Chase vs. Bank of America Business Checking Accounts
- Both Chase and Bank of America provide business loans to established businesses with good to excellent credit.
- Chase business loans have low starting loan amounts, which can benefit small businesses.
- Bank of America's Preferred Rewards for Business program provides discounts, enhanced rewards, and other perks.
- Chase is a good option for smaller loans, longer repayment terms, and business credit cards.
- Bank of America business loans are available for its credit-builder line of credit or its Preferred Rewards for Business program.
Chase and Bank of America are two of the largest banks in the United States, so it’s natural to compare Chase vs. Bank of America’s business checking accounts. Both banks have large networks of branches and ATMs and a variety of business services, so you’ll need to consider which offers the best combination of tools for your company.
Chase vs. Bank of America Business Checking Accounts Overview
Before you compare Chase vs. Bank of America’s business checking accounts, it’s good to know more about their history.
JPMorgan Chase Bank was founded in 1799 and is headquartered in New York City. With more than $4 trillion in assets, it is one the largest banks in the world.
Bank of America was founded in 1998 through a merger of multiple banks that traced their history back to the 1780s. It has more than $3 trillion in assets, also placing it amongst the largest banks in the world.
Both banks offer financial services for businesses of various sizes, from small businesses to major corporations.
When it comes to Chase vs. Bank of America’s business checking accounts, each offers a few options.
|Chase||Bank of America|
|Complete Business Checking||Business Advantage Fundamentals Banking|
|Performance Business Checking||Business Advantage Relationship Banking|
|Platinum Business Checking|
The Complete Business Checking and Business Advantage Fundamentals Banking accounts are designed for smaller, growing businesses. They offer lower minimums and fees but also include fewer features.
On the other hand, the Performance Business Checking and Business Advantage Relationship Banking account focus on larger businesses that need better services.
One place where Chase comes out ahead in the Chase vs. Bank of America Business Checking debate is in services for very large companies. The Platinum Business Checking account is designed for companies that need to make very frequent transactions.
Chase vs. Bank of America Business Checking Accounts Comparison
In order to compare Chase vs. Bank of America business checking accounts, it is best to compare the accounts that each bank targets at similar customers.
Chase vs. Bank of America - Basic Accounts
First are the Complete Business Checking and Business Advantage Fundamentals Banking accounts.
|Chase Complete Business Checking||Bank of America Business Advantage Fundamentals Banking|
|Best for||Smaller businesses or startups, especially those owned by people that use Chase for their personal banking||Small businesses that can afford the minimum deposit or that spend a moderate amount on their debit card each month|
|Requirements to avoid monthly fee||Maintain a minimum balance of $2,000, OR Make $2,000 in Chase Ink credit card purchases, OR Receive $2,000 in Chase Payment Solutions deposits, OR Link a Chase Private Checking account, OR Provide proof of military status||Maintain a minimum balance of $5,000 across your accounts, OR Spend at least $250 on your debit card|
|Other fees||$5,000 in fee-free cash deposits per month, 20 free teller/checks written per month||$10 for a business savings account, $15 for account management tools, 200 free teller transactions/checks written per month|
|Other features||Accept card payments with Chase QuickAccept, Online bill payment, Cash flow monitoring||Link business and personal bank accounts, Zelle for business, Cash flow monitoring, Digital debit cards, Interest rate and credit card rewards booster, Payroll services cash back|
When comparing Chase vs. Bank of America’s business checking account for the smallest businesses, it is difficult to declare a clear winner.
Chase has the benefit of offering a multitude of options when it comes to avoiding its monthly fee. However, the bank has lower limits for cash deposits and in-person transactions.
Bank of America has a larger minimum deposit requirement but makes it easier to avoid its fee if you use your business debit card. Spending $250 each month should be simple for many companies, which means getting fee-free business checking.
If you have a very small business, you’ll have to consider Chase vs. Bank of America’s business checking options and fees to see which is best for you. For brand new companies and those that don’t spend much, Chase is likely better. Slightly more established firms might prefer Bank of America.
Chase vs. Bank of America – Mid-Tier Accounts
When comparing Chase business accounts vs. Bank of America’s business accounts for larger businesses, you need to think about how they serve the needs of big companies with many employees.
|Chase Performance Business Checking||Bank of America Business Advantage Relationship Banking|
|Best for||Business customers who already have a relationship with Chase, such as through a credit card||Most business owners, especially those who expect to write many checks or make many teller transactions each month|
|Requirements to avoid monthly fee||Maintain a daily balance of at least $35,000||Maintain an average balance of at least $15,000, OR Become a Preferred Rewards for Business member|
|Other fees||$20,000 in cash deposits with no fee per month, 250 fee-free transactions per month||$0 for a business savings account, $0 for account management tools, 500 free teller transactions/checks written per month|
|Other features||Check monitoring, Interest checking available, Accept card payments with Chase QuickAccept, Online bill payment, Cash flow monitoring||QuickBooks integrations, Customizable employee account access, One additional business checking and savings account at no fee, Link business and personal bank accounts, Zelle for business, Cash flow monitoring, Digital debit cards, Interest rate and credit card rewards booster, Payroll services cash back|
Both accounts are clearly aimed at larger businesses that tend to have more cash on hand. Unless you can dedicate tens of thousands of dollars to keep in the account, you’ll wind up paying large fees.
In general, Bank of America’s business checking seems to be the stronger choice. It has a lower balance requirement if you want to avoid the fee and offers the alternative option of joining the bank’s Preferred Rewards program. The account also offers far more fee-free transactions each month.
Chase may still be a good choice for some businesses, but that will mostly be true for companies and business owners that already have an established relationship with Chase or who operate near a Chase branch.
Chase vs. Bank of America – High-End Accounts
If you look at Chase business checking vs. Bank of America’s business checking account offerings, only Chase has a checking account explicitly aimed at very large businesses. Bank of America only offers two accounts, so we’ll compare the top-end accounts of both banks.
|Chase Platinum Business Checking||Bank of America Business Advantage Relationship Banking|
|Best for||Very large businesses that can benefit from the highest-quality customer service and business owners with an established Chase relationship||Large businesses that can’t maintain a $100,000 balance or who don’t need the highest tiers of customer service|
|Requirements to avoid monthly fee||Maintain an average daily balance of at least $100,000 across your Chase business accounts, OR Link your Chase Private Checking account and maintain an average daily balance of $50,000||Maintain an average balance of at least $15,000, OR Become a Preferred Rewards for Business member|
|Other fees||$25,000 in cash deposits with no fee per month, 500 fee-free transactions per month||$0 for a business savings account, $0 for account management tools, 500 free teller transactions/checks written per month|
|Other features||Concierge service, Cash management services, Cash vault, Check monitoring, Interest checking available, Accept card payments with Chase QuickAccept, Online bill payment, Cash flow monitoring||QuickBooks integrations, Customizable employee account access, One additional business checking and savings account at no fee, Link business and personal bank accounts, Zelle for business, Cash flow monitoring, Digital debit cards, Interest rate and credit card rewards booster, Payroll services cash back|
Chase’s top-end business checking account, the Platinum Business Checking account carries a hefty $95 annual fee and requires a staggering $100,000 average balance to avoid that fee. In exchange, customers get access to Chase’s platinum service team that offers concierge support. The account also comes with cash management services.
Unfortunately, Chase doesn’t boost its fee-free cash deposits or fee-free transactions by a significant amount when you move up to this level of service, which can make it hard to justify the $95 fee.
For many business owners, especially those who don’t already have personal accounts at Chase, Bank of America will be a stronger choice due to its much easier to avoid fees.
Why Choose Chase Business Checking?
There are a few reasons you might consider Chase business checking.
You send wire transfers frequently
With Performance Business Checking, you get two domestic wire transfers per month at no charge. Upgrading to Platinum Business Checking increases this allowance to four. Plus, both accounts won't charge you for outgoing international wire transfers in non-US dollars valued at $5,000 or more.
You use out-of-network ATMs regularly
Bank of America applies a $2.50 fee for every transaction made at an out-of-network ATM, in addition to any fees from the ATM operator. Meanwhile, Chase's premium accounts, namely Performance Business Checking and Platinum Business Checking, waive the fees for transactions at out-of-network ATMs.
You already have a relationship with Chase
If you have a personal checking account or Chase credit card, you may want to use Chase for your business checking too. Keeping all your money in one place is convenient and Chase offers some perks for people who have personal and business checking accounts.
You want the best service
If you’re looking for top-tier customer service, especially for very large businesses, Chase offers concierge-level service to its Platinum Business Checking customers.
You’re looking for an easy way to accept payments
Chase offers Chase QuickAccept, which is a great tool for small businesses that want an easy way to accept credit card and debit card payments. If you don’t want to bother with another payment tool, you might consider Chase to keep things simple.
You value easy access to a branch
While both Bank of America and Chase are among the largest banks in the US, Chase has the edge when it comes to the number of branches it operates.
Chase has more than 4,800 branches across the continental United States while Bank of America has only 4,100.
Why Choose Bank of America Business Checking?
Bank of America’s business checking accounts have plenty of benefits that make them worth considering.
You have a moderate to high monthly cash deposit volume
Bank of America's Business Advantage Fundamentals Banking account allows for cash deposits up to $7,500 and has a $16 monthly fee. In contrast, Chase has a slightly lower monthly fee of $15 but caps cash deposits at $5,000.
You rely on teller or paper transactions
While Chase Business Complete Banking includes unlimited electronic transactions, it restricts you to 20 paper or teller-based transactions each month. On the other hand, Bank of America's Business Advantage Fundamentals Banking offers a generous 200 teller transactions without extra charges.
You want access to ongoing rewards
Holding a business checking account with Bank of America gives you access to the Preferred Rewards for Business program. This offers reductions on monthly maintenance, ATM fees, fees for inbound wire transfers, and more.
You already have a relationship with Bank of America
Bank of America is a major bank, and many people already have personal accounts with the institution. If you already have a personal account or credit card with Bank of America, it can be convenient to keep your business funds there too. You can even earn bonus rewards and interest on your business accounts based on your combined account balances.
You want to avoid fees
Bank of America typically has lower minimum balance requirements and offers more ways for its customers to avoid the monthly fee for its accounts. It also has similar or higher numbers of cash deposits and teller transactions before you have to pay fees.
You use QuickBooks
Bank of America’s higher-end business checking account integrates with QuickBooks, which can make it much easier for your company to deal with accounting and bookkeeping.
The bottom line when comparing Bank of America vs. Chase Business accounts is that both banks offer solid business checking accounts. Which one is right for you will depend on specific factors such as how frequently you need to deposit cash, whether you want to do a lot of banking in a branch and how much you expect to keep in your checking account.
Before you open an account, look at all of your options and try to find the best business checking account for your company.
Before you open a business checking account, it’s important to understand all of the pros and cons of both banks.
Is Bank of America better than Chase for business?
There’s no solid answer to whether Bank of America or Chase is the better bank for business customers. Both have strengths and weaknesses. For example, Chase has more physical branches while Bank of America tends to keep fees lower and easier to avoid.
Which bank is more trustworthy?
Both Chase and Bank of America are established banks with trillions of dollars in assets. You can trust both to manage your money properly. Both also have insurance from the Federal Deposit Insurance Corporation.
However, according to Better Business Bureau ratings, Bank of America is slightly more trustworthy with an A+ rating compared to Chase’s A- rating.
Is Chase or Bank of America better for transactions and cash deposits?
Bank of America offers greater limits on transactions and cash deposits. Therefore, for businesses with a high volume of transactions, Bank of America's checking accounts might result in lower fees compared to Chase.
Which bank is better for completing a wire transfer?
Starting at the mid-tier level, both banks provide free incoming wire services. Bank of America's Business Advantage Relationship banking gives unlimited free incoming wires with just a $15,000 minimum balance stipulation.
In contrast, Chase demands a daily average balance of $35,000 for its mid-tier account.
For those with frequent outgoing wires, Chase offers better value with two to four free wires, whereas Bank of America doesn't provide any complimentary outgoing wire services.
What are other Business Banking Options to Consider?
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