Wells Fargo and Chase are among the best banks for small businesses. Both banks have a large physical footprint, easy online access and business-friendly features.
So how do you choose between the two?
You look at each of the characteristics of the bank – monthly fees, transaction limits, cash deposit allowance, etc. – and assess it against the needs of your business.
We’ve outlined the key features of the entry-level verification option for Wells Fargo and for Chase to help you choose the right one for your business.
Wells Fargo vs Chase Small Business Audit at a Glance
Wells Fargo vs Chase Small Business Audit: Key Features
Wells Fargo doesn’t just charge a lower monthly fee than Chase – $ 10 for Initiate Business Checking versus $ 15 for Chase Business Complete Banking – it also avoids the fee altogether.
Wells Fargo waives fees for Initiate Business Checking customers who maintain a daily balance of at least $ 500, compared to the daily balance threshold of $ 2,000 required for Chase Business Complete customers.
Business owners who have a more traditional transaction – paper checks, in-person deposits – will find more leeway with Wells Fargo, which allows up to 100 free transactions per statement cycle. Wells Fargo counts all withdrawals, deposits and debits (except debit card purchases) against this limit. There is no distinction between face-to-face and electronic transactions.
Chase Business Complete Banking, on the other hand, only offers 20 free in-person transactions and / or paper checks per statement period. But the account includes free and unlimited electronic transactions (mobile deposits, ACH transfers, ATM transactions, internal transfers, etc.). It’s ideal for small business owners who are taking full advantage of online and mobile banking.
Opening an account
Chase and Wells Fargo both make it easy to open a business checking account. Both banks allow you to open an account in person, over the phone or online. There are, however, a few exceptions. With Wells Fargo, for example, you’ll need to visit a branch if your business is a trust, publicly traded company, or government agency.
Chase is offering a $ 300 sign-up bonus for new customers who verify business. To earn the bonus, you must meet the following conditions:
Deposit at least $ 2,000 in the first 30 days, then hold that balance for 60 days.
Complete five qualifying transactions within 90 days of opening the account. This could be a debit card purchase, Chase QuickAccept deposit, ACH credit, Chase QuickDeposit℠, or wire transfer.
Wells Fargo does not currently offer bonuses for new customers checking out businesses.
Online mobile banking
The Chase Mobile® app goes beyond standard mobile banking services. In addition to the expected features – mobile deposit, online bill payment, easy balance transfers – the app has integrated payment processing through Chase QuickAccept. This feature is included with all Chase Business Complete bank accounts.
With QuickAccept, business owners can manually enter credit card information to process a payment or purchase a contactless card reader to accept payments by push, chip, or swipe.
Wells Fargo also offers a premier mobile banking app that includes features like mobile deposit, bill payment, and personalized account alerts. It’s a great option for business owners who don’t need payment processing as part of their banking application.
Wells Fargo vs. Chase Small Business Audit: The Result
Wells Fargo and Chase small business audits compare fairly evenly. The main distinction – transaction limits – may be the deciding factor for some business owners. If your business banking services are primarily online or through the mobile app, Chase has an advantage. But if your business requires regular in-person deposits or lots of paper checks, Wells Fargo is probably your best bet.