Platinum Business Checking is Chase’s highest tier and most expensive business checking account. It is designed for high-performing businesses and provides a monthly allowance of 500 free transactions and $25,000 worth of cash deposits.
Like Chase’s lower-tier business checking accounts, Platinum Business Checking has no opening deposit requirements. However, it charges a monthly fee of $95, which can be waived with a combined average daily balance of $100,000 ($50,000 if you have a Chase Private Client Checking account).
Pros
- Unlimited electronic deposits and incoming wires
- Four free outgoing wire transfers per month
- Priority customer support
Cons
- Monthly fee of $95
- Combined average daily balance requirement of $100,000 (or $50,000 for Private Client Checking users) to waive monthly fees
- Steep international outgoing wire transfer fees
Features
- Manage debit, deposit, and ATM card settings for individual employees
- Mobile app allows you to deposit checks, view account balances, pay bills, and make transfers
- Integrates with leading accounting software, including QuickBooks
- Accept payments through the website and mobile app
- Request free employee cards
- Additional fraud protection services exclusive to high-tier accounts
- More perks with select Chase business credit cards and savings accounts
How Chase Platinum Business Checking Stacks Up With Its Competitors
Chase Business Checking Accounts Comparison
Platinum Business Checking is the highest tier of three business checking accounts offered by Chase. If your cash deposit amounts or transactions fall in line with one of Chase’s other accounts, or if you cannot qualify to waive the $95 monthly fee, you may want to consider one of Chase’s other business banking options. Refer to our comparison of Chase’s business checking accounts for additional details.
When Chase Platinum Business Checking Is a Good Fit
- You prefer the option of in-person banking: With more than 4,700 locations across 48 states, it’s likely that there is a brick-and-mortar Chase branch near you.
- You need a traditional bank with a wide variety of business banking services: Chase offers a full suite of business banking services including savings, lending products, and retirement planning. Its extensive banking product selection is why we included it in our list of the best small business checking accounts.
- You want access to premium customer service: Chase has a dedicated customer service phone line for Platinum Business Checking users.
- You can maintain high balances across multiple accounts: Although Chase Platinum Business Checking costs $95 per month to maintain, you can waive the fee by maintaining an average beginning day balance of $100,000 across qualifying Chase accounts. If you have a Chase Private Client Checking account, the minimum average daily beginning day balance lowers to $50,000.
When to Use Chase Platinum Business Checking Alternatives
- You want the same amount of monthly transactions for a cheaper monthly fee: Bank of America’s Business Advantage Relationship Banking offers up to 500 free transactions and up to $20,000 in free cash deposits for a monthly fee of $29.95 (waivable). Our comparison of Chase vs Bank of America’s business accounts highlights the main differences between options.
- You want interest-bearing checking: The Chase Platinum Business Checking account does not draw interest. Bluevine Standard Checking pays 2.00% interest on qualifying balances up to $250,000. See our Bluevine business checking review for a list of Bluevine’s monthly activity requirements for earning interest.
- You often make ATM withdrawals from outside of Chase’s ATM network: While Chase doesn’t charge for out-of-network ATM withdrawals with its Platinum Business Checking, third-party ATM fees can still apply. Novo is a good alternative since it refunds up to $7 monthly in ATM fees. Learn more by reading our Novo business checking review.
Chase Platinum Business Checking Requirements
To open a business bank account with Chase, you may apply directly through its website or visit one of its 4,700 banking centers. You must present two forms of ID (at least one must be a valid government-issued ID) for personal identification and an SSN, ITIN (non-US Citizens), or an Employer Identification Number (EIN) for tax identification purposes
Chase Platinum Business Checking requirements depend on how your business is organized.
- Business documents may vary based on state of organization
- Assumed name certificate, also known as trade name certificate, fictitious business name statement, or DBA
- Trust documentation
- Written partnership agreement for general partnerships or certified partnership agreement for limited partnerships, limited liability partnerships (LLPs), and limited liability limited partnerships (LLLPs)
- Joint venture agreement for general partnerships
- Active status verification for limited partnerships, LLPs, and LLLPs. Partnerships registered more than one year ago also require one of the following: Certificate of good standing, status report, or long-form standing or short-form standing
- Website validation—must be obtained free of charge
- Assumed name certificate
- Certified articles of organization (certificate of formation) – filed with state agency
- Website validation
- Active status verification (LLCs registered more than one year ago also require one of the following: Certificate of good standing, status report, or long-form standing or short-form standing)
- Assumed name certificate
- Certified articles of incorporation (also known as certificate of formation)
- Website validation—must be obtained free of charge
- Active status verification (Corporations registered more than 1 year ago also require one of the following: Certificate of good standing, status report, long-form standing or short-form standing
- Articles of association
- Charter document validating existence
- IRS confirmation of EIN issuance
- Assumed name certificate
Chase Platinum Business Checking Features
Waivable Monthly Fee
The Chase Platinum Business Checking account costs $95 a month, but that fee can be waived one of two ways:
- Maintain a combined average beginning day balance of $100,000 or more in qualifying business deposit and business investment accounts.
- Maintain a combined average beginning day balance of $50,000 in qualifying business deposit and business investment accounts and linking a Chase Private Client Checking account.
Your combined balance covers linked business savings accounts, CDs, investments, and other Chase Platinum Business Checking accounts (excluding client funds savings accounts).
Business Platinum Line
The Chase Business Platinum Line offers Chase Platinum Business Checking users dedicated concierge support via phone call.
Digital Banking
Like other Chase business checking accounts, you can manage your Platinum Business Checking account through the Chase website or mobile app. The following features are available:
- Fraud protection services
- Account management
- Viewing account activity
- Moving money through the Chase Payment Center
- Sending and receiving money through Zelle
The mobile app can do all of the above while supporting mobile check deposits. It also provides budgeting and reporting tools.
On the App Store[1], the app has a rating of 4.8 from about 5.6 million reviews, while on Google Play[2], it has a rating of 4.4 from around 1.8 million reviews. Satisfied users found the app reliable and efficient. However, many complained that the marketing ad popups are invasive and unnecessary.
Access to Chase Business Services
- Merchant services
- Collection services
- Chase QuickDeposit
- Send and receive payments with Zelle
- ACH payment services
- Access and security manager
- Wire transfers
Fraud Protection Services
Chase Platinum Business Checking benefits include superb Fraud Protection Services, an excellent feature that provides additional safeguards to companies with a high volume of check and ACH transactions. It is a free and optional service that allows Chase to monitor presented checks for online payments by reviewing and approving them.
Chase Platinum Business Checking account holders can also benefit from additional check protection services, where the bank validates checks presented based on the information users provide. It can also block all ACH debit transactions to limit fraudulent activity.
Free ATM Usage in the Chase Network
If you use one of the more than 16,000 Chase ATMs, you will pay no ATM fees. In addition, your Chase Platinum Business Checking fees are reduced when you sign up for this account since the bank doesn’t charge you for using an out-of-network ATM. However, you may still be charged by the non-network ATM operator.
Physical Debit Cards
When you open a Chase Platinum Business Checking account, you will receive a free business debit card. Chase provides unlimited debit card purchases and free Chase in-network ATM transactions. If needed, you can also request associate debit and employee deposit cards for free.
Cash Management Services
- Account reconciliation
- Wholesale and economy lockbox
- Commercial sweeps
- Automatic debit transfer with zero balance account functionality
- Business deposit express
- Cash vault services
Account Access
Through Chase’s Access and Security ManagerSM, you can manage user access for your business accounts by creating online user profiles and controlling account visibility. As the account holder, you can delegate tasks like making bill payments and wire transfers. Additionally, you can set daily transaction limits and approvals, making it easy to track user activity.
Other Chase Business Products
- Chase Total Business Savings is an interest-drawing savings account with a monthly fee of $10. Designed for smaller businesses, you can waive the monthly fee by linking your Chase Business Complete Banking account or maintaining an average ledger balance of $1,000.
- Chase Business Premier Savings is an interest-drawing savings account suitable for businesses with higher balances. It has a monthly fee of $20, which you can waive by either meeting an average ledger balance of $25,000 or linking the account to a Performance Business Checking, Platinum Business Checking, or Analysis Business Checking account.
For both accounts, the minimum deposit requirement is $25. The APY varies depending on the state your business is located in.
Chase Business CDs earn fixed interest rates on FDIC-insured deposits for an opening deposit of $1,000 and no monthly fee. Terms range between 31 days to 10 years. You can access better interest rates by choosing longer terms or depositing higher amounts. You can also earn higher relationship rates if your CD is linked to a qualifying Chase business checking account Eligible accounts are Chase Business Complete Banking, Chase Performance Business Checking, Chase Analysis Business Checking, and Chase Platinum Business Checking. .
By opening an account with Chase, you can get access to Everyday 401(k) by J.P. Morgan. This service provides low-cost 401(k) plans starting as low as $75 per month plus $6 per participant.
In addition, Chase offers several commercial lending products, including:
- Commercial real estate (CRE) loans
- Small Business Administration (SBA) loans
- Equipment financing
- Trade financing
- Lines of credit
- Small business loans
There are 10 Chase business credit cards. These include cards that earn cash back, redeemable points, and airline miles. Chase also has credit cards partnered with the companies Southwest, United, IHG, and World of Hyatt.
Our list of the best Chase business cards can provide more information on the available options.
Chase Platinum Business Checking Reviews From Users
No reviewer has left a Chase Platinum Business Checking review on third-party review sites. Many focused on Chase’s general banking products and customer service support. Chase as a banking services provider has 3.8 stars on WalletHub[3] (based on around 27,000 reviews), 1.5 stars on ConsumerAffairs[4] (based on about 1,400 reviews), and 2.5 stars on DepositAccounts[5] (based on over 250 reviews).
Common comments include:
- Good digital banking experience: Users found the Chase website and app easy to use.
- Poor customer phone support experience: Several clients reported that it takes a long time to contact the bank’s representatives by phone, and some said their calls got transferred multiple times. Others complained they were left on hold for long or didn’t receive callbacks.
Frequently Asked Questions (FAQs)
Yes. Chase offers outstanding business accounts with unlimited electronic deposits, waivable monthly fees, and a free cash deposit allowance. Further, customers can access nationwide branches for in-person banking support and a full suite of business products and services.
There is no minimum balance requirement. However, if you want to waive the monthly fee of $95, you must meet qualifying balances.
With a Chase Platinum Business Checking account, you get 500 fee-free transactions, a cash deposit allowance of $25,000, and up to four free outgoing domestic wires monthly.
Bottom Line
Chase Platinum Business Checking is ideal for companies that can meet the account’s average daily balance requirements. Otherwise, its $95 monthly service fee might be too steep. If you cannot meet the criteria to waive the monthly fee, you may want to consider Chase’s Performance Business Checking. You can also choose Bank of America’s Business Advantage Relationship Banking, which has similar free monthly transactions at a much lower monthly fee.
User review resources:
[1]App Store
[2]Google Play
[3]WalletHub
[4]ConsumerAffairs
[5]DepositAccounts
