What a Chase Business Checking Account Is

A Chase business checking account is a deposit account designed for business owners, sole proprietors, and self-employed people who need to separate business money from personal money. You deposit revenue, pay business bills, and receive payments from customers through this account. Chase offers several versions of business checking, each with different monthly fees, minimum balances, and included services.

The account itself is straightforward: money comes in when customers pay you, money goes out when you pay vendors or employees, and Chase holds the balance and processes the transactions. What changes between account types is how much it costs to maintain the account and what tools come with it.

Key Takeaways

  • Chase offers multiple business checking accounts with monthly fees ranging from $0 to $25, depending on the account type and whether you meet minimum balance or deposit requirements.
  • Most Chase business checking accounts waive the monthly fee if you maintain a minimum balance (typically $1,500 to $2,500) or meet a monthly deposit threshold.
  • All Chase business checking accounts include online banking, mobile deposits, and ACH transfers; some tiers add wire transfers, merchant services, and treasury management tools.
  • You will need an Employer Identification Number (EIN) or Social Security Number, business license or formation documents, and a government-issued ID to open an account.

The Main Chase Business Checking Account Types

Chase offers three primary business checking tiers: Chase Business Basic Checking, Chase Business Checking, and Chase Business Checking Plus. Each one targets a different size or type of business.

Chase Business Basic Checking has no monthly fee and no minimum balance requirement. It includes online banking, mobile deposits, and ACH transfers. This account is designed for very small businesses or startups that need the basics without ongoing costs. You do not get merchant services or advanced tools, but you get the core payment processing.

Chase Business Checking carries a $12 monthly fee, waived if you maintain a $2,500 minimum daily balance or have $5,000 in monthly deposits. It includes everything in Basic plus wire transfers (domestic and international), stop payment requests, and access to Chase's merchant services. This is the middle option for growing businesses.

Chase Business Checking Plus costs $25 per month, waived if you maintain a $2,500 minimum daily balance or have $25,000 in monthly deposits. It adds treasury management tools, liquidity management, and higher transaction limits. This tier is for larger businesses or those that need advanced payment features.

What Transactions Cost and How Long They Take

Most routine transactions—deposits, withdrawals, ACH transfers, and online bill pay—are included in your account and do not carry separate fees. Mobile deposits and online transfers are free. However, some services do cost extra.

Wire transfers typically cost $15 to $20 per wire, depending on whether the wire is domestic or international. Stop payment requests (telling Chase to block a check you wrote) cost around $30. Overdraft fees apply if your account goes negative; Chase charges $35 per overdraft transaction, and you can incur multiple overdraft fees in a single day.

Timing varies by transaction type. ACH transfers usually settle in one to two business days. Wire transfers settle the same day if sent before the cutoff time (typically 2 p.m. Eastern). Mobile deposits clear within one to two business days. Checks deposited in person at a Chase branch clear faster than mobile deposits.

How to Open a Chase Business Checking Account

You can open an account online, by phone, or in person at a Chase branch. Online is fastest—most people complete the process in 10 to 15 minutes.

You will need to provide your business name, business structure (sole proprietorship, LLC, S-corp, C-corp, partnership), and either an Employer Identification Number (EIN) or your Social Security Number. If you have an EIN, Chase will ask for it; if not, you can use your SSN. You will also need a government-issued ID (driver's license or passport) and proof of your business address (a utility bill or lease agreement dated within the last 60 days).

If your business is a corporation, LLC, or partnership, bring or upload your formation documents—the Articles of Incorporation, Certificate of Formation, or partnership agreement. Chase verifies these to confirm you have authority to open the account on behalf of the business.

After you submit your information, Chase reviews it and either approves or denies the account within one to three business days. Once approved, you can fund the account immediately and start using it the same day.

Fees You Will Actually Pay

The monthly maintenance fee is the largest cost, but it is easy to avoid. If you do not meet the minimum balance or deposit threshold, you will pay $0 to $25 per month depending on which account you choose. Over a year, that adds up to $0 to $300 just to keep the account open.

Beyond the monthly fee, the costs that actually hit most small business owners are overdraft fees ($35 each), wire transfer fees ($15 to $20), and stop payment fees ($30). If you maintain a positive balance and do not use wires or stop payments often, your only cost is the monthly fee—and you can eliminate that by keeping the minimum balance.

Chase does not charge for incoming ACH transfers, online bill pay, or mobile deposits. You also do not pay to receive payments from customers via ACH or check. The fees apply to services you initiate, not to money coming in.

When to Use Chase Business Checking Versus Other Banks

Chase business checking makes sense if you already bank with Chase personally, because you can manage both accounts in one app and transfer money between them instantly. It also makes sense if you need a physical branch nearby—Chase has thousands of branches nationwide, so depositing checks in person is convenient.

Chase is more expensive than some online-only banks if you cannot meet the minimum balance. Banks like Mercury, Novo, and Lemonade offer business checking with no monthly fee and no minimum balance. However, those banks have no physical branches, so deposits must be mobile or ACH.

Chase is also a good fit if you plan to use merchant services (accepting card payments) or need wire transfer capability. Chase integrates these services into the same account, so you can manage everything in one place.

Frequently Asked Questions

Can I use my Social Security Number instead of an EIN?

Yes. If you are a sole proprietor and do not have an EIN, you can use your Social Security Number to open a Chase business checking account. Chase will ask for it during the application. If you later get an EIN, you can update your account information with Chase.

What happens if my account goes negative?

Chase will charge you a $35 overdraft fee for each transaction that overdraws your account. If multiple transactions overdraw the account on the same day, you can be charged multiple fees. You can set up overdraft protection by linking a savings account or credit line, which transfers money automatically to cover the shortfall.

Can I pay employees directly from this account?

Yes. You can set up ACH transfers to pay employees, or use Chase's payroll service (Chase Payroll) to automate salary payments. ACH transfers are free and settle in one to two business days. Payroll services charge a per-payroll fee, typically $15 to $50 depending on the number of employees.

How long does it take to receive a wire transfer into my account?

Domestic wire transfers into your Chase business checking account typically arrive the same business day if received before 2 p.m. Eastern Time. International wires may take one to three business days depending on the sending bank and country.

Do I need a separate business license to open the account?

Not always. Chase will open an account for a sole proprietor using just a Social Security Number and a business name. If your business is an LLC, corporation, or partnership, Chase requires formation documents (Articles of Incorporation or Certificate of Formation) but not necessarily a separate business license. Check your state's requirements for your business structure.