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Chase's basic tier business account has more features, while Bank of America has lower balance requirements. Read on for a detailed comparison.
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In this guide, see how Chase and BofA compare in terms of fees, features, minimum requirements, and more. By the end, you'll have the best pick for your business.
Bank of America actually lets you switch between these 2 accounts anytime you want. This gives you more flexibility to upgrade or downgrade as your business needs fluctuate.
Bottom line: Chase's basic-tier business checking account is better, especially if you need credit card processing. However, Bank of America has lower balance requirements and more no-fee transactions at every tier.
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The biggest difference is that Chase Business Complete Checking includes payment processing built into the account. This makes it ideal for small retailers and food services that accept credit cards.
On the other hand, Bank of America has lower requirements to waive the monthly fee. So it may be the better choice for new businesses.
Chase's basic account is better for retailers and food services that want convenient credit card processing. Bank of America is better for new and very small businesses.
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The most unique thing about Chase Business Complete Banking is the integrated credit card processing. Normally, you would have to open a merchant account separately. With this account, you get both banking and processing all in one.
If your business also takes cash, you can make up to $5, 000 in cash deposits for free each month. After that, there will be a fee.
First, the monthly fee is easier to waive. You can waive it with only $250 in debit card purchases each statement/billing cycle. No minimum balance required. This is better for new businesses with inconsistent cash flow.
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These accounts are ideal for mid-size businesses that can keep a higher minimum balance and have more cash deposits and paper transactions.
Overall, Bank of America's mid-tier account offers better value as the minimum balance requirement isn't nearly as high. And you get twice as many transactions per statement cycle with no fees.
The Performance Business Checking account gives you more no-fee transactions and cash deposits. It also adds 2 free outgoing domestic wires each month.
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Unlike the basic tier account, this one doesn't have built-in card processing. But you can sign up for Chase Payment Solutions to process cards.
Bank of America's account has a much lower minimum to avoid the monthly fee. Growing businesses can level up without needing to keep an outrageous balance.
The amount of cash deposits is the same, but BofA gives you twice as many no-fee transactions (500 vs. Chase's 250). But there are no outgoing wire waivers.
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At this level, you get access to Account Management with no additional fees (normally $15/mo). This lets you add users and grant customized access for each.
Even though this is BofA's highest-tier account, larger businesses have more room to grow with the Preferred Rewards for Business program (more later).
Only Chase has a premium account option. But it's comparable to Bank of America's higher-tier account in terms of no-fee transactions and cash deposits.
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Instead of a premium bank account, Bank of America offers a Preferred Rewards for Business program. This program gives you extra benefits depending on your balance.
This premium account is a huge jump from the mid-tier level. You're upgraded to 500 free transactions per month. But this is something that Bank of America offers with their mid-tier account.
The biggest benefit is that 4 of your most expensive outgoing wires per month are free. If you regularly send wires, this could be valuable.
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Bank of America has a Preferred Rewards for Business program instead of a premium account. There are no fees to enroll in this program. Based on your balance, you get more perks, including:
These perks go beyond standard checking benefits. They can be valuable if you use Bank of America's other services, like their business credit cards and loans.
The biggest rewards will be for clients with at least $100, 000 combined balance. At this level, there are no fees on 4 online outgoing wires per statement cycle and you get unlimited no-fee transactions at non-Bank of America ATMs in the U.S. (which is similar to Chase's premium account).
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*Note that this is just for teller transactions and checks. Both accounts offer unlimited electronic deposits, debit card purchases, and ATM transactions.
Both Chase and Bank of America offer unlimited no-fee incoming domestic and international wires at the mid-tier level. But BofA's account only requires $15, 000 combined balance, while Chase requires $35, 000.
Bank of America's accounts don't have outgoing wire waivers. However, if you're in the Preferred Rewards program and become a Platinum Honors member ($100K+ combined balance), you get no fees on 4 online outgoing wires per statement cycle.
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*With Chase Overdraft Assist℠, we won't charge an Overdraft Fee if you're overdrawn by $50 or less at the end of the business day OR if you're overdrawn by more than $50 and you bring your account balance to overdrawn by $50 or less at the end of the next business day (you have until 11 PM ET (8 PM PT) to make a deposit or transfer). Chase Overdraft Assist does not require enrollment and comes with eligible Chase checking accounts.
The right bank account can make or break your business. Narrow down your options and find the best business bank account with this guide.We are committed to sharing unbiased reviews. Some of the links on our site are from our partners who compensate us. Read our editorial guidelines and advertising disclosure .
Jpmorgan Chase & Co Vs Bank Of America
Chase and Bank of America are the two biggest banks in the United States, with thousands of branches spread across dozens of states.
So when you’re trying to choose a bank, there’s a good chance these two banks are at the top of your list.
We’ll help you decide. In this article, we’ll tell you about standout features from each bank, break down their account options, and give you all the details you need to decide whether Chase or Bank of America is the best big bank for your .
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Bank of America (BofA) rewards you for using its banking, thanks to its Preferred Rewards for program. It’s one of the best rewards programs we’ve seen from a bank.
The Preferred Rewards program gets you things like discounts on banking fees, rewards bonuses on credit cards, higher interest rates on savings accounts, and discounted interest rates on loans.
And the more you do with BofA, the more you get rewarded. The Preferred Rewards program has three tiers (Gold, Platinum, and Platinum Honors), with each tier getting you better rates and bigger discounts. (Our Bank of America review has all the details.)
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Just keep in mind that you need a fair bit of cash to get started with Bank of America’s rewards program. Even the Gold tier requires you have an average balance of $20, 000 in BofA deposit or investment accounts. And the Platinum and Platinum Honors tiers require $50, 000 and $100, 000 average balances, respectively.
Are you the kind of person that likes to have as many options as you can? Then you’ll like all the bank accounts Chase offers.
While Bank of America recently consolidated its account offerings, Chase continues to offer quite a variety of checking accounts―from an affordable basic account to premium checking to analyzed checking. Plus, Chase offers interest-bearing versions of some of its accounts.
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Chase also offers more savings account options than Bank of America. In other words, Chase gives you enough choices that you can pick a bank account (or two) that fits your just right.
That said, we can’t talk about Chase without mentioning the elephant in the bank: its really bad reputation. Chase has had a lot of scandals in recent years, including things like discriminating against borrowers and overcharging its customers. You can read more about Chase’s sketchy past in our Chase review―but our point is that we can’t really recommend Chase based on its bad habits.
Still, if you’re willing to look past Chase’s colorful history, its variety of bank
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