complete Banking® works best if you want a one-stop spot for banking and credit or debit card payment processing. Chase’s payment processing service charges similar fees to Square — 2.6% + $0.10 per transaction if you’re using the mobile card reader.

This account also works well if you want your employees to access the bank account. You can request a Chase Business Associate Card or Employee Deposit Card, which gives employees unlimited access to your account.

The account is also best for businesses who can meet any one of these requirements to avoid the $15 monthly fee:

Active military with proof of status

$2,000 daily balance minimum

$2,000 in purchases on a Chase Ink Business card

$2,000 in deposits from Chase QuickAccept or other Chase payment processing services

Link to Chase Private Client Checking account

Where it shines

Chase Business Complete Banking® offers key features like debit cards for employees, a unique overdraft protection system and payment processing that you won’t find with every business bank account out there.

Signup bonus

New Chase Business Complete Banking® customers can get a $300 signup bonus for applying for the account online or at a branch. You have until Thursday, July 22, 2024 to take advantage of Chase’s promotion. To get the bonus:

1. Select Apply now.
2. Enter your email address to receive your $300 code.
3. 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.
4. Open a Chase business checking account.
5. 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.

Debit cards for employees available

If you need employees to access your business account without adding them as joint account owners, Chase has you covered with Associate or Employee Deposit Cards. Request an unlimited number of cards, giving your entire team or just key people the access they need.

• An Associate Card lets employees withdraw, deposit and make purchases. Accountholders — typically the business owner — can set spending limits between $100 to $1,000 for withdrawals and between $100 to $5,000 for spending.
• An Employee Deposit Card only lets employees deposit money to your business account via a teller or ATM.

Lenient overdrafts

When you sign up for the account, you’re automatically enrolled in Chase Overdraft Assist, which helps you avoid its $34 overdraft fee as long as you keep overdrafts less than $50. If you accidentally overdraft by more than $50, you’ll want to deposit money to bring the account back up before the next business day.

Payment processing

Instead of having to cobble together payment processing and banking separately for your company, Chase offers both services in this account. You’ll pay the exact same fees as you would with Square to process credit or debit cards. Yet Chase goes above and beyond by letting payments hit your account the same day for free.

You’d usually pay a 1.5% fee with Square for instant transfers, or you’d have to wait 36 hours for payments to show in your bank account.

See the fees you can expect for processing credit or debit cards with Chase.

Card transaction type	Price per transaction
Tap, dip and swipe	2.6% plus $0.10
Manual entry	3.5% plus $0.10

Where it falls short

This account’s main drawback is the number of bank fees and confusing fee structure it has. Make sure you have a clear understanding of all the fees you’re responsible for.

For example, while electronic transactions are free, you’ll pay $0.40 per transaction if you make more than 20 transactions with a bank teller or with paper checks. Also, you’ll pay $15 for incoming wires unless the sending bank is Chase. Some banks like Axos don’t charge for incoming wires at all.

Finally, you get a $15 monthly fee for this account, which you can’t waive unless you meet certain deposit or balance requirements. One way to avoid Chase’s fee is to keep a minimum daily balance of $2,000 in your account.

Chase Business Complete Banking® fees and access

Type of fee	Fee details
Monthly service	$15 Waivable if you meet any one of these requirements: Active military with proof of status $2,000 daily balance minimum $2,000 in purchases on a Chase Ink Business card $2,000 in deposits from Chase QuickAccept or other Chase payment processing services Link to Chase Private Client Checking account
Opening deposit	$0
Transaction fees for deposits/withdrawals	Banking with teller or using paper checks $0 for first 20 transactions $0.40 each for 21+ transactions Sending ACH transfers: $25 for first 25 transfers $0.15 for 26+ transfers Additional 1% or $25 fee for same-day ACH, whichever is less
ATMs	$0 at Chase ATMs Out-of-network fees $3 for ATMs in the US, Puerto Rico and the US Virgin Islands $5 for withdrawals outside the above countries $3 for money transfers or inquiries outside these countries
Debit card fees	Replacement cards $0 for standard shipping $5 for rush delivery Cash withdrawals at non-Chase banks 3% of transaction or $5, whichever is greater
Foreign transaction fee	3%
Overdraft or nonsufficient funds	$0 for overdrawing by $50 or less, returned checks or ACHs, or transaction declined $34 for overdrawing your account above $50 $0 if you pay your account by the next business day after overdrawing
Wire transfers	Incoming wires — domestic and international $15 $0 if the other person sends with a Chase banker or with Chase online or mobile banking Outgoing wires Domestic: $35 with a banker, or $25 if you use online or mobile banking International: $50 with a banker $40 for sending US dollars with online or mobile banking $5 for sending foreign currency with online or mobile banking
Other fees	$0 for cash deposits up to $5,000

Compare Chase Business Complete Banking® with other business checking accounts

Narrow down your business account options by monthly fee, opening deposit or APY. Then, choose Compare to see up to four accounts side by side.

What you need to open an account

You’ll need to be a sole proprietor or single-member LLC or corporation to apply online. Otherwise, open in person at a local Chase branch.

You’ll need some basic information about your business, though the exact formation documents may change based on your type of business.

• Name and date of birth
• Business address
• Business formation documents
• Social security or tax ID number
• Driver’s license or state-issued ID

Customer experience

Chase holds an A rating with the Better Business Bureau, which rates businesses based on the number of complaints and overall business practices.

On Trustpilot, Chase sees mostly negative reviews from customers. Complaints center around customer service not getting back to customers about issues or taking a long time to make actions for the account.

Business-related reviews mention long holds on their money and unexpected holds for account monitoring, leaving business owners without access to funds. Happy customers say they’ve experienced helpful and knowledgeable bankers, some even calling customers by name.

Keep in mind that Chase’s Trustpilot profile covers all of its banking products — not just its business products — and it’s common for large banks to see an influx of complaints. Your experience with Chase may vary based on the customer service in different locations.

Government action

Chase was involved in a government action in September 2020, due to employees attempting fraud when trading precious metals. The company was charged with unlawful trading in the precious metals and cash markets and attempted wire fraud. Employees of JPMorgan’s US Treasuries desk bought and intended to cancel the securities before finishing the trade, and they misled others involved in the trading about the market’s true supply.