Chase 2021 Business Audit Review
A checking account is like a financial clearinghouse. It serves as the center of your financial life. All the money you earn goes into your checking account and all the money you spend goes out of your checking account.
Businesses, like people, need access to banking services like checking accounts. Business owners can use business chequing accounts to separate their personal and business finances, and many banks offer specialized, business-oriented features in their business chequing accounts.
Chase is a large bank that provides banking services to individuals and businesses. It offers three different types of business chequing accounts, each serving businesses of different sizes.
These are some of the main features of Chase business chequing accounts.
Three types of accounts
Every business is different, which means every business has different banking needs.
Chase offers three different business chequing accounts to best meet the banking needs of each business.
the Chase Business Complete Banking SM is the basic current account of the business. It offers basic functionality and the easiest ways to avoid monthly fees.
The Performance Verification Account is designed for mid-sized businesses that need to transact more frequently, work with large sums of money, and want to earn interest on their account balance. In return, account holders must meet more stringent minimum balance requirements to avoid charges.
The Platinum Business Chequing Account is Chase’s premier business account, offering the most features and free deposits and transactions. However, account holders must maintain a balance of $ 100,000 to avoid fees, which means this account is primarily designed for large businesses.
Point of sale systems
One thing that any successful business needs is a way to get paid for the goods and services it provides. Even if you have the best products in the world, you can’t make money if people can’t pay you.
Chase offers point-of-sale solutions that you can use with any of its business chequing accounts. The Chase QuickAccept tool allows you to accept credit and debit card payments with an easy-to-understand fee structure and same-day deposits of payments you receive.
You can install the app on your phone or tablet, which means you don’t have to buy additional equipment to accept payments for your business.
Online bill payment
Businesses, like people, have bills to pay. Whether it’s paying your employees or paying invoices submitted by vendors, your business will need to send money to other people from time to time.
Chase offers several options for sending and receiving payments. Chase’s online bill payment service has a few business-focused features, making it easy to keep track of your open payments and invoices so you can be sure you never miss a due date.
The company also offers an online bill payment guarantee. Chase ensures that your bill payments will always arrive on time. If a Chase error causes you to miss a due date and incurs a fee, Chase will pay the late fee for you.
Earn interest by checking the balance
Most checking accounts don’t pay interest on the money you have in the account, but Chase Performance Checking and Platinum Business Checking accounts do offer interest. You can talk to your banker to find out about the different options.
Interest rates are low these days, you probably won’t earn huge sums on your checking account balance, but every little bit helps.
Business savings and credit services
One of the advantages of banking with Chase is that it is a large, well-known brand that offers a variety of banking services. If you enjoy your experience with your Chase checking account, chances are you won’t have to find another bank if you need other services, like credit cards or loans.
Related: Best Small Business Loans
Business credit cards are a great way for business owners to fund small, short-term purchases, and offer employees who need to make business purchases a way to do so without a complicated repayment arrangement. Chase also offers generous rewards programs if you use their business credit cards.
Chase also offers business loans and lines of credit, large and small, giving you a way to finance your business expansion or the money you need to take on other projects.
Related: Best Small Business Credit Cards
Prices and fees
The price of Chase business chequing accounts differs depending on the type of account you open.
The Complete Business Checking account charges a monthly fee of $ 15, which you can avoid by maintaining a balance of $ 2,000, making $ 2,000 in purchases on your Chase Ink card, receiving $ 2,000 in deposits from Chase Merchant Qualifying services (like QuickAccept) or by linking a Chase Private Checking Account.
The many ways to avoid monthly fees make it the best option for small businesses.
The performance verification account charges a monthly fee of $ 30 which you can avoid with a balance of $ 35,000.
The Platinum Checking Account charges a monthly fee of $ 95 that you can avoid with a balance of $ 100,000.
Some Chase account services also incur a fee. For QuickAccept transactions, you will pay 3.5% + $ 0.10 per key entry transaction and 2.6% + $ 0.10 for card reader transactions.
You will also pay $ 0.40 per transaction (deposit, withdrawal, ACH transfer, etc.) that you make over the free transaction limit of each account.
Opening a business current account with Chase is like opening an account with another bank. Visit the company’s website, choose the type of account you want to open, and complete the application form. During the application process, you will be asked for basic information about yourself and your business.
You will also need to link another bank account if you want to fund your business account with an online transfer. If you have an existing personal bank account with Chase, they make this process easier.
You can also open the account in person at a branch. The application process will be similar in person or via your computer.
Learn more: How to open a corporate bank account
Chase offers a powerful mobile app that you can use to manage all of your Chase accounts in one place. This includes business and personal bank accounts, credit cards, and loans.
The app is easy to use and has a sleek interface. You can accomplish almost any task you need through the app, including transferring money between accounts, paying bills, setting up direct deposit, and accepting card payments from customers.
Related: Best mobile banking apps
When it comes to your money, security is a major concern, so you want to know that the money you keep in your Chase checking account will be safe.
Chase uses cutting edge internet security and encryption tools to protect your personal information and your money. The same goes for its mobile application. You can also configure multi-factor authentication for additional account security.
Related: Are Online Banking Safe?
Chase offers many ways to contact customer service when you need help. Some of these options are available 24/7, while others have more limited hours, but there is always a way to get the help you need.
The easiest way to get help is to call the company’s helpline. Support is available 24/7.
If you prefer not to chat with someone over the phone, you can send a secure message through your account portal any time of the day or night. Chat support via the company’s Twitter account is also available from 7:00 a.m. to 11:00 p.m. EST on weekdays and 10:00 a.m. to 7:00 p.m. (Eastern time) on weekend.
Chase also accepts requests for assistance by mail and, of course, you can go to a branch to speak to a banker whenever a branch is open.
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Advantages and disadvantages
There are both pros and cons to consider before opening a Chase Business checking account.