U.S. Bank vs Chase Business Checking: Which is Better?
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U.S. Bank vs Chase Business Checking: Which is Better?
If you own a company, you may want to compare U.S. Bank vs. Chase Business Checking accounts. Both companies offer a nationwide network of ATMs and branches and solid account options for businesses of any size.
When comparing Chase vs. U.S. Bank two companies, consider which account will best fit the needs of your firm and will charge the fewest fees.
U.S. Bank vs. Chase Business Checking Accounts Overview
Before you compare U.S. Bank and Chase’s business banking services, it can be useful to learn a bit about each company.
Chase is one of the largest financial institutions in the world, managing more than $4 trillion in assets. It was founded in New York City in 1799 and has operated continuously since then.
U.S. Bancorp is the holding company parent of U.S. Bank, the fifth-largest bank in the United States. It was founded in 1863 in Minneapolis and has $573 billion in assets.
Both banks offer a variety of financial services to their customers, including business banking. Both have multiple accounts available to companies that wish to bank with them.
|Silver Business Checking||Complete Business Checking|
|Gold Business Checking||Performance Business Checking|
|Platinum Business Checking||Platinum Business Checking|
The U.S. Bank Silver Business Checking and Chase Complete Business Checking accounts target smaller companies and those that are just starting out. They have low minimum balance requirements and fees, but limited features.
The Gold and Performance Business Checking accounts target mid-sized companies and both banks’ Platinum Business Checking accounts look to serve very large business customers.
U.S. Bank vs. Chase Business Checking Accounts Comparison
U.S. Bank and Chase both have multiple checking account options, each targeted at a specific class of customers. To accurately compare their offerings, you must compare the accounts that are designed for similar types of customers.
U.S Bank vs. Chase – Basic Accounts
The U.S. Bank Silver Business Checking and Chase Complete Business Checking accounts are both targeted at smaller and new companies.
|U.S. Bank Silver Business Checking Account||Chase Complete Business Checking|
|Best for||Companies look for a fee-free experience||Businesses that already have a Chase relationship or that expect to make lots of cash deposits|
|Requirements to avoid monthly fee||N/A||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|
|Other fees||The lesser of $2,500 / 25 fee-free cash deposits per month, 125 free transactions per month, then $0.50 each, $5 paper statement fee||$5,000 in fee-free cash deposits per month, 20 free teller/checks written per month|
|Other features||Online and mobile bill payment, Remote check deposit, EZ Switch Kit for changing to U.S. Bank, Card payment processing tools, Cash management services||Accept card payments with Chase QuickAccept, Online bill payment, Cash flow monitoring|
U.S. Bank seems to beat Chase’s entry-level business banking options thanks to an account that comes with no monthly fee and a higher number of fee-free transactions each month. U.S. Bank also offers similar additional services, such as card payment services.
Chase does have the benefit of a lower minimum deposit, but it charges a monthly fee unless you have a much higher balance. It also offers more cash deposits before fees are incurred, which could be important to some cash-heavy businesses.
For startups, U.S. Bank is the clear winner thanks to its lack of fees. Chase likely only wins for businesses that will deposit more than $2,500 in cash each month.
U.S. Bank vs. Chase – Mid-Tier Accounts
To serve medium-sized businesses, U.S. Bank offers the Gold Business Checking account and Chase offers the Performance Business Checking account.
|U.S. Bank Gold Business Checking Account||Chase Performance Business Checking|
|Best for||Most businesses, including those who want an interest checking option||Cash-heavy businesses who need a large cash deposit limit|
|Requirements to avoid monthly fee||Sign up for U.S. Bank payment solutions, OR $10,000 average collected checking balance ($25,000 for interest-bearing checking), OR $20,000 in combined average collected deposit balances ($50,000 for interest-bearing checking), OR $50,000 combined average collected business deposits and outstanding credit balances, OR $75,000 in combined business deposit and outstanding business credit balances||Maintain a daily balance of at least $35,000|
|Other fees||The lesser of $10,000 or 100 cash deposits with no fee per month, 300 fee-free transactions per month, then $0.45 each||$20,000 in cash deposits with no fee per month, 250 fee-free transactions per month|
|Other features||Interest-bearing account available, Online and mobile bill payment, Remote check deposit, EZ Switch Kit for changing to U.S. Bank, Card payment processing tools, Cash management services||Check monitoring, Interest checking available, Accept card payments with Chase QuickAccept, Online bill payment, Cash flow monitoring|
Both U.S. Bank and Chase offer elevated levels of service for larger business customers.
U.S. Bank’s Gold Business Checking does carry a monthly fee, but lets you avoid it with just a $10,000 minimum balance compared to Chase’s $35,000. Even if you opt for the interest-bearing checking account, which is a nice perk, you can avoid the fee with a balance of $25,000.
Chase continues to beat U.S. Bank when it comes to cash deposits. You can deposit twice as much cash to Chase’s Performance Business Checking account before you have to start worrying about fees. U.S. Bank’s $10,000 limit can seem quite low by comparison.
Again, U.S. Bank is likely to be appealing to most companies that need business checking, though Chase will likely win out with cash-heavy customers.
U.S. Bank vs. Chase – High-End Accounts
The U.S. Bank Platinum Business Checking and Chase Platinum Business Checking share names and target audiences. Both are meant to serve large companies.
|U.S. Bank Platinum Business Checking||Chase Platinum Business Checking|
|Requirements to avoid monthly fee||$25,000 average collected checking balance, OR $75,000 combined average collected business deposits and outstanding credit balances||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|
|Other fees||The lesser of $20,000 or 200 cash deposits per month, 500 fee-free transactions per month, then $0.40 each||$25,000 in cash deposits with no fee per month, 500 fee-free transactions per month|
|Other features||Online and mobile bill payment, Remote check deposit, EZ Switch Kit for changing to U.S. Bank, Card payment processing tools, Cash management services||Concierge service, Cash management services, Cash vault, Check monitoring, Interest checking available, Accept card payments with Chase QuickAccept, Online bill payment, Cash flow monitoring|
Based on their minimum balance requirements to avoid fees, the U.S. Bank Platinum Checking account seems to target larger companies, but not to the same extent as Chase’s which requires $100,000 in the account to avoid fees.
Still, both accounts are a viable choice for large companies. U.S. Bank’s Platinum Checking can work for companies looking to keep fees low. Oddly, there is no interest-bearing option for the Platinum Checking account like there is for the Gold Checking.
If your company can afford the $100,000 minimum balance, the odds are good that Chase’s Platinum Checking account is the better of the two. It offers concierge service, an interest checking account, and a higher limit for cash transactions. All of these factors give it an edge over the U.S. Bank.
Why Choose Chase Business Checking?
If you’re trying to choose between Chase and U.S. Bank, these are a few reasons to consider Chase.
You already have a relationship with Chase
If you already have personal checking accounts or credit cards with Chase, there are a lot of benefits to opening your business accounts with Chase as well. At the very least, keeping all of your money in one place can make managing your finances a bit more convenient.
You run a cash-heavy business
Across all of its tiers of business checking accounts, Chase has a higher cash deposit limit than U.S. Bank. If you run a cash-focused business and expect to have to deposit cash on a regular basis, Chase might be the cheaper choice.
You have a very large business
Both Chase and U.S. Bank have account options for large companies, but Chase targets its top-end account at much larger companies than U.S. Bank, which lets it offer a slightly better experience. Large businesses can get concierge service and interest checking with Chase whereas U.S. Bank doesn’t make the same promises.
You want easy access to a branch
Chase has more locations than U.S. Bank, boasting 4,800 locations to U.S Bank’s roughly 3,000. If you want the option to drop by a branch and speak to someone about your account, Chase will give you more branches to choose from.
Why Choose U.S. Bank Business Checking?
There are also many reasons to consider U.S. Bank for your business checking needs.
You want to avoid fees
U.S. Bank’s accounts tend to be cheaper than Chase’s across the board. In fact, its entry-level account has no monthly fee at all, which makes it a good choice for price-conscious business owners.
You want to simplify switching to a new bank
U.S. Bank makes it easy to switch your business banking account through its EZ Switch kit. If you’re looking to move to a new bank but want the process to be hands-off, U.S. Bank can handle much of the switch for you.
Even if you’re willing to put in the legwork yourself, U.S. Bank offers multiple ways to open an account, including some that don’t require visiting a branch.
You want powerful merchant services
U.S. Bank offers merchant services, including the ability to accept debit and credit card payments. Chase has a similar feature with Chase QuickAccept, but U.S. Bank offers a card reader for just $5 a month or portable terminals for $39.99 per month, giving business owners an inexpensive way to accept payments at their point of sale.
Both U.S. Bank and Chase offer multiple business checking account options, each targeted at companies of different sizes. The U.S. Bank seems to be the better choice for most small and mid-sized companies while Chase offers a great value to especially large businesses that can afford to maintain its $100,000 minimum balance.
Whatever size business you own, make sure to take the time to compare both U.S. Bank and Chase, as well as other business banks, to make sure you choose the right account for you.
Frequently Asked Questions
Before opening a business bank account, make sure you understand all of the features of the account and how they’ll serve your business.
Which is better, U.S. Bank or Chase?
It’s hard to declare a single winner between U.S. Bank and Chase. Both banks offer accounts that can serve a certain type of business.
In general, U.S. Bank offers better options for small and mid-sized companies while Chase can appeal to large businesses as well as those that make lots of cash deposits.
Is Chase Bank good for business accounts?
Yes, Chase Bank is a good choice for business checking accounts. It offers multiple account options, each targeted at different sizes of business.
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