Chase Business Checking Has No Monthly Fee, But You Need a Minimum Balance
Chase does not charge a monthly maintenance fee to open or keep most of its business checking accounts. However, you do need to maintain a minimum daily balance to avoid fees—the amount depends on which account type you choose. If your balance drops below the minimum, Chase charges a monthly fee that ranges from $10 to $25.
The most common Chase business account is the Chase Business Complete Checking, which requires a $2,500 minimum daily balance. If you fall below that, you pay $25 per month. The Chase Business Platinum Checking requires a $5,000 minimum and charges $25 if you drop below it. There is also the Chase Business Essentials Checking, which has no minimum balance requirement and no monthly fee—but it comes with fewer features, like limited check deposits and no merchant services integration.
Opening the account itself costs nothing. You do not pay an application fee, an opening fee, or any upfront charge. The only money you need is the minimum balance itself, which stays in your account and remains yours to use.
Key Takeaways
- Chase Business Complete Checking requires a $2,500 minimum daily balance; if you go below it, you pay $25 per month.
- Chase Business Platinum Checking requires a $5,000 minimum daily balance and also charges $25 if you fall short.
- Chase Business Essentials Checking has no minimum balance and no monthly fee, but offers fewer features than the other two.
- There is no fee to open any of these accounts—you only need the minimum balance itself, which you can withdraw anytime.
- Additional services like wire transfers, overdraft protection, and merchant processing may carry separate fees depending on your use.
How the Minimum Balance Works
The minimum balance is not a deposit you lose—it is money that must sit in your account at all times. If you have $2,500 in the account and need to pay a $1,000 invoice, you can do it, but your balance drops to $1,500. At that point, you are below the $2,500 minimum, and Chase charges you $25 that month.
The balance is calculated as a daily minimum, meaning Chase looks at your lowest balance on any single day during the month. If you dip below the threshold even once, the fee applies. Some business owners keep extra money in the account specifically to stay above the minimum and avoid the fee.
If you cannot or do not want to maintain a minimum balance, the Chase Business Essentials Checking account is the only option with no requirement. It is designed for very small businesses or those that prefer to keep minimal cash in the account.
Other Fees You May Pay
Beyond the monthly maintenance fee, Chase charges for specific transactions and services. Wire transfers cost $15 for outgoing domestic wires and $20 for outgoing international wires. Incoming wires are free. Overdraft fees are $35 per occurrence if you spend more than your balance, though Chase offers overdraft protection that links to a savings account or credit line to prevent this.
If you use stop payment requests on checks, each one costs $30. Returned deposit items (checks that bounce) cost $10 per item. ACH returns (when a payment sent via ACH is rejected) cost $3 per return. These fees only apply if you actually use these services—they are not automatic charges.
Merchant services (credit card processing) and payroll processing have their own fee structures that vary based on volume and the services you choose. Ask a Chase business banker about these if you plan to accept cards or run payroll through the account.
How to Open an Account Online or In Person
You can open a Chase business checking account online at chase.com or in person at a Chase branch. Online opening usually takes 10 to 15 minutes and requires your Social Security number or Employer Identification Number (EIN), business license or formation documents, and a government-issued ID.
In-person opening at a branch takes about 30 minutes and requires the same documents. A Chase business banker can answer questions about which account type fits your needs and can discuss optional services like merchant processing or business credit cards at the same time.
Once you open the account, you can fund it immediately with a transfer from another bank account, a check deposit, or a cash deposit at the branch. Your debit card and checks typically arrive within 7 to 10 business days.
Comparing Chase Business Accounts Side by Side
| Account Type | Minimum Daily Balance | Monthly Fee If Below Minimum | Best For |
|---|---|---|---|
| Business Complete Checking | $2,500 | $25 | Small to mid-size businesses with regular cash flow |
| Business Platinum Checking | $5,000 | $25 | Businesses that want higher balance requirements for premium features |
| Business Essentials Checking | None | None | Very small businesses or those that want to minimize cash in the account |
What Documents You Need to Bring
To open a business checking account at Chase, you need proof of your business and proof of your identity. Bring your government-issued photo ID (driver's license or passport) and one of the following: a business license, articles of incorporation, articles of organization, a partnership agreement, or a sole proprietorship registration document. If your business is very new and you do not have formal documents yet, ask the banker what alternatives they accept.
You will also need your Social Security number if you are a sole proprietor or your Employer Identification Number (EIN) if your business is a corporation, LLC, or partnership. If you do not have an EIN yet, you can apply for one free from the IRS before you open the account, though some Chase branches may open the account and let you add the EIN later.
If someone other than the owner will manage the account, bring that person's ID as well. Chase may require them to sign the account agreement.
When the Monthly Fee Gets Waived
Chase does not automatically waive the monthly fee, but some business customers avoid it by maintaining the minimum balance or by switching to the Essentials account. If you have a Chase business credit card or a Chase business loan, the fee is not waived—you still need to meet the balance requirement.
Some Chase branches offer promotional waivers for new accounts during limited periods, usually for the first few months. Ask the banker whether any promotions are running when you open the account. These are not may provide and vary by location and time.
The most reliable way to avoid the fee is to keep your balance above the minimum or to choose the Essentials account if you do not need the extra features of the Complete or Platinum accounts.
Frequently Asked Questions
Do I have to keep the minimum balance in the account at all times, or just on certain days?
Chase calculates the minimum as a daily balance, meaning your account is checked every day. If you fall below the minimum even once during a month, you pay the $25 fee. You do not have to keep it there 24/7, but you cannot let it drop below the threshold on any day of the billing cycle.
Can I open a Chase business account if I do not have an EIN yet?
Yes. You can open the account using your Social Security number as a sole proprietor, and add your EIN later once you receive it from the IRS. Some branches may ask you to apply for an EIN first, so call ahead or ask when you visit.
What happens if my balance drops below the minimum for just one day?
You will be charged the $25 monthly fee. Chase does not give a grace period or a warning—the fee applies if your lowest balance during the month is below the requirement. Some people keep extra money in the account as a buffer to avoid accidental dips.
Is there a Chase business account with no minimum balance and no monthly fee?
Yes, the Chase Business Essentials Checking account has no minimum balance and no monthly fee. It has fewer features than the Complete or Platinum accounts, such as limited check deposits and no integrated merchant services, but it is free to maintain.
Can I change from one Chase business account to another after I open it?
Yes. You can contact Chase or visit a branch to switch to a different account type. There is no fee to change, though you may need to meet the new account's minimum balance requirement to avoid fees going forward.