The Best Business Bank Account in 2017 | Chase vs Wells Fargo vs Bank of America Business Account

2017 Guide: Which is the Best Business Bank Account? Chase vs Wells Fargo vs Bank of America Business Account

If you run a business or are planning to start one, then it’s important to have a good business bank account to meet all your needs.

While it may seem at first glance that a business account any well-known would be the same as the other. But there can be some important differences you should consider when choosing the best business bank account for your company in 2017.

Some may offer better employee benefits services, while others have better merchant processing services.

Source: Best Business Bank Account

In this article, we will take a look at the business account offered by three popular banks and give you an in-depth comparison between them.

We will look at a Chase business account, a Wells Fargo business account, and a Bank of America business account and give you a rundown on what types of business bank account services each offers, what types of fees they charge and benefits they offer, and what their reputations look like.

At the end of the article, you should have a better idea of the offerings of these three banks and which has the best business account for your company’s needs.

Best Business Bank Account | Bank Overview

To begin our best business account overview, we will take a brief look at who theses three large banks are and where they come from.

We’ll also note the number of locations throughout the U.S. and if they have international branches, which can be a bonus for a business bank account if your company sells goods or services internationally.

Chase Overview | Best Business Bank Account

Chase is the short and more commonly known name of J.P. Morgan Chase Bank, which was founded in 1799. The bank is headed by CEO James Dimon, who has been in that position since 2004. Chase is headquartered in New York, NY.

They have 5,200 branches and 16,000 ATMs, and they are operational in over 85 countries worldwide.

Wells Fargo Overview | Best Business Bank Account

Wells Fargo, well known for the image of a horse-drawn stagecoach, was founded in 1852 to serve the needs of the American West during the gold rush era. The bank is headed by CEO Timothy Sloan, who has been in that position since 2016. Wells Fargo is headquartered in San Francisco, CA.

They have more than 8,600 locations and 13,000 ATMs, and they are operational in 36 countries worldwide.

Bank of America Overview | Best Business Bank Account

Bank of America was founded by its first predecessor, Bank of Italy opened in San Francisco, in 1904. The bank is headed by CEO Brian T. Moynihan who has been in that position since 2010. Bank of America is headquartered in Charlotte, NC.

They have approximately 4,700 locations and 16,000 ATMs, and they are operational in more than 35 countries worldwide.

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Best Business Bank Accounts | Business Account Services Comparison

Following, we have a detailed breakdown of the types of business bank account services that each of these three banks offer, including special programs that they offer for business account holders and their employees.

We will list Chase bank business account services vs Wells Fargo business account services vs Bank of America business accounts services to provide an overall picture for you and details that you can compare in order to find the best business account options for your needs.

Chase Business Accounts | Best Business Account Overview

In their Chase for Business program, the bank offers a number of Chase business account services, including:

Business banking
Merchant services
Business credit cards
Business lending
Payroll services

Chase Business Accounts Fees & Business Banking Options

The bank offers three types of business checking accounts, each with their own benefits and fee levels.

Source: CNN Money – Chase Business Accounts

Chase Total Business Checking®:

Monthly service fee of $10-$12, waived for $1,500 mininum daily balance
200 transactions/month with no fee
$7,500 in cash deposits/month with no fee
Limit of $50,000 in cash deposits and withdrawals per month
Incoming/outgoing wire transfers (domestic)
No outgoing international wire transfers

Chase Performance Business Checking^SM:

Monthly service fee of $20, waived for $50,000 minimum daily balance
350 transactions/month with no fee
$20,000 in cash deposits/month with no fee
Two domestic wire transfers/month with no fee
Incoming/outgoing wire transfers (domestic and international)

Chase Platinum Business Checking^SM:

Monthly service fee of $95, waived for $100,000 minimum daily balance
500 transactions/month with no fee
$25,000 in cash deposits/month with no fee
Four outgoing wire transfers/month with no fee
Incoming/outgoing wire transfers (domestic and international)

Chase Business Account Merchant Services

Chase merchant account services allow businesses to accept credit card payments from their customers. Below are some of the key points:

Credit card processing rates starting at 2.75%
24/7 Customer Support
Accept debit/credit/chip
Offering a free chip-enabled card reader with sign up

Chase Bank Business Account Credit Cards

Chase offers two types of business account credit cards. They have a Chase Ink Cash® with no annual fee and a Chase Ink Plus® with $95 annual fee. APRs range from 13.49% to 19.49%. You can compare the two types of Chase business account credit cards here.

Chase Business Accounts Lending

Chase offers a number of options for businesses needing capital, such as:

Business lines of credit starting at $10,000
Business loans starting at $5,000
Commercial real estate financing starting at $50,000
Equipment financing
Trade financing

Chase Business Account Extra Services for a Best Business Account

A few extra business services provided to Chase bank business account clients are:

Payroll services
Employee debit cards

Wells Fargo Business Account | Best Business Account Overview

In their Wells Fargo Small Business program, the bank offers a number of best business bank account services, including:

Business banking
Merchant services
Loans and credit
Insurance
Payroll & other services

They also have a Wells Fargo business account for larger business commercial accounts that offers:

Commercial financing
Commercial insurance
Commercial real estate
Corporate trust services
Investing
Retirement & employee benefits
International services, and more

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Well Fargo Business Account Fees & Business Banking Options

The bank offers three types of business checking accounts and one for non-profit or community-based banking, each with their own benefits and fee levels.

Source: Dice.com – Wells Fargo Best Business Bank Account

Wells Fargo Simple Business Checking (non-profit or small community business):

Monthly service fee of $10, waived for $500 average ledger balance
50 transactions/month with no fee
$3,000 in cash deposits/month with no fee
Minimum opening deposit of $25

Wells Fargo Business Choice Checking:

Monthly service fee of $14, waived for $7,500 average ledger balance, or $10,000 combined balance (checking, savings, CDs, credit), or 10 or more posted business debit card transactions, or linked to a Direct Pay service
200 transactions/month with no fee
$7,500 in cash deposits/month with no fee
Minimum opening deposit of $25

Wells Fargo Business Platinum Checking:

Monthly service fee of $40, waived for $25,000 average ledger balance, or $40,000 combined balance (checking, savings, CDs, credit)
500 transactions/month with no fee
$20,000 in cash deposits/month with no fee
Minimum opening deposit of $25
Interest bearing on collected balances over $25,000
No fee for two incoming domestic wires per fee period
No fee for stop payments, cashier’s checks, money orders

Wells Fargo Analyzed Business Checking:

Monthly service fee of $20
Earnings allowances can offset per transaction fees between $0.20 to $1.00
Minimum opening deposit of $25
Access to treasury management services, including Commercial Electronic Office (CEO) with treasury information, ACH origination, and online wire transfers
Overdraft protection linked to a business savings or credit account

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Wells Fargo Business Account Merchant Services

Wells Fargo merchant account services allow businesses to accept credit card payments from their customers. Below are some of the key points:

Credit card processing rates are not disclosed on their website
24/7 Customer Support
Accept debit/credit/chip
Offering a $150 rebate with sign up

Wells Fargo Business Account Credit Cards

Wells Fargo offers three types of business bank account credit cards. They have a Wells Fargo Business Secured with a $25 annual fee and up to $25,000 credit line, a Wells Fargo Business Platinum with no annual fee and up to $50,000 credit line, and a Wells Fargo Business Elite with no annual fee and up to $100,000 credit line.

APRs range from prime + 5.99% to prime + 15.99%. You can compare the three types of Wells Fargo business account credit cards here.

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Wells Fargo Bank Business Account Lending

Wells Fargo offers a number of options for businesses needing capital, such as:

Business lines of credit starting at $5,000
Business loans starting at $10,000
Commercial real estate financing starting at $50,000
Equipment financing starting at $10,000

Wells Fargo Bank Extra Services for a Best Business Account

A few extra business services that Wells Fargo provides to their business bank account clients are:

Free Money Management Software

Bank of America Business Accounts | Best Business Account Overview

In their Bank of America Business Account program, the bank offers a number of Bank of America Business Accounts services, including:

Business banking
Merchant services
Business credit cards
Business lending
Payroll services

Bank of America Business Account Fees & Business Banking Options

The bank offers two types of business checking accounts, each with their own benefits and fee levels. The Bank of America business account fees and benefits for checking accounts are:

Bank of America Business Fundamentals®:

Monthly service fee of $17, waived for $3,000 mininum daily balance or a $5,000 average monthly balance or $35,000 combined average monthly balance in eligible linked business deposit accounts
Business Investment savings account included at no additional fee
Domestic wire transfers $15 each, international $16 each

Bank of America Business Advantage:

Monthly service fee of $29.95, waived for $15,000 mininum average monthly balance
Business Interest Maximizer savings account included at no additional fee
No fee for domestic or international wire transfers

Bank of America Business Account Merchant Services

Source: BOA – Best Business Bank Account

Bank of America merchant account services allow businesses to accept credit card payments from their customers through the Clover platform. Below are some of the key points:

Credit card processing rates starting at 1.89% + $0.20 per transaction
24/7 Customer Support
Accept debit/credit/chip
Offering to waive $29.95 monthly service fee on Business Advantage checking

Bank of America Business Account Credit Cards

Bank of America offers one type of business credit card. Their Business MasterCard has no annual fee. APRs range from 11.49% to 21.49%. Get the details and apply for a Bank of America Business Account credit card here.

Bank of America Best Business Bank Accounts Lending

Bank of America offers a number of options for businesses needing capital, such as:

Business lines of credit starting at $10,000
Business loans starting at $25,000
Commercial real estate financing starting at $25,000
Equipment financing
Vehicle financing

Bank of America Business Accounts Extra Services for Best Business Bank Accounts

A few extra business services that Bank of America provides to their best business bank accounts clients are:

Best Business Bank Accounts | Reputation

While each bank can can offer attractive best business bank account opportunities for your business, whether you choose a Chase business accounts checking option, a best business bank account from Wells Fargo, or one of the Bank of America business account fees waiver options, it is also important to know that bank’s reputation.

Source: Best Business Bank Accounts

Fees may be low, but if current clients aren’t happy, it can be a red flag when you’re making the choice of the best business account.

Here are some online references you can check to learn more about the reputation of each of these three banks that offer their own version of best business bank accounts:

Reputation Lookup for Chase Bank Business Account

Better Business Bureau
Consumer Affairs
GlassDoor
Nerd Wallet

Reputation Lookup for Wells Fargo Business Account

Better Business Bureau
Consumer Affairs
GlassDoor
Nerd Wallet

Reputation Lookup for Bank of America Business Accounts

Better Business Bureau
Consumer Affairs
GlassDoor
Nerd Wallet

Best Business Bank Account | Recap

If you’re looking for the best business account for your company’s banking and other business account services, then these three firms can provide you with many attractive options.

While Chase business account services can offer the largest international reach because they are operating in 85 countries, Wells Fargo has some insurance options that might make them your pick for your best business bank accounts provider.

And Bank of America has a specialized platform for merchant services that also makes them an attractive best business bank account choice.

The main point is that you have some excellent options for choosing the best business account for your company requirements.

We hope that the detailed information on each of these three banks provides you with a helpful guide to make the right decision for which best business bank accounts make the most sense for your company.

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