Opening a bank account is an essential step for any new business in the United States. Chase, one of the nation’s leading banks, offers a range of account options tailored to meet the needs of businesses of all sizes. However, before you dive into the process of opening a Chase account, it’s crucial to understand the associated costs to ensure that you make an informed decision.
Account Types and Associated Costs
Chase provides various account options for businesses, each with its unique features and associated costs. Let’s explore the most popular account types and break down their respective charges:
1. Chase Total Business Checking
This account is ideal for small businesses with lower transaction volumes and limited cash deposits.
| Service | Cost |
| Monthly Service Fee | $15 |
| Minimum Deposit to Open | $0 |
| Transactions Included | 100 per month |
| Cash Deposits Included | $5,000 per month |
2. Chase Performance Business Checking
This account suits growing businesses with moderate transaction volumes and cash deposits.
| Service | Cost |
| Monthly Service Fee | $30 |
| Minimum Deposit to Open | $0 |
| Transactions Included | 250 per month |
| Cash Deposits Included | $20,000 per month |
3. Chase Platinum Business Checking
Designed for larger businesses with high transaction volumes and significant cash deposits.
| Service | Cost |
| Monthly Service Fee | $95 |
| Minimum Deposit to Open | $25 |
| Transactions Included | 500 per month |
| Cash Deposits Included | $25,000 per month |
Additional Services and Fees
While the monthly service fee and transaction limits are the primary costs associated with opening a Chase business account, it’s essential to consider other potential charges:
– Wire Transfer Fees: Outgoing domestic wire transfers cost $35, while international transfers range from $40 to $65, depending on the destination and currency.
– Cashier’s Checks: Chase charges $8 per cashier’s check.
– Overdraft Fees: If your account balance goes negative, Chase imposes a fee of $34 per transaction. However, you can opt for overdraft protection to avoid these charges.
– Returned Deposited Items: If a deposited check bounces or is returned, you may face a fee of $12 per item.
Summary of Costs
To summarize, the costs associated with opening a Chase business account depend on the type of account you choose. The monthly service fees range from $15 to $95, with additional charges for wire transfers, cashier’s checks, and potential overdrafts or returned deposited items.
Get a Personalized Budget for Your Business
Every business has unique financial requirements, and it’s important to understand how these costs align with your specific needs. To get a personalized budget and a detailed breakdown of costs for opening a Chase account, we encourage you to contact a Chase representative or visit your nearest branch. They will be able to provide you with accurate information based on your business’s size and transaction volume.
Remember, being well-informed about the costs associated with opening a Chase account will help you make the right financial decisions for your business’s success.
