Chase Platinum Business Checking Phone Number

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Having a business checking account seems like a given for any small business owner. Part of separating your personal and business finances simply has to involve abusiness checking account, along with applying for and using new sources of credit. While a business checking account can’t usually offer the rewards of business credit cards, it is vitally important. Unfortunately, not having a business checking account isn’t just inconvenient, it could also spell bad news for your business.

Ina survey done by Nav, 50% of business owners without a business bank account want to open one, but haven’t had the time to set one up. Those who didn’t have a business bank account considered closing their business at twice the rate of those with a separate business bank account. To make things smoother for yourself as you run a business, it’s good practice to open that separate account sooner rather than later (read more about the importance of separating your business finances here).

You can make cash deposits up to $20,000 each month without needing to pay additional fees, and you can open up a Chase Business Premier Savings account with no monthly service fee. Business Platinum Checking. If you run a larger business, the Business Platinum Checking account may be for you. You can complete 500 transactions per month without. 'Chase Private Client' is the brand name for a banking and investment product and service offering. Bank deposit accounts, such as checking and savings, may be subject to approval. Deposit products and related services are offered by JPMorgan Chase Bank, N.A.

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The majority (57%) of business owners surveyed bank with a larger bank, and there are certainly worthy options among the larger institutions. Both Chase and Bank of America are common choices for business owners, but which business checking account is better for your business and your money?

In an environment with many online banks and business rewards credit card companies, it can be tough to choose. Chase Bank and Bank of America, while big financial institutions, can be good options. Here’s a breakdown.

Chase Platinum Business Card

Chase:

New Eligible Chase Business Checking Account

Chase Performance Business Checking

Chase Platinum Business Checking

Bank of America:

Bank of America Business Fundamentals Checking

Bank of America Business Advantage Checking

Small Business Checking by Bank of America

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Chase vs. Bank of America: Basic Checking Accounts

Everyone starts somewhere. If your business’ needs are relatively basic and don’t have heaps of money coming in, you’ll likely be looking at one of these more barebones accounts. Let’s take a look at what each bank can offer you in the way of a basic checking account.

New Eligible Chase Business Checking Account

  • Get $300 as a new Chase business checking customer, when you open a new eligible Chase business checking account with qualifying activities
  • Access to 16,000 ATMs and nearly 4,900 Chase branches
  • Chase has business specialists at your local branch to help with your business needs
  • Account Alerts are a great way to stay on top of your account’s activity and enhance security
  • Unlimited electronic deposits at no charge, including Chase QuickDepositSM, ACH and ATM

Business Fundamentals

On Bank of America’s side of town, the Business Fundamentals Checking account offers similar benefits. Also available with online banking, maintaining a $3,000 daily minimum balance or a $5,000 average monthly balance, can help you avoid the $17 service fee. This threshold is significantly higher than Chase’s offer, but you can open a business savings account for free with your Fundamentals account with Bank of America.

The higher threshold of a $3,000 daily balance is a bit of a drawback, but good preparation for businesses who plan on leveling up once their business grows. Bank of America’s next option has a $15,000 minimum balance requirement, not nearly the jump that Chase has between the two levels.

Account TypeNew Eligible Chase Business Checking AccocuntBank of America Business Fundamentals Checking
Business SizeSmall/GrowingSmall
Monthly Maintenance FeeVaries by product$17
Minimum Balance to avoid feeVaries by product$3,000 daily minimum or $5,000 daily average per statement cycle
Additional Benefits
  • Get $300 as a new Chase business checking customer, when you open a new eligible Chase business checking account with qualifying activities
  • Access to 16,000 ATMs and nearly 4,900 Chase branches
  • Chase has business specialists at your local branch to help with your business needs
  • Account Alerts are a great way to stay on top of your account’s activity and enhance security
  • Unlimited electronic deposits at no charge, including Chase QuickDepositSM, ACH and ATM
  • Bank of America safety features
  • Business savings account without additional monthly maintenance fee

Chase Performance vs Bank of America Business Advantage Checking

Taking a step up, both banks have solid offerings for mid-sized businesses. Here’s the breakdown:

Chase Performance Business Checking

Phone

Designed for a business with some time under its belt, the Chase Performance Business Checking account is a strong option. You can take the $30 out of the equation with a $35,000 minimum daily balance. You’re allowed 250 transactions per month and $20,000 in cash deposits without a fee. As with Total Business Checking, you have unlimited electronic deposits every month.

With the high minimum balance limit and 250 transactions per month limit, this is a tough option to swallow. It still allows for a high $20,000 in cash deposits per month, but the jump from basic to mid-tier in this case seems more of a quantum leap.

Bank of America Business Advantage

In terms of business size, Bank of America’s Business Advantage checking is the ceiling. It requires a much lower monthly balance ($15,000) than Chase Performance to avoid the $29.95 monthly fee, a 5 cent improvement over Chase’s requirement. You can also open a business savings or second business checking account at no charge, and will have access to Bank of America’s business services with no fees.

The fact that this account encompasses a wide range of upper-tier clients makes the Bank of America system different from the three-account Chase system, but it allows room for substantial growth for the business that chooses Business Advantage. The option to open additional accounts down the road at no additional cost is a great plus, especially for businesses looking to maintain a savings account as well.

Number
Account TypeChase Performance Business CheckingBank of America Business Advantage
Business SizeMid-SizedMid-Sized to Large
Monthly Maintenance Fee$30$29.95
Minimum Balance$35,000$15,000
Benefits
  • 250 transactions/month with no fee
  • Unlimited electronic deposits and incoming wires
  • $20,000 in cash deposits per statement without fee
  • All incoming wires and two outgoing domestic wires at no charge per statement cycle
  • No fees for a second business checking account, no account management fee, no wire transfer fee
  • Additional Business Advantage Savings Account and a second Business Advantage Checking account with no additional fee
  • No-fee business services

Chase Platinum Business Checking

While the Bank of America Business Advantage checking account is meant to serve clients with an average monthly balance of $15,000 and more, Chase has an additional tier above their mid-level account. Meant for large businesses, the Chase Platinum Business Checking account has a $95 monthly fee that you can avoid with a daily balance of $100,000. You’re allowed 500 transactions without a fee, unlimited electronic deposit, and $25,000 in cash deposits without a fee.

The main benefits of this account are the waived fees for the 4 most expensive wires you send out, and all wires coming in. This can lead to major savings, depending on how you conduct your business. Apart from that, the limits are a bit too much of a hindrance, considering the level of cash flow this product is aimed at.

Account TypeChase Platinum Business Checking
Business SizeLarge
Monthly Maintenance Fee $95
Minimum Balance$100,000
Benefits
  • 500 transactions without fee
  • Unlimited electronic deposits and income wires
  • $25,000 in cash deposits per statement cycle without an additional fee
  • All incoming wires and your 4 most expensive outgoing wires per month w/o charge

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Chase Platinum Business Checking Phone Number

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Business Checking Accounts: Chase or Bank of America

Chase Platinum Business Checking

Whether they’re looking for business checking accounts or business credit cards, business owners looking to grow their business can find excellent financial services with both Chase and Bank of America. At the most basic level, Chase offers a solid set of benefits through their Total Business Checking, and appears to pull ahead of Bank of America at that tier.

Chase Platinum Phone Number

Moving into the mid-sized business checking accounts, Bank of America offers customers a lower threshold to avoid fees and an open field to grow and expand your business. For an experienced business looking to continue growing, Bank of America may be the better option.

Chase Bank Phone Number

Additionally, both Chase and Bank of America offer free additional debit cards for employees, and the ability to avoid the monthly service fee is a win. Their online banking services make everything convenient, as well. Having an account with either bank can make it easier to apply with them for business credit cards, as well, which can offer substantial rewards for your business.