What It Costs to Open a Chase Business Checking Account

Chase Business Checking Has No Monthly Fee, But You Need a Minimum Balance

Chase does not charge a monthly fee to open or maintain most of its business checking accounts. However, you do need to keep a minimum daily balance to avoid fees once the account is open. The minimum varies by account type — typically $2,500 for the standard Chase Business Checking account, though some accounts require $10,000 or more.

The opening itself costs nothing. Chase does not charge an account opening fee. What matters is what you keep in the account after you open it. If your balance drops below the required minimum on any day, Chase charges a monthly fee — usually $15 to $25 depending on the account type — until you bring the balance back up.

You will also need to bring documents to open the account. Chase requires a business license or EIN letter, a government-issued ID, and proof of your business address. If you are opening the account in person at a branch, you can do this in one visit. If you open online, you upload the documents during the process.

Key Takeaways

Chase Business Checking has no account opening fee and no monthly maintenance fee if you maintain the required minimum balance.
The minimum daily balance requirement is typically $2,500 for standard business checking, but ranges from $2,500 to $10,000 depending on which account you choose.
If your balance falls below the minimum, Chase charges a monthly fee of $15 to $25 until you restore it.
You need an EIN or business license, a government ID, and proof of business address to open an account.
Opening takes about 10 minutes online or in person, and the account is usually ready to use within one business day.

What the Minimum Balance Requirement Actually Means

The minimum balance is not a one-time deposit. It is the amount Chase requires you to hold in the account every single day. If you start with $5,000 and spend $3,000 on supplies, your balance is now $2,000 — below the $2,500 minimum — and you will be charged a fee that month.

The balance is measured daily, not as an average. Some banks calculate a monthly average balance, which gives you more flexibility. Chase measures the balance each day at the end of business. One day below the minimum triggers the fee.

This matters because it affects how you use the account. Many small business owners keep a separate savings account or money market account at Chase to hold the minimum balance, then transfer money into checking as they need it. This way the checking account stays active without tying up cash you could use elsewhere.

Different Chase Business Checking Accounts Have Different Minimums

Chase offers several business checking products, and the minimum balance varies. The Chase Business Checking account (the standard one) requires $2,500. The Chase Business Complete Banking account requires $10,000. There is also Chase Business Platinum Checking, which has no monthly fee but also no minimum balance requirement — though it offers fewer features like no included wire transfers.

The higher-minimum accounts typically come with more perks: more included wire transfers, higher interest rates on linked savings accounts, or access to business credit products. If you are just starting out and do not need those extras, the standard account with the $2,500 minimum is the most common choice.

You can also waive the monthly fee on some accounts by maintaining a linked savings account with a certain balance, or by setting up direct deposit of payroll. Ask the banker opening your account which waivers explore to the specific account you choose.

What Documents You Need to Bring

Chase requires three categories of documents: proof of your business, proof of your identity, and proof of your address. For a sole proprietorship, this means an EIN letter from the IRS (or your Social Security number if you have not yet obtained an EIN), a government-issued photo ID like a driver's license, and a recent utility bill or lease in your business name.

For an LLC or corporation, you need the EIN letter, your articles of incorporation or organization, a government ID, and proof of the business address. If you are opening the account on behalf of the business but are not the owner, you will also need a resolution or letter from the owner authorizing you to open it.

If you open online, you can upload images of these documents. If you open in a Chase branch, bring the originals or certified copies. The process usually takes 10 to 15 minutes once you have the documents in hand.

How Long It Takes to Start Using the Account

The account is usually active within one business day of opening. You can deposit checks and set up transfers when ready. However, Chase may place a hold on your initial deposit — typically 2 to 5 business days for checks, same day for wire transfers or ACH deposits.

Your debit card arrives by mail within 7 to 10 business days. If you need to make payments before the card arrives, you can use online bill pay or set up ACH transfers right away. Some branches can issue a temporary card on the spot if you ask.

Your routing number and account number are available as soon as the account opens, so you can start receiving wire transfers or ACH payments when ready even if your card has not arrived yet.

Additional Costs Beyond the Monthly Fee

Chase charges for services beyond the basic account. Wire transfers typically cost $15 to $20 per outgoing wire (incoming wires are free). Overdraft fees are $35 per overdraft. Stop payment requests cost $30. If you use an ATM outside the Chase network, you pay the other bank's fee plus a $2.50 Chase fee.

Some of these fees are waived on higher-tier accounts. The Business Complete Banking account, for example, includes a certain number of wire transfers per month. The standard Business Checking account does not, so if you send frequent wires, the higher-tier account might save you money despite the larger minimum balance.

There is no charge for ACH transfers, online bill pay, or deposits made at a Chase branch or ATM. There is also no charge to close the account if you decide to move your business banking elsewhere.

Opening Online Versus in a Chase Branch

You can open a Chase business checking account entirely online or in person at a branch. Online opening is faster — you can finish in 10 minutes from your computer. You upload documents, set up your login, and the account is ready within a business day.

Opening in a branch takes about 30 minutes because the banker verifies your documents in person and can answer questions about which account type fits your business. Some people prefer this because they can ask about fee waivers, linked products, or business credit options while they are there.

Either way, you will need to fund the account with your initial deposit. You can do this with a check, wire transfer, or ACH transfer. The minimum opening deposit is typically $100, though Chase may require you to deposit enough to meet the minimum balance requirement right away depending on the account type.

Frequently Asked Questions

Can I open a Chase business checking account without an EIN?

Yes, if you are a sole proprietor, you can use your Social Security number instead of an EIN. However, you will need to provide proof that you are operating a business — a business license, DBA filing, or business tax return. Many sole proprietors do obtain an EIN anyway because it keeps their personal and business finances more clearly separated.

What happens if I cannot maintain the minimum balance?

Chase charges a monthly fee — usually $15 to $25 — for each month your balance falls below the minimum. The fee is charged once per month, not daily. You can avoid it by bringing the balance back up before the end of the month, or by switching to an account with no minimum balance requirement like Chase Business Platinum Checking.

Do I need to have a business location in the same state as the Chase branch?

No. You can open an account at any Chase branch or online regardless of where your business is located. You just need to provide proof of your actual business address, wherever that is.

Can I open the account with just a business name, or do I need to be officially registered?

Chase requires some form of business registration or documentation. A sole proprietor can use a DBA (doing business as) filing or business license. An LLC or corporation needs articles of incorporation or organization. You cannot open a business account under a name you have not registered in any way.

Are there any hidden fees I should know about?

The main costs are the monthly fee (if you fall below the minimum), wire transfer fees, overdraft fees, and out-of-network ATM fees. There are no hidden fees for basic services like deposits, transfers, or bill pay. Ask the banker to walk you through the fee schedule for the specific account you choose so you know exactly what to expect.

This guide is for general information only and is not medical, financial, legal, or other professional advice. For decisions specific to your situation, consult a qualified professional. See our Editorial Policy.