When it comes to keeping track of your business expenses and earnings, you don’t want to intermingle personal money with your business funds. In order to keep the money separate and accounted for, open a business checking account. Chase is one of many banks that offer savings and checking accounts specifically for businesses.
What Is a Chase Business Account?
Chase offers business accounts for companies of all sizes, from small and growing businesses to those with balances of $100,000 or more. The checking accounts allow for a certain number of transactions per month and cash deposits per statement cycle, depending on the account. Only $25 is required to open a Chase business checking account, and the monthly service fee can be avoided by maintaining a minimum daily balance of $1,500.
In addition to checking accounts, Chase business accounts also provide these services to business customers:
- Lines of credit. Taking out credit through a Chase business account can help you expand into new markets or provide financing for sectors of your business.
* Merchant services. With a Chase business account, you can take customer payments in person or online and receive the money in your checking account the next day.
* Business credit card. Chase offers several business credit cards, called Ink cards, that can be selected based on your needs. All let you earn rewards on purchases, and some require an annual fee.
* Business debit card. With these debit cards, you can deduct and deposit money directly from or to your business checking account. Business debit and deposit cards are available for both business owners and employees.
* Payroll services. Chase Bank business accounts integrate with ADP payroll services, allowing you to process payroll, track time sheets and file taxes. Chase business offers 5 percent cash back on ADP fees when the accounts are integrated.
* Business savings account. In addition to a checking account, you may also want a business savings account to use for overdraft protection or to save money for future purchases.
* Other business services. Chase Bank offers additional services to its business customers, including wire transfers, foreign exchange and collection services.
Benefits of a Chase Bank Business Account
A Chase Bank business account provides a one-stop shop for all the banking services your business needs. Opening a business account allows you to keep better accounting records and stay organized. With the variety of options available, you can tailor your business account for the specific services you need.
With a Chase business account, you can safely delegate financial responsibilities to your business partners or employees. You can use Chase’s Access and Security Manager to allow multiple users, including your accountant or bookkeeper, to pay bills, approve transactions and wire money. This feature allows you to control what accounts users see and to monitor online activity.
Another benefit of a Chase business account is the ability to have no monthly service fee. For both checking and savings accounts, you can avoid monthly service fees by meeting certain requirements, such as a minimum balance or a linked account. Otherwise, monthly service charges range from $10 to $95.
Chase has on-staff business relationship managers who can help you set up the appropriate type of business account. They also specialize in such business objectives as helping improve cash flow and providing financing options.With more than 5,000 bank branch locations and 16,000 ATMs, Chase is readily available wherever your business takes you.
Logging Onto Your Chase Business Account
Logging onto a Chase business account is much like logging onto any other account. On the Chase for Business homepage, enter the username and password you established when setting up your business account. You’ll be taken to a dashboard that lists all of your business accounts and allows you to perform transactions, including paying bills, wiring funds and making tax payments.
You can also download a Chase Mobile app to your phone or other mobile device. Depending on the device, you may be able to log in with just your fingerprint. If you have personal checking or savings accounts with Chase Bank, you can link them to your business accounts to see all of your Chase accounts on one dashboard instead of having to log onto two different portals.
Leslie Bloom has worked in upper-level management positions in both publishing and the mental health field. In addition to years of business and management experience, she has more than 20 years of experience writing for a variety of online and print publications, including Metro Magazine. She holds degrees in both journalism and law.