The Best Business Checking Account in 2017 | Chase vs. PNC vs. Wells Fargo Business Checking

Which is the Best Business Checking Account in 2017? Chase vs. PNC vs. Wells Fargo Business Checking Account

Choosing the best business checking account for your company can help you more easily achieve your goals for growth and success.

Excessive fees can eat away at your profits while, on the other hand, an interest-bearing business checking account could help you earn more with your money. Knowing what to look for to find the best business checking accounts for your success is important.

In this article, AdvisoryHQ will compare business checking accounts and take a look at three popular banks for small and large businesses regarding opening business checking.

Source: Best Business Checking Account

We will provide you with a detailed analysis of Chase business checking, PNC business checking, and Wells Fargo business checking to see what each offers, go over fees and minimum balance requirements, and review what small business checking customers and others say about doing business with them.

Nearly everyone that starts their own business envisions it growing from small to medium to large, and choosing the best business checking accounts during that journey can make all the difference in the world.

So let’s get started and compare business checking accounts so you can judge which may be the best bank for you and your company.

Best Business Checking Account | About the Banks

Before we begin detailing each business checking account offered by these three banks, we will take a brief look at each one and the convenience and reach they offer as far as number of locations and ATMs.

About Chase | Best Business Checking Accounts

Chase is the more commonly known name of JP Morgan Chase Bank and is headquartered in New York, NY. It provides a range of financial sevices to customers, including retail banking, Chase small business checking, credit cards, mortgages, auto financing, investment advice, small business loans, and payment processing.

Chase operates in over 85 countries around the world and has 5,200 branches and 16,000 ATMs.

About PNC | Best Business Checking Accounts

PNC is headquartered in Pittsburgh, PA and provides a range of financial sevices to its customers, including personal banking, PNC business checking, corporate and institutional banking, cash management and investment services, asset management, and mortgages.

PNC operates across 19 states and the District of Columbia and has more than 2,600 branches and 9,000 ATMs.

About Wells Fargo | Best Business Checking Accounts

Wells Fargo is headquartered in San Francisco, CA and provides a range of financial services to its customers, including personal banking, a Wells Fargo business checking account, insurance, investments, mortgage, and consumer and commercial financial services.

Wells Fargo operates in 36 countries around the world and has more than 8,600 locations and 13,000 ATMs.

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Compare Business Checking Accounts | Detailed Look

Now, we will get into the details and benefits of the type of business checking account offered by each bank. We will look at the fees, minimum balance requirements, interest offered, and other account cost/benefits.

Furthermore, a detailed look will be given of Chase business checking account options, PNC business checking account options, and Wells Fargo business checking account options so that you can compare all three and what they can do for your business.

Since each of these banks offers three best business checking account options based upon small, medium, and large-sized companies, we will do our comparison by business size.

You may find that one bank offers the best business checking accounts for a smaller company while a different bank has the best business checking account deal for a larger company, so we’ll look at them side by side for each level.

Source: Bankoforma Chase Business Checking

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Best Business Checking Account | Small-Sized Company

A smaller sized company will be looking for business checking that doesn’t have too many fees attached and allows it the chance to grow.

It may not be as much in need of international wire services or other options that can add to the cost of the business checking account. Here is what each bank offers for small-sized companies.

Chase Small Business Checking for Small Business | Chase Total Business Checking® – Designed for growing businesses to manage cash flow on the go.

Monthly service fee: $10–$12
Fee waived: when maintaining a $1,500 daily minimum balance
Minimum opening balance: none is stated
# of no-fee transactions: 200 per month
Per transaction fee over limit: $0.40 each
# of no-fee cash deposits: $7,500 per month
Domestic wire transfers: these are permitted
International wire transfers: incoming permitted; 0utgoing not permitted

PNC Business Checking for Small Business | PNC Business Checking – Designed for smaller businesses with modest monthly checkwriting and deposit activity.

Monthly service fee: $12
Fee waived: when maintaining a $1,500 average monthly collected balance, when depositing proceeds from PNC Merchant Services® or using a linked PNC business credit card to make a minimum $1,000 in eligible purchases per month
Minimum opening balance: $100
# of no-fee transactions: 150 per month
Per transaction fee over limit: $0.50 each
# of no-fee cash deposits: $5,000 per month
Domestic wire transfers: these are permitted
International wire transfers: these are permitted

Wells Fargo Business Checking for Small Business | Wells Fargo Business Choice Checking – A versatile account for everyday needs.

Monthly service fee: $14
Fee waived: when maintaining a $7,500 average ledger balance or $10,000 in combined balances (checking, savings, CDs, credit) or 10 or more posted debit card purchases
Minimum opening balance: $25
# of no-fee transactions: 200 per month
Per transaction fee over limit: $0.50 each
# of no-fee cash deposits: $7,500 per month
Domestic wire transfers: no information given
International wire transfers: no information given

Source: FinancialServiceFees.com Best Business Checking Accounts

Best Business Checking Account | Medium-Sized Company

A medium-sized company will be looking for a business checking account that gives it more free monthly transactions and deposits.

It may not yet be ready for a business checking premiere service but has needs that have outgrown the smaller business checking account options. Here is what each bank offers for medium-sized companies.

Chase Bank Business Checking for Medium-Sized Business | Chase Performance Business Checking^SM – Designed for mid-sized businesses with simple cash management needs.

Monthly service fee: $20
Fee waived: when maintaining a $50,000 qualifying business deposit balance
Minimum opening balance: none is stated
# of no-fee transactions: 350 per month
Per transaction fee over limit: $0.40 each
# of no-fee cash deposits: $20,000 per month
Domestic wire transfers: these are permitted, 2 free per month
International wire transfers: these are permitted

PNC Business Checking for Medium-Sized Business | PNC Business Checking Plus – Designed for growing businesses looking for more options and flexibility.

Monthly service fee: $20
Fee waived: when maintaining a $5,000 average monthly collected balance, when depositing proceeds from PNC Merchant Services® or using a linked PNC business credit card to make a minimum $2,000 in eligible purchases per month
Minimum opening balance: $250
# of no-fee transactions: 500 per month
Per transaction fee over limit: $0.50 each
# of no-fee cash deposits: $10,000 per month
Domestic wire transfers: these are permitted
International wire transfers: these are permitted

Wells Fargo Business Checking for Medium-Sized Business | Wells Fargo Platinum Business Checking – A higher level of benefits for established or growing businesses.

Monthly service fee: $40
Fee waived: when maintaining a $25,000 average ledger balance or $40,000 in combined balances (checking, savings, CDs, credit).
Minimum opening balance: $25
# of no-fee transactions: 500 per month
Per transaction fee over limit: $0.50 each
# of no-fee cash deposits: $20,000 per month
Domestic wire transfers: no information given
International wire transfers: no information given
Interest earned: on daily collected balances above $25,000, variable rate.

Source: NerdWallet Best Business Checking Account

Best Business Checking Account | Large-Sized Company

A large-sized company will be looking for a business checking account that gives it a generous amount of free monthly transactions and deposits to fit its needs.

It will be interested in a business checking premiere service with perks that come with the volume of monthly activity and that isn’t limited by the smaller best business checking accounts options. Here is what each bank offers for large-sized companies.

Chase Business Checking Account for Large-Sized Business | Chase Platinum Business Checking^SM – Designed for large businesses with simple cash management and higher monthly transaction needs.

Monthly service fee: $95
Fee waived: when maintaining a $100,000 qualifying business deposit balance
Minimum opening balance: none is stated
# of no-fee transactions: 500 per month
Per transaction fee over limit: $0.40 each
# of no-fee cash deposits: $25,000 per month
Domestic wire transfers: these are permitted, 4 free per month
International wire transfers: these are permitted

PNC Business Checking for Large-Sized Business | PNC Business Checking Preferred – Designed for larger businesses looking for greater flexibility managing large transaction volumes.

Monthly service fee: $50
Fee waived: when maintaining a $25,000 average monthly collected balance, when depositing proceeds from PNC Merchant Services® or using a linked PNC business credit card to make a minimum $3,000 in eligible purchases per month.
Minimum opening balance: $250
# of no-fee transactions: 1,500 per month
Per transaction fee over limit: $0.25 each
# of no-fee cash deposits: $50,000 per month
Domestic wire transfers: these are permitted
International wire transfers: these are permitted

Wells Fargo Business Checking Account for Large-Sized Business | Wells Fargo Analyzed Business Checking – Designed for high transactions or treasury management needs.

Monthly service fee: $20
Fee waived: no information given
Minimum opening balance: $25

The Earnings Allowance can offset many of the following activity fees:

$0.20 per check paid
$0.20 per debit posted
$1.00 per deposit posted
$0.20 per electronic deposit posted
$0.20 per ATM deposit posted
$0.20 per Automated Clearing House (ACH) received item
$0.20 per deposited item
$0.0025 per $1 of cash deposited
Interest earned: on daily collected balances, variable rate.

Source: Best Business Checking Accounts

Best Business Checking Account | Bank Reputation

No matter how great an offer looks when you’re researching the best business checking accounts, the reputation of that bank with its customers can be just as important.

Regardless if you are looking for a Chase Bank business checking service, a Wells Fargo business checking account or one from PNC, whether the bank actually provides the customer service it promises to customers makes a difference. Here’s a few places you can go to check bank reputation.

Chase Business Checking Review Websites:

PNC Business Checking Review Websites:

Wells Fargo Business Checking Reviews Websites:

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Best Business Checking Accounts for 2017 | Conclusion

One of the first takeaways from reviewing the data on Chase small business checking, PNC best business checking accounts, and Wells Fargo business checking account offerings is that each of these banks understands the different financial needs of small, medium and large businesses. Thus their business checking account options reflect varying levels of fees versus deposit requirements and benefits to allow their clients a choice of options comparable to their needs.

When choosing the best business checking account for your company, you should consider the monthly deposit and transactions that you have as well as the importance of an interest business checking account option and the number of wire transfers both domestic and international that you anticipate.

Not all businesses are the same – even small businesses will have different banking needs based upon their clientele, so knowing your needs versus what each of these three popular banks offer will help you find the best business checking accounts for every facet of your company’s growth cycle.

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Reasonable efforts have been made by AdvisoryHQ to present accurate information, however all info is presented without warranty. Review AdvisoryHQ’s Terms for details. Also review each firm’s site for the most updated data, rates and info.

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