Chase Business Bank offers a range of checking account options tailored to meet the needs of various businesses. Among these options, the Chase Business Complete Checking account is a popular choice for many small business owners. However, it’s important to be aware of the standard $15 Monthly Service Fee (MSF) associated with this account. The good news is that Chase provides several straightforward ways to waive this fee, allowing you to enjoy the benefits of the account without incurring extra charges. This guide will walk you through the qualifying activities you can undertake to avoid the monthly service fee on your Chase Business Complete Checking account.
To have the $15 Monthly Service Fee waived for your Chase Business Complete Checking account, you need to fulfill certain criteria during each monthly statement period. These qualifying activities fall into three main categories, offering flexibility to business owners with different banking habits. Let’s explore each of these in detail:
1. Link to a Premium Chase Personal Checking Account
One of the simplest ways to avoid the monthly service fee is by linking your Chase Business Complete Checking account to a premium Chase personal checking account. Specifically, maintaining a linked Chase Private Client Checking℠, JPMorgan Classic Checking, or Private Client Checking Plus account will automatically waive the MSF. This option is particularly convenient if you already have or are considering opening one of these premium personal banking accounts with Chase, streamlining your banking relationship and eliminating the business account service fee.
2. Meet Chase Military Banking Requirements
Chase Bank values the service of military personnel and offers specific benefits through Chase Military Banking. If you meet the Chase Military Banking requirements, you are also eligible to have the monthly service fee waived on your Chase Business Complete Checking account. Details on Chase Military Banking requirements can be found on the Chase website or by speaking with a Chase representative. This is a dedicated pathway for eligible military members to access fee-free business banking.
3. Fulfill One of Three Qualifying Business Activities
For business owners who may not have a premium personal account or military affiliation, Chase provides three alternative qualifying business activities to waive the monthly service fee. You only need to fulfill one of these activities during your monthly statement period to avoid the $15 charge.
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Maintain a Minimum Daily Ending Balance: Keeping a minimum daily ending balance of $2,000 in your Chase Business Complete Checking account throughout most of the statement period is a straightforward option. To qualify, ensure your account balance is $2,000 or more at the end of each business day, excluding the last business day of the statement period. This option suits businesses that typically maintain a certain level of funds in their checking account.
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Achieve Aggregate Eligible Deposits via Chase Payment Solutions: Another way to waive the fee is by processing at least $2,000 in aggregate eligible deposits into your Chase Business Complete Checking account each month. These deposits must be made using Chase QuickAccept®, InstaMed Patient Payments and InstaMed Patient Portal, or other eligible Chase Payment Solutions℠ products. These deposits, net of any chargebacks or refunds, should be made at least one day before the end of your monthly statement period. This option is ideal for businesses that utilize Chase’s payment processing services. It’s important to note that these eligible Chase Payment Solutions products must be linked to the same business as your Chase Business Complete Checking account. You can track eligible deposits through Chase Business Online, Chase Connect®, or J.P. Morgan Access®. The deadline for eligible deposits is 11:59 p.m. Eastern Time, one day prior to the last day of your checking account’s monthly statement period.
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Spend on Eligible Chase Ink® Business Card Purchases: If your business utilizes a Chase Ink® Business card, your spending can contribute to waiving the monthly service fee. Spending at least $2,000 on eligible purchases with your Chase Ink Business card within the most recent monthly Ink card billing cycle can qualify you to waive the Chase Business Complete Checking account fee. It’s important to remember that the Ink card billing cycle may differ from your business checking account statement period. Eligible purchases must be made using Ink Business cards associated with the same business as your Chase Business Complete Checking account and must be purchases that earn Chase Ultimate Rewards® points. Certain purchases, as detailed in your Rewards Program Agreement, may be excluded from earning points and therefore not count towards this spending requirement.
Stay Informed and Review Details
Understanding these options allows you to proactively manage your Chase Business Complete Checking account and avoid the monthly service fee. For complete and up-to-date details, it’s always recommended to review the official “Additional Banking Services and Fees for Business Accounts” document on the Chase website at chase.com/business/disclosures. You can also visit a Chase branch to discuss your account and fee waiver options with a banking representative. Keep in mind that this information is subject to change, so regular review of Chase’s official disclosures is advisable.
By choosing the fee waiver method that best aligns with your business banking activities, you can maximize the value of your Chase Business Complete Checking account and focus on your business’s financial success.
