Chase Total Business Checking is a low-cost entry-level checking account designed for new and small businesses. It offers low monthly fees, unlimited electronic transactions, an introductory bonus, and free incoming and outgoing wire transfers. It also benefits from Chase’s extensive network of branches and ATMs throughout the country. It is best for businesses that have low monthly deposits and want an easy-to-waive monthly fee.
Chase Total Business Checking Pros and Cons
Gives an introductory bonus for new clients
Requires in-person branch visit to open an account
Monthly fees can be waived
Potentially long transaction processing time
Provides 24/7 customer service
Accounts do not earn any interest
Free access to mobile and online banking
Available only in 29 states
Access to 16,000 ATMs and nearly 4,900 branches nationwide
Who Chase Total Business Checking Is Best For
- Small businesses and startups: solo entrepreneurs, freelancers, and growing companies that have low monthly deposits will benefit most from Chase Total Business Checking account’s affordable monthly fee, reasonable transaction limits, and other convenient features like online bill pay and account alerts.
Chase Total Business Checking Fees & Rates
$15 per month; waivable
Minimum Balance Requirement
None to maintain account; $1,500 to waive monthly fee
Minimum Opening Deposit
First 100 free, then 40 cents per item
Wire Transfer Fee
No fees on incoming or outgoing wire transfers
Cash Deposit Fee
First $5,000 free, then $2.50 per $1,000
$34 for each item, maximum of six overdraft fees or $204 per day
$2.50 per transaction at any non-Chase ATM in addition to ATM operator fees
Chase Total Business Checking account provides you with 100 free monthly transactions and $5,000 in free monthly cash deposits. It also offers unlimited electronic deposits, free incoming and outgoing wire transfers, and zero charges on all non-Chase ATM transactions.
Additionally, Chase Total Business Checking account’s monthly fee of $15 can be reduced to $12 when you enroll your account to paperless statements. Moreover, it can be waived when you meet any one of the following conditions each monthly statement period:
- $,1,500 minimum daily balance
- Maintain a linked Chase Private Client or Chase Sapphire Checking personal account.
Chase Total Business Checking Features
Chase Total 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 Bank gives out a $300 introductory bonus to new Total Business Checking account holders. However, you need to complete one of the following qualifying activities to earn it:
- Deposit $1,000 within 20 business days of account opening
- Maintain a $1,000 average daily balance for 60 days, or
- Make at least five qualifying transactions from the business checking account within 60 days.
Chase Military Banking Benefits
Eligible active military members, veterans, National Guard members, reservists, and spouses of killed in action (KIA) and deployed military personnel can access Chase Military Banking. It is only available to Chase Total Business Checking account holders and gives additional perks like waiving business checking monthly maintenance fees and business line of credit annual fees.
Chase QuickDeposit is a remote solution that allows you to deposit money without having to go to a branch, saving you a lot of time. The only thing you need to do is to scan your paper checks and send the images electronically or via mobile deposit to Chase. Your money then gets deposited to your Total Business Checking account.
You can make mobile deposits for free, or you may use feed check scanners ($25 to $50 per month) if you are depositing 10 or more checks.
Online Bill Payment
To use this feature, you first need to be enrolled in Chase Online and activate the Online Bill Payment feature. It offers a free and convenient way to schedule payments for rent, mortgage, utilities, credit card bills, car payments, and other monthly bills. This also helps you improve cash flow by speeding up receivables and eliminate manual processing of bill paychecks.
Chase Bank’s account alerts is a personalized online feature that lets you monitor your activities and enhance your account security. It sends notifications like for low balances, large transactions, account overdrafts, and more.
Chase Total Business Checking Alternatives 2020
Business with a low number of transactions
Business owners who want interest-bearing business checking with multiple high-yield business savings account options.
Business owners who want to avoid all transaction fees and live near a Capital One branch.
$18; waived if you maintain at least $5,000 average monthly balance or $3,000 daily balance
$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
Free for the first $7,500, then 30 cents for every $100
Free up to $5,000 per month, then $1 for every $1,000 after that
Free for the first 200 transactions, then 45 cents per item
Unlimited free transactions
No fee from Bank of America ATMs; $2.50 to $5 for non-Bank of America ATMs
None. Reimburses up to $10 per month in ATM fees
None on more than 39,000 Allpoint ATMs nationwide
Most Helpful Chase Total Business Checking Reviews
While there are many Chase Bank reviews online, there are currently no reviews specifically for its Chase Total Business Checking accounts as of this article’s writing (June 9, 2020). If you are a past or current Chase Total Business Checking account holder, then leave a review to help other business owners who are deciding whether to use the company.
Chase Total Business Checking Frequently Asked Questions (FAQs)
Can I open a Chase Total Business Checking account online?
No, you cannot. While you can access your business checking account online once it is opened, you must visit a branch in-person to open your account.
In which states does Chase Bank operate?
Chase Bank currently operates with 4,889 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.
Is there a fee for international wire transfers?
Foreign-currency denominated online wires with amounts equal to $5,000 or more sent to a bank outside the United States incur no fees. However, for wires that are less than $5,000, a $5 wire transfer fee will be charged.
What kinds of checks can I process through Chase QuickDeposit?
You can process any checks payable in US dollars and drawn on any US bank. These include, but are not limited to, personal checks, business checks, US Treasury checks, and money orders, depending on specific type.
Chase Total Business Checking is great for small and growing businesses who are looking for zero or low monthly fees, reasonable transaction limits, and quick access to ATMs and bank branches. The account also comes with helpful features, including 24/7 customer support, free mobile and online banking, and an introductory bonus for new account holders.
On the flip side, it should be noted that despite the bank’s large network, Chase Total Business Checking account is not available in all states. If it is available, it would also require you to visit a branch in-person to open an account.
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 and transaction fees, opportunities to earn an introductory offer, as well as the size of the banks’ network.