Chase Platinum Business Checking is a top-tier business checking account that offers high transaction and cash deposit allowances. It includes free unlimited incoming wire transfers and four outgoing wire transfers per statement cycle as well as unlimited electronic deposits. It has a waivable monthly fee of $95, and it is best for large businesses with high monthly activities and complex banking needs.
Chase Platinum Business Checking Pros and Cons
Monthly fees can be waived
Requires in-person branch visit to open an account
High monthly transaction and cash deposit allowances
High monthly fee and balance requirement to waive it
Free unlimited incoming wire transfers and four outgoing wire transfers per statement cycle
Accounts do not earn any interest
Access to 16,000 ATMs and nearly 4,900 branches nationwide
Not available in all states
Who Chase Platinum Business Checking Is Best For
- Large businesses that process a lot of transactions each month: Chase Platinum Business Checking account’s high cash deposit and activity allowances benefit big companies with complex banking needs. However, it charges a high monthly fee if your account falls below the average daily balance (ADB), which means that you have to be an established company with a consistent cash flow to be able to pay the fee or maintain the balance requirement for waiving it.
Chase Platinum Business Checking Fees & Rates
$95 per month; waivable
Minimum Balance Requirement to Waive Monthly Fee
Daily balance of $100,000 ($50,000 when linked to Chase Private Client Checking) in any combination of linked business savings, business certificates of deposit, other Chase Platinum Business Checking accounts, and qualifying investment accounts
Minimum Opening Deposit
First 500 free, then 40 cents per item
Wire Transfer Fee
4 most expensive domestic wire transfers per month are included at no charge, then:
Domestic: $25 to $35 per transfer
International: $0 to $50 per transfer
Cash Deposit Fee
First $25,000 free, then $2.50 per $1,000
One insufficient funds fee and one returned item fee waived per statement period, then $34 for each overdraft item (maximum of six overdraft fees or $204 per day)
No charge on all Chase and non-Chase ATM transactions (ATM owner and network fees still apply)
Chase Platinum Business Checking’s $95 monthly fee can be waived if you maintain a daily balance of $100,000 in any combination of linked business savings, business certificates of deposit, other Chase Platinum Business Checking accounts, and qualifying investment accounts or a daily balance of $50,000 when linked to Chase Private Client Checking.
Being Chase Bank’s top-tier business checking account, it provides additional benefits, such as zero charges on extended overdrafts, returned deposited items or cashed checks, and stop payments. Furthermore, it can waive one insufficient funds fee and one returned item fee per statement cycle.
Chase Platinum Business Checking Features
Chase Platinum Business Checking account’s features are set to work seamlessly alongside other financial tools to meet the needs of small business owners. Listed below are some of its most important features.
Chase QuickPay and QuickDeposit
These two features can be integrated to help you save time and help manage your cash flow. Through QuickPay, you can receive payments from your customers and send money to your suppliers without the need for cash or write a check.
QuickDeposit, on the other hand, lets you deposit money from your phone or office—by scanning your checks through a deposit scanner or by processing it through the Chase Mobile app—anytime without having to go to a branch.
Online and mobile banking
Chase Bank’s online and mobile banking features make business account management easy and convenient. Here, you can monitor your account activities, control your cash flow, process bill payments, protect your account security, sync your accounting platforms like QuickBooks and more. Its mobile application is available for both Android and Apple iOS users.
Access to thousands of ATMs and branches
Chase Bank provides its customers access to 16,000 fee-free ATMs nationwide and nearly 4,900 branches in 29 states. Additionally, it provides 24/7 customer service available through phone support.
Waived fees and free service inclusions
As Chase Bank’s highest-level business checking account, it includes many extra features, such as personal account benefits and reduced balance requirements for some (Chase Private Clients) account holders. It also offers services at no additional charge, such as for counter checks, money orders, cashier’s checks, stop payments, and more.
Chase Platinum Business Checking Alternatives 2020
Chase Performance Checking
Bank of America Business Advantage Checking
Business owners with no more than 250 free monthly transactions and $20,000 in free monthly cash deposits
Business owners with no more than 500 transactions and $20,000 cash deposits per month
Business owners who want to avoid all transaction fees and live near a Capital One branch
$30; waived if you have a minimum daily balance of $35,000 in any combination of linked business savings, business CDs, and other Chase Performance Business Checking accounts
$29.95; waived if you maintain an average monthly balance of at least $15,000; or maintain a combined average monthly balance of at least $20,000 in your linked Bank of America accounts; or spend $2,500 on net purchases with your Bank of America business credit card or charge card; or maintain an active Bank of America Merchant Services account with a linked Bank of America checking settlement account; or enroll in and actively use Bank of America approved payroll services
$15; waived if you maintain a $2,000 minimum 30- or 90-day average balance or if you have two other Capital One accounts
Minimum Opening Deposit
Cash Deposit Fee
First $20,000 free, then $2.50 per $1,000
Free up to $20,000 per month, then 30 cents for every $100 after that
Free up to $5,000 per month, then $1 for every $1,000 after that
First 250 free, then 40 cents per item
Free for the first 500 items per month, then 45 cents per item after that
Unlimited free transactions
No charge on all Chase and non-Chase ATMs transactions (ATM owner and network fees still apply)
No fee from Bank of America ATMs; $2.50 to $5 for non-Bank of America ATMs
None on more than 39,000 Allpoint ATMs nationwide
Most Helpful Chase Platinum Business Checking Reviews
While a lot of Chase Bank reviews can be found online, as of this article’s writing (June 15, 2020), there are currently no reviews specifically for its Chase Platinum Business Checking account. If you are a past or current Chase Platinum Business Checking account holder, please leave a review to help other business owners who are deciding whether or not to use the company.
Chase Platinum Business Checking Frequently Asked Questions (FAQs)
Can I open a Chase Platinum Business Checking account online?
Chase Bank currently does not accept business checking account openings online.
In which states does Chase Bank operate?
Chase Bank currently operates with nearly 4,900 branches located in Washington, D.C., and 28 states: Arizona, California, Colorado, Connecticut, Delaware, Florida, Georgia, Hawaii, Idaho, Illinois, Indiana, Kentucky, Louisiana, Massachusetts, Michigan, Nevada, New Jersey, New York, Ohio, Oklahoma, Oregon, Pennsylvania, Texas, Utah, Virginia, Washington, West Virginia, and Wisconsin.
What are the exact fees for Chase Platinum Business Checking’s outgoing wire transfers?
While this type of account lets you receive unlimited domestic and international incoming wires, as well as four outgoing domestic wires per month at no additional fee, it charges the succeeding outgoing wires with the following rates:
- Domestic (website): $25 per transfer
- Domestic (branch): $35 per transfer
- International United States dollar (website): $40 per transfer
- International US dollar (branch): $50 per transfer
- International foreign currency (branch): $50 per transfer
- International foreign currency (website): $0 per transfer if the amount is equal to $5,000 or more; otherwise, it’s $5 per transfer
Can I access Chase Business Online outside of the US?
You can as long as you have a 128-bit encrypted browser and aren’t prohibited from such access by the laws of the country where you’re located.
Chase Platinum Business Checking is the highest tier among the three business checking accounts offered by Chase Bank, with the other two being Chase Total Business Checking and Chase Performance Business Checking. It offers up to 500 free transactions and up to $25,000 free cash deposits each statement cycle. It also includes free wire transfers and waives some account charges, such as insufficient funds fee.
While its inclusions can be enticing, one important thing that you should consider is its high monthly fee and the steep daily balance it requires to waive the said fee. If your business does not process that much transaction and cash deposits, then it might be a good idea to look for alternatives with lower fees but considerable account activity limits.
If you are still not sure if Bank of America Fundamentals Checking is right for you, then check out our “Bank of America vs Chase Business Accounts: Which Is Right For You” article that reviews the top checking accounts offered by Bank of America and Chase. In this guide, we looked at a variety of checking accounts based on features, such as monthly fees, transaction fees, and opportunities to earn an introductory offer as well as the size of the banks’ network.