Opening a business bank account is a crucial step for managing your company’s finances. Chase Business Complete Checking® is a popular option for business owners, offering various tools and features to streamline financial operations. However, like many business checking accounts, it comes with a monthly service fee. The good news is that Chase provides several straightforward ways to waive this fee, allowing you to enjoy the benefits of the account without the extra cost. This article will explain how you can easily avoid the $15 Monthly Service Fee (MSF) on your Chase Business Bank Account.
Simple Steps to Waive the Monthly Service Fee
Chase Business Complete Checking® account typically carries a $15 Monthly Service Fee. But Chase offers multiple pathways to waive this fee, providing flexibility for different business needs and banking habits. You only need to meet one of the following criteria during each monthly statement period to avoid the charge:
1. Link to a Premium Chase Personal Checking Account
One of the simplest ways to get the monthly service fee waived is by linking your Chase Business Complete Checking® account to a premium Chase personal checking account. If you maintain a linked Chase Private Client Checking℠, JPMorgan Classic Checking, or Private Client Checking Plus account, the monthly service fee on your business account will be automatically waived. This option is ideal for business owners who already have or are considering opening a premium personal account with Chase.
2. Meet Chase Military Banking Requirements
Chase values the service of military personnel and offers special banking benefits. If you meet Chase Military Banking requirements, you are eligible to have the monthly service fee waived on your Chase Business Complete Checking® account. This is a dedicated benefit for those who qualify under Chase’s military banking program.
3. Fulfill One of Three Qualifying Activities
For business owners who do not meet the above criteria, Chase provides three alternative qualifying activities to waive the monthly service fee. You only need to fulfill at least one of these in a monthly statement period:
a. Maintain a Minimum Daily Balance
Keeping a minimum daily balance in your Chase Business Complete Checking account is a straightforward way to avoid the monthly fee. If you maintain a Minimum Daily Ending Balance of at least $2,000 in your Chase Business Complete Checking account each business day during the monthly statement period (excluding the last business day), the $15 service fee will be waived. This option is suitable for businesses that typically maintain a cash balance of at least this amount in their checking account.
b. Achieve Aggregate Eligible Deposits via Chase Payment Solutions
Another way to waive the fee is by processing a certain amount of eligible deposits through Chase Payment Solutions. If you have at least $2,000 of aggregate eligible deposits (net of chargebacks, refunds, or other adjustments) into your Chase Business Complete Checking account, at least one day before the end of the monthly statement period, using Chase QuickAccept®, InstaMed Patient Payments, InstaMed Patient Portal, and/or other eligible Chase Payment Solutions℠ products, you will avoid the fee. These eligible Chase Payment Solutions products are those with transaction history viewable on Chase Business Online, Chase Connect®, or J.P. Morgan Access®. It’s important to note that eligible deposits must come from Chase Payment Solutions associated with the same business as your Chase Business Complete Checking account. The cutoff time for these deposits is 11:59 p.m. Eastern Time one day prior to the last day of your monthly statement period. This option is beneficial for businesses that utilize Chase’s payment processing services.
c. Spend $2,000+ on Eligible Chase Ink® Business Card Purchases
If your business utilizes a Chase Ink® Business card, your spending can help you waive the monthly service fee. Spending at least $2,000 on eligible Chase Ink® Business card purchases in the most recent monthly Ink card billing cycle (which may differ from your checking account statement period) will qualify you to have the fee waived. These eligible purchases must be made using Ink Business Card(s) linked to the same business as your Chase Business Complete Checking account and must earn Chase Ultimate Rewards® points. Be aware that certain purchases and transactions are excluded from earning Ultimate Rewards points, as detailed in your Rewards Program Agreement. This option is attractive for businesses that regularly use their Chase Ink business credit card for operational expenses.
Conclusion
The Chase Business Complete Checking® account offers valuable banking services for businesses. While there is a $15 monthly service fee, Chase provides multiple, accessible ways to waive it. Whether by linking accounts, meeting military banking requirements, maintaining a minimum balance, utilizing Chase Payment Solutions, or using your Chase Ink Business card, avoiding the fee is within easy reach. By understanding these options and choosing the one that best fits your business operations, you can maximize the benefits of your chase business bank account while keeping costs down. For complete details, it’s always recommended to review the Additional Banking Services and Fees for Business Accounts on the Chase website or visit a Chase branch.
