How to Transfer Money from a Business Account to a Personal: Bank of America
Learn how to transfer money from your Bank of America business account to your personal account. Follow our step-by-step guide for secure transactions
US Bank vs Chase Business Checking: Which is Best for Your Business?
Choosing the right business account is a crucial decision, but with so many options out there, it can often be challenging to select the right one. It's essential to compare and understand each bank's features and benefits to find the best fit for your business needs.
In this article, we’ll compare business checking accounts and look at both US Bank and Chase to identify the best business checking account for your business operations. We’ll also discuss Wise Business which could be a great cash management tool for your international business.
Looking for a low-cost way to send and receive payments globally?
No minimum balance requirement and no monthly fees
Integrates with QuickBooks, Xero, Sage, and more
US Bank vs. Chase Business Checking Overview
In this section, we’ll go over the two popular business accounts for both US Bank and Chase.
| Fee/Limit Type | US Silver Business Checking 1 | Chase Complete Business Checking 4 |
|---|---|---|
| Included Monthly Transactions | 125 | 100 |
| Included Debit Card Purchases | Debit cards have daily withdrawal and purchase limits7 | Unlimited debit card purchases and Chase ATM transactions |
| Included Monthly Currency Deposits | 25 deposits | Unlimited electronic deposits + $5,000 cash deposits per cycle |
| Included Wire Transfers | The wire transfer fees for a US Bank Silver Business Checking account are: Incoming domestic wire transfers: $14, Outgoing domestic wire transfers: $40, Outgoing voice wires: $35, Incoming international wire transfers: $15, Outgoing international wire transfers: $758 | All incoming wires, as well as two outgoing domestic wires at no charge per cycle. Domestic transfers are $25 online and Domestic transfers at a branch are $35. International FX $5 per transfer and $0 per transfer if the amount is $5000 USD or more. International USD transfer or FX at a branch is $50 per transfer9 |
| Minimum Average Monthly Balance to Waive Monthly Maintenance Fee | $0 | $2,000 |
| Monthly Maintenance Fee | $0 | $15 – Maintenance fee may be waived if you maintain the minimum balance or have an eligible linked personal account with Chase |
Looking for a better way to send international money transfers? Try Wise Business
Overview of US Bank Business Checking Accounts
US Bank offers a range of business checking accounts for startups, small—to medium-sized businesses, and large enterprises. Each account offers specific features and benefits to help businesses of varying sizes find the right account for their needs.
US Bank Silver Business Checking
Ideal for small businesses and startups, the Silver Business Checking account is a US Bank business checking account that offers essential features without monthly maintenance fees.
It includes 125 free monthly transactions and allows up to $2,500 in monthly cash deposits, making it a good fit for businesses with moderate banking activity.₁ The Silver Business Checking also includes full access to US Bank's online and mobile banking platforms, enabling business owners to manage their finances remotely and efficiently.
US Bank Gold Business Checking
The Gold Business Checking account is better for medium-sized businesses with a higher transaction volume than the Silver Business Checking Account. It includes 350 free transactions per month and up to $20,000 in free monthly cash deposits. Although the account has a $20 monthly fee, this can be waived if a minimum deposit is maintained in the account.
This type of account also offers perks such as free domestic wire transfers and discounts on other business services, which may make it a better fit for businesses needing access to different types of financial services alongside banking.²
US Bank Platinum Business Checking
For larger businesses with high transaction volumes and significant cash-handling requirements, the Platinum Business Checking account offers a comprehensive banking solution. The Platinum Business Checking includes up to 550 free monthly transactions, up to $50,000 in monthly cash deposits, and interest-earning capabilities on the balances maintained.
The account also comes with additional benefits, such as unlimited domestic wire transfers and dedicated customer support, making it a great option for enterprise businesses needing dedicated service. While the account does have a $30 monthly maintenance fee, similar to the Silver account, it can be waived by maintaining a minimum balance.³
Overview of Chase Business Checking Accounts
When undertaking a business checking account comparison, Chase offers a variety of different business accounts that can work for businesses of all sizes. Chase business checking accounts include basic business banking as well as more dedicated options for businesses with higher volumes.
Chase Business Complete Banking
The Chase Business Complete Banking account is a great option for small—to mid-sized businesses looking for flexibility and simplicity in banking. It includes unlimited debit and credit transactions and up to $5,000 in no-fee cash deposits monthly.
With this account, businesses pay lower fees, with options to waive the monthly service fee and gain mobile banking access. Additional benefits are associated with the account, like online bill pay and unlimited electronic deposits. It also features built-in card acceptance when paired with a mobile card reader, allowing businesses to operate on the go.⁴
Chase Performance Business Checking
Chase Performance Banking is an option better suited for medium-sized businesses that need more flexibility in managing finances. This Chase business banking account has a higher transaction limit with up to 250 transactions per month without any fees. It can accommodate
up to $20,000 in cash deposits per month without additional charges. It also includes features such as free domestic wire transfers and fee-free incoming wires.⁶
Chase Platinum Business Checking
The highest-tier account, the Chase Platinum Business Checking, is suited for larger businesses with extensive banking needs. As part of its features, it offers 500 fee-free monthly transactions, up to $25,000 in cash deposits monthly, and provides advanced features like multiple outgoing wire transfers (domestic and international) at no extra cost. The account also offers premium benefits such as custom analysis and accounting services for businesses that require deeper financial insight.⁵
Running an International Business? Wise Business is the Perfect Addition
If you're relying on a US business bank to manage your international business payments, you may be losing out. Wise Business is an easy to use account that allows you hold global currencies, as well as send and receive international payments.
| Feature/Fee | Wise Business |
|---|---|
| Trustpilot Rating | +230,000 reviews - Excellent 4.3 out of 5 stars |
| Hold Currencies | 40+ |
| Send Money | from 0.33% |
| BatchTransfer | Send up to 1000 payments at once. Perfect for paying employees, contractors, suppliers, and more. |
| Receive Money | Free after one-time fee in GBP, USD, EUR, CAD, AUD, JPY, and more (non-wire), Wire payments: Flat fee of 6.11 USD |
| Expense Management | Free |
| Team Accesses and Alerts | Free |
| Accounting Integrations | Free - QuickBooks, Xero, NetSuite, Sage, Wave, and more |
| Interest Feature | Yes |
| Auto-Conversions and Exchange Rate Alerts | Stay on top of your multi-currency cash flow with these tools. Convert your funds at the ideal moment and stay on top of currency fluctuations. |
Looking for a low-cost way to send and receive payments globally?
Benefits of US Bank Business Checking
US Bank Business Checking accounts offer a wide range of benefits for businesses of all sizes. Each account is designed to meet business needs across different transaction volumes and offer bespoke services based on financial activity.
Variety of options
US Bank provides different levels of business checking accounts, including Silver, Gold, and Platinum options. Businesses can choose the one that best fits their transaction volume and banking needs. From startups to larger organizations, businesses can find the best business checking account for their needs while enabling them to grow continually.
Cost efficiency
US Bank's business checking accounts are not only convenient but also cost-effective. With options to waive monthly maintenance fees and lower transaction costs, US Bank helps businesses keep their operating costs down. Most US Bank business checking accounts either have no fee or will waive the fee if a minimum balance is maintained, making them a smart choice for businesses looking to manage their finances efficiently.
Flexible banking options
US Bank offers both mobile and physical banking tools, enabling businesses to manage their finances effectively however they set fit. US Bank offers a variety of services that can be accessed online and in person, including mobile check deposits, fund transfers, and real-time account monitoring
Overall, US Bank’s business checking accounts offer a scalable and flexible banking solution that can grow with your business. They provide the necessary tools and services to streamline financial operations and empower businesses to grow continually.
Benefits of Chase Business Checking
Chase is a major financial institution that offers a wide range of banking options for businesses of all sizes. Chase business checking accounts come with a range of services and tailored support specially designed for larger businesses. Some of the key benefits of choosing Chase for business checking are:
Comprehensive account options
Chase offers several business checking solutions, including Chase Business Complete Banking, Chase Performance Business Checking, and Chase Platinum Business Checking. With their extensive range, it ensures that businesses can select an account that best matches their scale of operations and financial activity.
Payment integration options
Chase integrates various other tools into its banking solutions, such as Chase QuickAccept, which allows businesses to accept payments. While other banks may offer similar business checking account options, Chase business checking accounts are one of the few that also integrate payment acceptance into their solutions. This allows businesses to consolidate their finances and streamline business operations.
Additional business services
Chase offers bespoke, tailored support to larger businesses based on their account type. For example, businesses using the Platinum Business Checking account also gain access to a concierge service and additional financial management services. This way, Chase accounts are not solely for business transactions; instead, businesses are part of a wider financial management platform.
Overall, Chase Business Checking accounts provide a reliable and efficient banking solution that supports the dynamic needs of modern businesses. Chase business banking accounts combine tailored features, dedicated support, and advanced technology to allow businesses to manage finances effectively.
7. Conclusion
Choosing the best business checking account is a crucial decision, and there are a lot of different layers to consider. Both US Bank and Chase have a lot to offer when comparing each other. If you’re doing a business checking account comparison, both US Bank and Chase offer a lot for businesses of all sizes.
US Bank primarily stands out for its variety of account options and cost efficiency, making it an excellent choice for small—to medium-sized businesses looking for flexibility and low fees. Chase, on the other hand, provides comprehensive banking solutions and payment integrations that can help businesses streamline their tools.
When comparing US Bank vs Chase business checking accounts, it's important to consider your business’s specific needs, such as the volume of transactions, the types of services you require, and how you prefer to interact with your bank. Factors such as fees, account features, and any additional services the bank provides should also be considered in your decision.
Frequently Asked Questions:
What is the difference between US Bank and Chase business checking accounts?
The primary differences between US Bank and Chase business checking accounts lie in their fee structures, account features, and the specific benefits each account offers depending on the business size.
One key difference between US Bank and Chase is the account options and the available customizations. US Bank offers a tiered account structure with Silver, Gold, and Platinum Business Checking accounts, each designed to cater to businesses at different stages of growth. Chase business checking accounts include their Business Complete Banking, Performance Business Checking, and Platinum Business Checking accounts, each offering a set of features designed to meet the needs of businesses from startups to large enterprises.
Another consideration is US Bank vs. Chase business account fees. Both banks have fee structures in place, with options to waive the fee if a certain balance is maintained. However, Chase tends to have a higher minimum balance requirement than US Bank, depending on the account type chosen.
Which bank has lower fees for business checking accounts?
When comparing the fees for business checking accounts between US Bank and Chase, it's essential to consider both the direct costs associated with maintaining the account and the potential to waive these fees under specific conditions. US Bank has both free and fee-based accounts based on business size, and smaller businesses can access basic banking structures without high fees. Chase tends to have a structured fee system with different requirements for fee waivers depending on the account type.
Can I get unlimited transactions with US Bank or Chase business checking?
While US Bank and Chase both offer accounts with high transaction volume, neither bank offers unlimited transactions. US Bank and Chase do offer business checking accounts with 500 transactions and up, depending on business size, but there are no accounts with unlimited transactions.
When it comes to unlimited transactions for business checking accounts, both US Bank and Chase have structured their offerings to accommodate different business sizes and transaction volumes, but neither typically provides unlimited transactions without any caveats. Here’s how they handle transactions:
How do I choose the best business checking account?
Selecting the best business checking account involves evaluating several factors based on what your business needs. This includes looking at the estimated or average number of transactions your business typically does. It also involves looking at deposits, electronic transfers, recurring expenses, and any other services you might require. Having these figures on hand will help you select a business checking account that fits your business and its finances. You’ll also need to evaluate account fees to find a cost-effective option.
What are the benefits of a Chase business checking account?
Chase business checking accounts offer a host of benefits designed to support businesses of various sizes with their banking needs. They include a variety of options across business sizes, as well as integrations and bespoke services that provide tailored support. Chase also includes features such as online and mobile banking, payment integrations, and an extensive network of branches and ATMs.
Sources:
- Silver Business Checking Account Package
- Gold Business Checking Account Package | U.S. Bank
- Open a Platinum Business Checking Account Online | U.S. Bank
- Chase Business Complete Banking
- Chase Platinum Business Checking
- Chase Performance Business Checking
- Business Debit Card | US Bank
- Business Fees | US Bank
- How your Transaction will Work | Chase
*Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.
This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.
We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.
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