Every day, Chase Bank is becoming one of the biggest banking chains in the US.
Not like any other bank, the people who have an account in Chase Bank have access to every possible service the account holders can need.
From savings accounts to loans, Chase Bank has it all, and for small businesses, they are the perfect option that people can ask for.
Chess Bank provides fast business transactions, payment solutions for business customers, SBA loans, lines of credit, etc.
So if you want to open a Chase account for your business, here are a few important things.
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Chase Bank For Business Banking Products and Services
Those who are welcome to use the Chase Bank account for them; there are a variety of services you can get from the Chase banking service.
So here at the services that any account holder can use for their benefits,
Business Checking and savings accounts
The Checking account is very helpful for people with new or existing businesses.
The Checking account holders can use it both online and offline through the Checking account provided by Chase.
It doesn’t need any opening deposit.
Also, through the Chase Checking account, you can save a lot of service fees based on the account.
It only costs $15-$95 per month, which you can waive by maintaining a balance limit in your Chase checking account.
But if you don’t have a Chase Sapphire checking account, it can cause ATM fees for Nonchase ATMs and get charged with an overdraft fee of $34 per overdraft.
So before getting the account check the rules thoroughly about Chase checking account and which plan is good and affordable for you.
Chase savings accounts are also quite interesting and beneficial for account holders.
So, there are two types of savings accounts available: a Chase savings account that provides you with around 0.1% interest rate, and another one is a Chase premium saving account with a 0.2% interest rate, for both of these accounts, there is no minimum deposit needed.
And the savings account holders only have to give a $5 maintenance charge each month, which can be easily waived.
Merchant services and payment solutions
Chase merchant services, formerly known as Chase payment solutions, are a secure and easily accessible way of doing business.
And by using the Chase payment solution, customers can easily purchase whatever they want by choosing their convenient payment method without worrying about security.
Chase payment solution is a process through which the customer can directly pay through the acquiring Bank, which is Chase, instead of any third-party system.
This is a very secure and fast method of money transaction, and the transaction fee is very low while using the Chase payment solutions.
But using Chase payment solutions does have its drawbacks. In the field of business, you can’t sell the invoice, so using chase banking is complex when it comes to international currencies, etc.
A Merchant service account allows the business to accept Credit cards, debit cards, Apple Pay, and other contactless payments from customers.
Business Credit Card
If you use a Chase Bank business credit card. It can help you to separate personal and business purchases.
Chase Bank Business credit card also helps you to expand your purchase power by filling temporary gaps in cash flow.
This type of business credit card totally depends on your business. To choose the right business credit card from the Chase, you have to look few questions.
Business loans and lines of credit
Chase Bank is also a great source to take loans for your business.
From small to big, any business owner can take a loan from Chase Bank, but they always prefer small businesses to help them grow.
For business purposes, Chase account holders can take various loans, such as term loans, SBA loan lines of credit, etc.
For the term loan, you can borrow money from the Bank, and when the repayment schedule is completed, the borrower can repay the term loan with the method of interest they agree on.
This term loan is available in 48 small states of the US. Also, the borrower can take $5000 to 1 million dollars.
Also, they provide flexible APR, which the borrowers can take advantage of.
At Chase Bank, the line of credit is a process through which you can borrow $10,000 to $500,000 at the time of your need till your draw period, and after its end, you can’t draw any more money.
And will repay it for the next five years.
Also, when you start the line of credit at Chase Bank, you must pay 1% of your outstanding balance as your monthly payment.
And if the borrower has 40% of their line of credit in advance, then the annual fee will be waived.
Advantages of Banking with Chase Bank for Business
Those who use the Chase Banking account have huge benefits and advantages for their card usage, and for business, Chase Bank is very useful.
1〉 Access to a dedicated team of business bankers
When you create a Chase bank account for business purposes and apply for a credit card, loan, and other services, you get proper guidance from Chase Bank.
Any account holder or private client can take proper financial advice for business guidance, and the business bankers will help you get a great plan based on your need and business. And will maintain all the security for your business.
2〉 User-friendly digital banking platform
Chase banking is an effective and secure digital banking platform that benefits both the customer and the business person.
Through digital banking, the customer, the account holder, can easily manage their bank account through their mobile, where they can use the chase app, Apple pay, or Google pays to access their account. Also, they can use Chase ATM to withdraw money.
Chase banking provides many payment solutions for business persons or merchants, through which the transaction amount is credited into the account quickly.
Its bank system combines With The E-Commerce platform to give customers various payment options. Chase has many POS options.
3〉 Rewards and cashback programs for business spending
When you have a Chase account, you also get many rewards and cashback. Here are a few examples to understand the reward processes.
When you open a Chase checking account, you can earn a $300 reward.
For that, first, you have to open a Chase checking account and, within the first 30 days, deposit the minimum fund of $2000 in your account and maintain that balance for 60 days.
Then after opening the account and rolling the $2000 minimum deposit, complete five transactions within 90 days.
And then soon you’ll get your reward deposit.
Then through the banking system, the account holder can get extra discounts, and one of them is a relationship pricing program through which the account holder Can get up to 0.50% interest rate.
Also, a great way to get more rewards or cashback is by using a cash credit card.
In that case, based on the spending, whether it’s dining, stores, travel, etc., the Chase credit card holder Can get reward points through their percentage of the purchase.
Then you can use the reward points or cashback for your next purchase.
What are the common themes and Criticisms of Chase Bank for Business?
Many people prefer Chase Bank as they follow their motto, but more people criticized the Bank for their services and other issues, and among them, the most common are,
Chase Bank is quite well known for its rewards and benefits, and they always claim they are great in this service.
But according to many customers getting the benefits of using a credit card or checking account is next to impossible or very difficult.
The Management at the Bank is not that great; many account holders complain that they have to wait and complain so many times to resolve an issue.
Then for the loans, according to many users, the interest rate is quite high, which makes the loan system quite difficult for the borrowers.
Also, the Bank doesn’t keep the financial structure of the loan transparent, so the borrowers often have to pay more than the amount they should pay.
Then for retail business owners, managing the account for business doesn’t work the way it should, and many errors and complications are going on, making managing the account quite difficult for the person.
What are the challenges and limitations of banking with Chase Bank for Business?
No matter how much people prefer Chase still, many issues bother the account holders of that Bank. And that’s why those who are interested in getting involved with this bank service, here are a few issues that you should know,
Higher fees for certain services
There are many phases of having a bank account at Chase that cause quite a hefty amount of fees on a few services. Such as a $3-$5 fee for a non-chase ATM transaction.
Then the account holders must pay around $4 to $25 each month for maintenance, etc.
These are only a few examples that cause account holders to pay fees to Chase Bank.
Chase Bank offers to waive these fees, but for that, the account holder has to choose a premium savings or checking account for themselves, which often becomes a headache for the Chase account holders.
Potential restrictions on account access and transactions
While using the Chase banking account, the account holders sometimes face a few troubles, restrictions, and issues while using the account,
For businesses with international connections or regular account holders with a sudden foreign transaction, the Chase banking system gets a bit complicated as the transaction of foreign currency is not that great at Chase.
When those account holders use the Chase checking account many times due to a mistake or other personal issues, they end up having an overdraft fee.
In this case, the overdraft fee is quite much, which is $34 per overdraft.
Limited branch and ATM locations in certain areas
Well, it’s a great problem for the people with Chase checking accounts.
Well, having a Chase savings account isn’t an issue.
Still, if someone has a Chase checking account, then the Chase checking account holder has to pay $3 each time when they use an ATM other than Chase ATM, and in the Chase premium plus plan, after using a non-chase ATM four times in a month, they have to pay $3 after that for each non-chase ATM transaction.
Conclusion
Ultimately, we can all say that Chase Bank has gained a reputed position in the finance industry.
They know all banking segments and have separated teams of business bankers to guide their account holders at every step possible.
But many people have gone through a bad experience and blame this Bank for many things.
Well, there is a possibility that a certain or a few Chase branch causes the issue, but, indeed, they can improve their services.
So it’s totally up to you whether you can trust the Bank, but at least if you are interested, you should consult or agree to go through a meeting with the Bank so that they can clear all the issues and queries you have. And at least give them a chance to provide their services. Chase Bank is a great option.
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