Choosing a home base for your business’s finances is one of the biggest decisions you’ll ever make as a business owner—that’s why it’s crucial to get a thorough look at all your business checking account options before signing the dotted line.
One of the most popular business checking account options for small business?
The Chase Total Business Checking Account.
This business checking account is designed specifically for small—but growing—businesses to easily manage cash flow.
We’ll cover everything there is to know about the Chase Total Business Checking account to help you decide if it’s the right home for your business’s money.
The Chase Total Business Checking Account: What You Need to Know
Let’s start out with the fundamentals. What are some crucial logistics that you need to know about this business checking account option before you decide whether or not it’s the right fit?
Let’s take a look:
Welcome Bonus
For a limited time, you’ll be able to access a $200 welcome bonus for opening a Chase Total Business Checking Account. You’ll just have to open your account with a minimum deposit and follow a few straightforward steps, but you could have a free $200 in your account just for choosing this business checking account.
We’ll cover the bonus in greater detail later, but this deal is something to keep in mind from the get-go.
Service Fee
As for service fees, the Chase Total Business Checking Account comes with a $12 monthly fee if you’re enrolled in paperless statements or a $15 monthly fee if you opt for paper statements.
However, all you’ll have to do is maintain a $1,500 minimum daily balance in your account, and Chase will waive the monthly service fee.
Transactions
Every month, you won’t be charged for your first 100 transactions—which Chase defines as debits and non-electronic deposits—made with your Chase Total Business Checking Account. Beyond that cap, you’ll have to pay 40 cents for every transaction you make.
Cash Deposits
With your Chase Total Business Checking Account, you can make up to $5,000 in cash deposits every month without having to pay a fee. After that first monthly $5,000 of cash deposits, you’ll have to pay standard cash deposit fees.
Wires
The Chase Total Business Checking Account allows incoming and outgoing wires that are both domestic and international. That said, this business checking option will always charge you a standard wiring fee, so you won’t have a monthly amount of free wires.
The Advantages of the Chase Total Business Checking Account
With all of the fundamentals of the Chase Total Business Checking Account covered, it’s time to evaluate. Which of these features are good for your business, and which of these features are, well, not so good?
Let’s establish one crucial thing before we dive in. The Chase Total Business Checking account is for businesses that don’t need to perform a huge amount of checking account activity every month. As such, the account’s perks and downsides all flow from this fact—its advantages are, by and large, advantages for small business. Its disadvantages are mostly disadvantages for larger businesses.
With that out of the way, let’s first take a look at which parts of the Chase Total Business Checking Account should be some major benefits for you:
1. Low Service Fee
With this Chase business checking account option, you’ll have to pay a monthly service fee of $12 if you opt for paperless statements. If you opt for paper statements, you’ll have to pay a $15 service fee. However, if your daily balance hits $1,500 or above, Chase will waive this service fee.
2. Transactions with No Fees
This checking account option will let you carry out 100 transactions per month without a fee. Even more, you’ll gain access to free, unlimited non-wire electronic deposits. So, if you’re doing a lot of your business spending electronically, then you won’t have to worry about this transaction cap.
3. Cash Deposits with No Fees
Not to mention, you’ll be able to deposit your business’s cash every month for no fee at all. And if you’re depositing less than $5,000 in cash every month, you’ll never have to pay any cash deposit fees at all.
4. Cash Welcome Bonus
This is one undeniable perk of managing your cash flow with the Chase Total Business Checking Account—it’s pretty difficult to turn down 200 extra dollars to invest back into your business.
5. Access to Chase.com
When you sign up with a Chase Total Business Checking account, you can count on having access to Chase.com 24/7/365. This means banking day-in, day-out, whenever you need to manage your business’s finances.
The Disadvantages of the Chase Total Business Checking Account
Now that we’ve highlighted some key features that we think makes the Chase Total Business Checking account so special, we’ll take some time to review some of its disadvantages.
It’s important to note that the Chase Total Business Checking Account is designed specifically for growing businesses.
Most of the downsides that the Total Business Checking comes with stem from this target demographic. With lower fees come lower caps, so if you’re planning on putting a lot of activity on your business checking account, you might want to consider upgrading to Chase’s other business checking account options, the Performance or Platinum Business Checking accounts.
1. Low Cap for Free Transactions
Remember that the Chase Total Business Checking only comes with 100 free transactions each month. Though you’ll have unlimited free electronic, non-wire deposits, you’ll still be seriously limited in the amount of free non-electronic transactions you’ll have access to with this business checking option.
2. Low Cap for Free Cash Deposits
Chase Total Business Checking allows $5,000 in cash deposits every month without a fee. If your business deposits are more than $5,000 in cash in a month, then standard cash deposit fees will apply to all your deposits after this $5,000 threshold.
3. No Free Wires
With this Chase small business checking account option, both international and domestic wires are possible, but they’ll always come with a standard wiring fee.
Why Choose the Chase Total Business Checking Account?
Put simply, banks really want to do business with small businesses.
To incentivize you to house your small business’s finances with them, many banks will offer sign-up bonuses that most often come in the form of cold, hard cash.
And if you decide to bank with the Chase Total Business Checking Account, you’ll get $200 in free cash with a minimum deposit.
Think you don’t have time to figure out the logistics of claiming this offer?
Well, if you have less than a minute to spare and you don’t already bank with Chase, then you’re nearly there. Whether you’re just starting your business or you want to move your account from elsewhere, you’ll just need to do three things to apply:
- Go to Chase’s landing page.
- Give Chase an email to send the coupon to.
- Take the emailed coupon into your local Chase branch to open the new business banking account.
After opening your Chase Total Business Checking account, you’ll just need to do a couple things to get your hands on the $200 cash bonus:
- Deposit $1,000 in new money within 10 business days of account opening, and maintain that balance for 60 days.
- Complete five qualifying transactions within 60 days, which include debit card purchases, checks paid, Chase QuickDepositSM, ACH (credits and debits) and wires (credits and debits).
It’s as simple as that. And if you’re already in the market for a business bank account, this checking account offer should be a no-brainer. After all, who couldn’t use an extra $200 in cash to invest in their business?
Because we know choosing where to put your business’s money is one of the biggest decisions you’ll need to make, we’ve outlined everything you need to know about the Chase Total Business checking account.
The Verdict for the Chase Total Business Checking Account
What’s the takeaway for all of this information on the Chase Total Business Checking Account?
Because you know your business the best, that’s for you to decide. However, the way we see it, this is one of the best business checking account options for small businesses that are on the up-and-up. If you want to find a home base for your growing business’s cash flow that doesn’t saddle you with sneaky fees and charges, then this could be the perfect fit for you.
If you think your business is ready to take the step to a checking account targeted toward more midsize businesses—or even toward larger businesses, be sure to check out your other Chase business checking account options that are more hospitable to high-activity accounts.
The post Chase Total Checking Account for Business: What You Need to Know appeared first on Fundera Ledger.
from Fundera Ledger https://www.fundera.com/blog/chase-total-business-checking-account
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