What Is Chase Total Business Checking?
Total Business Checking is the starter small business checking account from Chase Bank. It is best for businesses that want a bank branch to visit, as Chase has one of the biggest branch networks in the United States.
Chase operates nearly 4,900 branches and 16,000 ATMs. There are branches in 33 states. Odds are good that there is a Chase branch near you.
Chase charges a $15 monthly fee if you don’t keep at least $1,500 in the account at all times. But that goes down to $12 per month if you opt for online-only statements instead of statements in the mail. Chase Private Client customers and customers with a personal Chase Sapphire checking account can also avoid the monthly fee.
Chase offers customer service that’s generally very good. If you want a traditional-style checking account from a major brick-and-mortar bank, this is one of the best accounts around.
Chase Total Business Checking Review Features
|Accounts||Savings, Checking, Money Market, CDs|
|Access||Web Based, iPhone App, Android App, Blackberry App|
|Amount of Branches||4900|
|Customer Service||By phone, in-person at a Chase branch, or email.|
Chase Total Business Checking is best for small to midsized businesses. This account offers the following features and limits:
- Up to 100 transactions per month
- Unlimited electronic deposits
- Up to $5,000 in cash deposits per statement period
Going over those limits can result in additional fees. That may not be an issue for many businesses, but if you receive a lot of cash or generally need more than 100 monthly transactions, this account probably isn’t the right fit.
Here are other core features that make this account a good choice for many businesses:
- Online banking: Check on your balance, transfer funds, pay bills and handle other self-service banking needs for all of your Chase accounts with just one login. And it integrates with most major small business accounting software packages.
- Mobile banking: Chase’s feature-filled app includes the ability to deposit checks and do most everything else you need from an online bank.
- Delegate control: Give other members of your business access to your business accounts. And you can set limits on what each user can do.
How Does Chase Total Business Checking Work?
Chase Total Business Checking is a standard checking account that acts as a financial clearinghouse for your business. You can manage your account in person and get assistance from a teller or business banker, or handle your banking entirely online.
The big benefit of this and other Chase accounts is the huge network of branches and the ability to handle nearly any banking need. Unlike online-only banks, Chase bank accounts can do just about anything you might need from a bank.
However, that big network of branches is also very expensive for Chase to maintain. Customers pay for that with higher fees and lower interest rates than online competitors. The most glaring example is the $1,500 minimum balance to avoid a $12 or $15 monthly fee.
This makes Chase a great choice for many. But it’s definitely not perfect for every business.
Other Chase Business Accounts
- Chase Business Total Savings: The sister savings account to Chase Total Business Checking is Chase Business Total Savings. You can transfer between Chase checking and savings accounts instantly. This account offers a very low 0.01% annual percentage yield (APY) interest rate as of July 17, 2020. There is no monthly fee when you also have a linked Chase Total Business Checking account.
- Chase Performance Business Checking: Performance Business Checking offers up to 250 monthly transactions, free incoming wire transactions, two free outgoing monthly wires per month, and other added benefits. It has a $30 monthly fee unless you maintain a $35,000 average daily balance.
- Chase Platinum Business Checking: The high-end account for larger businesses costs $95 per month unless you maintain a combined average daily balance of at least $100,000 in qualifying Chase accounts. It offers higher limits for activity without incurring additional fees. But this account doesn’t make sense for most smaller businesses.
Chase Total Business Checking Fees
Total Business Checking is far from a fee-free account. These are the most common fees you’ll run into with this account:
- Monthly fee: This account requires a $15 monthly fee, or $12 with online-only statements unless you maintain a $1,500 daily minimum balance.
- Additional transactions: Going over 100 transactions, not including the unlimited electronic deposits, requires a fee of 40¢ per transaction.
- Additional cash deposits: Going over $5,000 in cash deposits in a month will lead to added fees as well.
You’ll also pay fees for less common needs like cashier’s checks, wire transfers and other banking services.
Chase Total Business Checking Alternatives
Not sure if Chase is right for you? Consider these alternatives to Chase Total Business Checking:
Chase Total Business Checking Review Pros & Cons
Large network of branch locations
— Thousands of branch locations to choose from in over half of U.S. states.
In-person customer service
— Online banks offer support only online or by phone. With Chase, you can visit a branch for help.
Excellent online experience
— As a massive bank with millions of accounts, Chase has the scale and ability to offer leading mobile and online banking experiences.
— Unless you maintain the $1,500 minimum balance, you’ll have to pay a monthly fee for this account.
— Chase Total Checking has a limit of 100 monthly transactions before incurring a per-transaction fee. Businesses that deposit more than $5,000 in cash in a month will pay fees.
— This account pays no interest. And its sister savings account pays among the lowest rates in the nation.
Final Thoughts on Chase Total Business Checking
From among large, nationwide banks with branches around the country, Chase Total Business Checking is arguably the best checking account for small businesses. But it offers features that may not be needed for many businesses. For those businesses, choosing instead an online-only bank could save them money.
If you run a small business and want a traditional banking experience, however, Chase Total Business Checking is one of your best options.
Written by Eric Rosenberg.
View the original article at here.