How to Open a Chase Business Checking Account (WATCH ME APPLY!)
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- Опубликовано: 7 июл 2024
- Wondering how to open a Chase Business Checking account? Watch me do it step by step so you know what to expect (PLUS a plot twist that I didn’t expect) :D Click “Show More” to see Ad Disclosure.
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Chase currently offers 3 different types of business checking accounts:
- Chase Business Complete Banking ($15 or $0 monthly service fee)
- Chase Performance Business Checking ($30 or $0 monthly service fee)
- Chase Platinum Business Checking ($95 or $0 monthly service fee)
Each one has different requirements to waive the monthly service fees (usually involving maintaining a certain level of average daily balance).
I’ll be applying for the Chase Business Complete Banking account, which is a good entry-level checking account and I can waive that service fee simply by maintaining at least $2,000 as my average daily balance.
Up to this point, all checking accounts and savings accounts with Chase, plus my Chase credit cards, have either been on the personal side or on the business side as a sole proprietor.
Now that I formed an LLC, the goal is to open a business checking account for that new business entity.
Watch me apply and learn the steps along the way!
Disclosure: This site is part of an affiliate sales network and receives compensation for sending traffic to partner sites, such as CreditCards.com. This compensation may impact how and where links appear on this site. This site does not include all financial companies or all available financial offers. The content in this video is accurate as of the posting date. Some of the offers mentioned may no longer be available. Mark Reese is not a financial advisor.
#finance #smallbusiness #businessowner 
Хобби
*I did NOT expect that plot twist with my SSN* 😅✌
💳👉VIEW CREDIT CARD OFFERS!
markscreditcards.com/offers
🛍 RAKUTEN - Earn Cash Back!
markscreditcards.com/rakuten
🏦 SOFI CHECKING & SAVINGS - Get $25 FREE (or more w/ direct deposit)
markscreditcards.com/sofibanking
(More links in Description below video) 👍
Nice Mark! I also took advantage of the $300 offer several years ago when I opened a business checking with Chase. Been very happy with their services thus far. Great walkthrough - very detailed as always!
Great to hear your experience has been positive!
Did you open the account online? What documents did you have to provide? I only have the LLC & EIN number. Can I open this account? I don't have a social security number and passport.
Yooooo!!! Mark listen man i really can't thank you enough for this information. I can't lie i was a little apprehensive about seeing if this would even work. In the end i followed all of your steps to the T & everything worked out just fine. My account was approved & is now open. I even got a few offers for some additional business cards. With cash back options & travel points options. I didn't apply for any of them yet. Hopefully in the near future i'll have use for them. So once again thank you my friend.
Right on, Oct8vus Gylze! Congrats on opening the new account 👊
This same scenario happened to myself. Was a simple process when I went down to my local branch. The banker had told me that Chase would have never let “that type of account” be opened online. She didn’t clarify what she meant by that, however I just figured it was my “type of business” needed the account to be opened in the branch.
Good to know I'm not alone! 👊
What type of business is it?
Thank you my man just appiled and approved !!! You make it sound so simpler :) its not allowing me to see the new account on my regular account tho
Congrats Tony! If you personal login + business login are still separate, you'll need to combine them first. You can call Chase & have them do it for you, or you can follow the online instructions at this link: www.chase.com/digital/customer-service/helpful-tips/business-banking/general/cbo-account-linking
What documents do you need to provide to open a bank account? Did you also have to provide a social security number or passport?
Holy sh*t I actually got approved, I had zero expectations considering
I got denied last year but clearly I filled in something wrong last time 🤦♂️ appreciate it man ❤
Right on, CONGRATS! 🎉
Interesting to see a checking account video, switching it up from the credit card!
💵👍
Informative, well delivered👍🏾
Thanks!
Good information Mark.
Thanks!
Thanks for the info + video!
You bet!
Good walk thru. For me, their fraud dept shut down my account twice because they couldn't verify my address, although I already had a personal acct at the same address... Even worst is that they didn't reach out to me either time before closing the account
Bizarre 🤔
I had a similar problem. I just went with Mercury. Chase should definitely work on improving their software.
Indeed 😁
So helpful! Thanks❤️
You're welcome!
This is very useful, thanks!!
You're welcome!
Amazing video, thanks!!!
You're welcome!
Thank you much for this walkthrough. I was actually following along with you as I was applying to open up me a Chase Business Checking account also. My application is now being reviewed. I should have an answer by Monday or Tuesday. Again I thank you for walking me through the application process.
Glad it helped you! Good luck on the final outcome.
@@MarkReese My application was just approved just a few minutes ago
@@DreLBrown529 - Congrats!
Always a fan of a “Watch Me Apply” video.. credit card or not! Out of curiosity, what made you go with Chase on this rather than Amex with the 60k bonus they have on their business account right now? I imagine it’s because you have every other account with Chase, and that makes sense. Thanks for sharing Mark! Glad it worked out in the end.
I'm applying for Amex, too. However, I plan to stick with Chase for the long run. My goal is to have personal + business accounts with the same bank that offer all the functionality I want in the same ecosystem.
Currently, Amex's personal checking account doesn't offer bill pay, which is a massive deal breaker for me.
I've had Amex Business Checking for a long time now and have had no issues and get the Little 1.3% APY.... I applied for Chase Business Checking and after 2 weeks of having the account, they shut it down without telling me because they couldn't verify my business address. The thing is, no one even reached out to me
So I opened another business checking account as a Sole Prop with them and when I went to activate my debit card, I came to find out that my account had been shout shut down again for the same reason... The crazy part is that I have a personal account with them with the same address but that account was also a pain in the a@@ to open... I'll be closing my personal account this month. I'm glad that they have a good fraud dept but it's too overboard in my case too many times...
Also, my debit card for the personal acct was compromised about a month ago and I've never it.
@@SledgeIncTeam - Frustrating. Thanks for sharing your experience.
@@SledgeIncTeam Very interesting and good to know! Ironically, my personal debit card was just compromised last week so I'm not super thrilled about that haha. Maybe they're having a weird security issue right now for some reason. Thanks for sharing about this though. It's always good to learn from others experiences as well.
@@MarkReese Ahhh I gotcha. And that's good to know about bill pay. Idk how that's possible that they wouldn't have that functionality. Seems like an easy thing to get added, but maybe not!
Thank you! Very easy
You're welcome!
So informative
Glad you think so!
Hi. I received the same message opening online. Went in and the manager helped me out.
Great that the manager got it sorted out for you!
thank you bro 🎉
Sure thing!
Great Video !
Thanks!
Please do the unboxing of the cheque book and the debit card.
Love your content👌🙏👍🙂
Haha that's not going to happen 🤣
If you have a newer LLC, make sure that the business address is an actual physical address, even if you use a "virtual office" address like one from WeWork or Opus. Chase (and Bank of America) tend to not allow business addresses that their system throws up as (for instance) a bank of mailboxes at a strip mall. You shouldn't have that problem but if you don't have any revenue regularly coming into the account, Chase can and does close the account without much warning.
Since you're deep in the Amex ecosystem you should also open an Amex Business Checking account. It has no fees, and even pays you interest!
Thanks for the insights! Were they based on personal experience? Data points from others?
Just opened the Amex Business Checking Account, too 👍 Here's the link to that video: ruclips.net/video/XAiGwyq4_Xs/видео.html
@@MarkReese yes, personal experience! When I tried to open my Chase business checking account for a brand-new LLC, I had to change my business address to one where their systems showed that someone could actually walk into the location. I was surprised because I had other business checking accounts for older LLCs (five or six years old) with Chase, some of which had PO Boxes as the business address and never had a problem with opening them at the time.
I am convinced now to go with Amex. Do they approve the account online?
@@xbellabutterflyx they do, since it's an online-only bank. I haven't had to open another account with them since I opened mine, but I hear lately that they've been putting people on a waitlist to open accounts there. Try it anyway, and worse comes to worse at least you'll be added to the waitlist.
Hey Mark,
Can you explain the difference between the Freedom Unlimited Visa and the Freedom Unlimited Signature Visa? I was recently approved with a $5,000 limit but did not get the Signature. Thanks!
Hi Michael - that'd be too much to cover in the comments and I'd need to have the fine print side by side. The rewards are identical, the insurance coverages may be different. Call Chase & ask them 👍
❤ VERY INFORMATIVE ..THANK YOU !!!
You're welcome!
@@MarkReese Experience same online "unable to process application" issue . will go to branch in person. Thank you for your detailed info....and GREAT TIP on the LETTER WITH ASSIGNED $300 CODE OFFER ...will ask for it !!!!
@@rafaelgomez1989 - Good luck!
Thanks bro
👊
Quick question. On my credit report it shows me oldest account being an American Express that im only an authorized user. My sole oldest account is my discover card. If i remove myself from the authorized user on Amex will my credit score being drastically affected? The Amex is 6 years old and the discover is 3 years old.
There isn't a way for me to predict the degree of score fluctuations. However, my guess is you score will likely take a significant hit, though it'd be temporary & you can build back from it.
what about waiving the monthly maintenance fees as mentioned earlier?
Here's a link to Chase's site showing the different methods of waiving the monthly maintenance fees: www.chase.com/business/banking/checking
Wonder who shall I open a business account with chase or Navy Federal? And what type Salk I open for my new LLC I have a food catering trailer. Been with chase for 15 years and with Navy for 2 what do you recommend??
I've never used Navy Fed so I cannot provide an answer.
When you went into the branch what paperwork do you need to have on hand?
I remember being asked for my ID, EIN, and proof of business filing (e.g. certificate of filing).
So as a sole proprietorship with no dba what documentation is required for a business checking account?
None that I'm aware of.
I also have a chase checking biz and on a side note I’m current at 5/24 exactly and I got a mail in offer for the chase ink unlimited. Would I be approved and would it be a hard pull?
I can't determine what Chase will do, but it will very likely be both a hard pull and a denial.
Just in time I was wondering why when I tried completing a Complete Business account it said couldn't go through due to the info provided so I have to go in branch. Can an in branch banker see if I have a pre approval for the Ink cards with out a Business account ?
Not sure what the banker can / cannot see. Ask them 👍
Mark do you know if PNC Business Checking account is friendly if applying as a sole prop?
Not sure.
Mine said unable to approved and I believe is because I entered the application a couple of times. I will check in with them tomorrow.
Good luck with the final result!
Best video
Thanks!
They typically offer $400-$500 at other times of the year.
Correct 👍
Hello Mark, I recently was accepted for the Chase business checking account and it said I had to complete 5 qualifying transactions. Wondering if I use my new business debit card to buy something online, would that be considered a qualifying transaction?
Yes. Here's what the Chase Terms say:
Qualifying transactions are: debit card purchases, Chase QuickAccept℠ deposits, Chase QuickDeposit℠, ACH (Credits), wires (Credits and Debits), Chase Online℠ Bill Pay. ACH (Debits), Person to Person payments such as Zelle and online transfers to Chase credit card(s) are not considered qualifying transactions.
do i put money on the business checking account or do they put money like a loan ? or do you think it would be best to open up a business credit card instead ? what do you think?
and this is for a brand new llc with no revenue whatsoever.
You put money in.
I got the same error I’ll be going to a branch aswell
They should get you set up 👍
I went to chase bank, requested to open account cannot open online. It looks only some types of accounts (not sure what are they); you can open online other you need goto branch.
The people at chase branch, ask me to provide documentation which should not be applicable sole proprietorship and if not doing DBA (like certificate from state). Bizarre!!
Bizarre indeed 😅
Hello. I applied for chase but why do my need a operation agreement? Any ideas why?
It was not required when I applied. Did Chase say you must submit an Operating Agreement?
Hey Mark is there a monthly fee for maintaining this account?
Yes, $15/mo. But there are a variety of ways to waive it.
Please what are the documents they requisted for , im a sole proprietor and i am looking to get a business account
From what I can recall, I presented my ID and whatever paperwork I had showing the LLC exists ("articles of organization" / "certificate of filing").
Does the initial deposit needs to be $2k right away to get the $300 bonus? Also can i delay the initial deposit maybe 7days to 10days? Thank man
Always read the terms of the current offer for which you're applying. The offer I did said, " a minimum deposit of $2,000 new money within 30 days of offer enrollment."
How many hard inquiries do you average a year?
Not sure, I don't keep track ✌
So when you created a business account ... does that mean you need a new login to go into the Chase for Business Portal? Or were you able to see everything from the personal login side?
Separate login for business. You can ask Chase to combine personal + business afterwards if you like.
@@MarkReese Well that's helpful. :)
During the tutorial of you walking through, I didn't notice on the video of this option. Is it possible to set one address to the business but also setup a mailing address?
@@FireyCam - At least for Chase personal & business credit cards, yes, you can have a 'primary address' and a 'mailing address,' both of which can be different.
I'm pretty sure it applies to the business checking account as well, but I cannot confirm 100% anymore since I closed my account.
This is ridiculous. I received this same offer to open a complete business checking account, but am being asked to deposit $20 000 instead of $2000 for a reward of $750. That’s a lot of money. Don’t know if I should allly. Thanks for the video though.
Yeah different offers come & go throughout the year. Consider going to a Chase branch & ask if they can change the offer code associated with your account to the smaller one.
What documents did you have to provide? I only have the LLC & EIN number. Can I open this account? I don't have a social security number and passport.
I was asked to provide proof of the LLC, so a certificate of filing is what I used. Also provided my driver license.
I'm not sure if a SSN is required.
Here's a link from Chase's site about what's required: www.chase.com/business/knowledge-center/start/what-do-you-need-to-open-a-business-account
@@MarkReese thanks bro.
So i want my business to make recurring motnly payments from my customers, I cant do ACH for some reason, I bank with chase and i cant find any video or information on how to go by with it , Thye do have a Bill pay but its confusing. Any way you can simplyfy this concept ? thank you keep it up !
Do you mean you're trying to pay other businesses on a monthly basis from your account automatically?
No no, Im the one that will be recurring monthly payments from vendors, But ill probably use a thirs party like stripe for this
@@MarkReese
Do they do a credit pull when opening?
Nope ✌
Do you know if Chase offers indivual investment account for LLC?
Not sure, I'd call Chase & ask 👍
@@MarkReese I know the website says it's glory for personal but nothing about business
How do you waive the monthly account fee ?
You can see the different ways of waiving the fees at this link: www.chase.com/business/banking/checking
How long until you receive the $300?
Here's what Chase's terms say: "After you have completed all the above checking requirements, we'll deposit the offer amount in your new account within 15 days."
Did they offer you a credit card also with the account opening?
Yes they did.
@@MarkReese did you have to personally guarantee with your social or just EIN?
I didn't go through with the credit application though. That said, be aware that small business credit cards from Chase still require a personal guarantee.
@@MarkReese thank you
If you get a business credit card from chase do you need a business check account
No that's not required.
@@MarkReese oh ok thanks
Are you learning Spanish mark? I’ve seen a couple of times your phone has Spanish text on some apps haha
Yes 🇨🇴
Mark Reese i am from pakistan and now i lived in UAE i have a non resident llc and all have that documents of llc like operating agreement banking resolution articles of organization and also have usa virtual number and address and i am doing business on amazon can i open chase account if possibble tell me the requirements!
Unfortunately I'm not able to advise on this. Call Chase & ask them.
@@MarkReese OK Thanks you Do Much O will Call them 😘😘😘
what about waving the service fees?
You can see those requirements on Chase's site here: www.chase.com/business/banking/checking
😁👍💰 Chase has my business account. My account is 1 year old.
Awesome! 💵
deposit limits?
That varies by the type of business checking account.
If you're asking about the one I opened (Chase Business Complete Banking), and if you're referring to cash deposits, then it allows up to $5,000 in cash deposits per statement cycle without a fee.
Mark - possible to get business cards without LLC ?
Sole proprietorship.
Yes, I have both Amex business Credit cards with a sole proprietorship
Yes 👍
@@CheekyBird790 oki doki
@@MarkReese Capitol one very tight on credit limits, SPARK business card worth it ?
👍🏻
👍
👍
👍
You never shown how to wavie fee 😢
You can see the requirements on Chase's website at this link: www.chase.com/business/banking/checking
chase business uh
Yes.
Chose the longest name you could think of ehh..👍
😬
I'm out of the credit game.
What's next?
@@CheekyBird790 - This video has nothing to do with credit.
@@MarkReese now I sit back and enjoy the fruits of my labor. But my peace will not last long. New challenges are constantly presenting themselves.
Excellent Video! I am in the middle of this process now. I appreciate the information!
#RobbArmstrong
Glad you found it helpful!
In 2024 that $300 dollar offer has increased to $400, 🙂
#RobbArmstrong
Legit!
Hi mark, I’m trying to figure out how I can first time transfer my chase points over to my husbands chase account, I’ve read there is a number I have to call to connect our account together is this true?
If this is your 1st time transferring point to another family member, then it's my understanding you'll need to call the # on the back of the card to ask an agent to assist.