For small business owners, selecting the appropriate checking account is essential for achieving financial stability and growth. Chase and U.S. Bank rank among the largest banking institutions in the United States, providing an array of services tailored to business owners.

If you’re contemplating a business checking account from either of these banks, here’s a detailed comparison of their offerings.

A Quick Overview of Chase Business Checking vs. U.S. Bank Business Checking

Chase and U.S. Bank both present two distinct types of business checking accounts, although U.S. Bank also has some specialty accounts that are not covered here. To help you make an informed decision, we will compare each tier of accounts side by side.

Before diving into the specifics, here’s a brief overview of what each bank provides.

1. CHASE: Established in 1799, Operates over 4,700 branches in 48 states, 15,000 ATMs nationwide, Business checking options include Chase Business Complete Checking®, and Chase Platinum Business Checking®, Also offers business savings accounts, business credit cards and loans, retirement services, pay and transfer services, and more, Member FDIC.

2. U.S. BANK: Established in 1863, Operates over 2,000 branches in 26 states, 4,700+ ATMs nationwide, Business checking options include U.S. Bank Silver Business Checking, and U.S. Bank Platinum Business Checking, Also provides business savings accounts, business credit cards and loans, merchant services, payroll services, and more, Member FDIC.

Comparison of Chase Business Complete Checking and U.S. Bank Silver Business Checking

For those new to business or without significant future growth plans, these entry-level checking accounts might be suitable:

1. CHASE BUSINESS COMPLETE CHECKING

• Monthly fee: $15

• Waivable monthly fee: Yes

• Free cash deposit limit: $5,000; afterwards, $2.50 per $1,000

• Free item limit: Unlimited

2. U.S. BANK SILVER BUSINESS CHECKING

• Monthly fee: $0

• Waivable monthly fee: Not applicable

• Free cash deposit limit: $2,500 or 25 transactions; afterwards, $0.33 per $100

• Free item limit: 125; afterwards, $0.50 per item

The Chase Business Complete Checking® account, while imposing a $15 monthly fee, provides several methods to have this fee waived each statement cycle. These methods include:

- Maintaining a daily balance of $2,000

- Making $2,000 in net purchases using Chase Ink® business credit cards

- Depositing $2,000 via Chase QuickAccept℠ or other eligible Chase Payment Solutions

- Linking to a Chase Private Client Checking℠ account

- Submitting qualifying proof of military status

Although the fee is higher, Chase offers unlimited debit card purchases, ATM transactions, and electronic deposits and transfers, along with a relatively high monthly cash deposit limit of $5,000.

Conversely, the U.S. Bank Silver Business Checking account has no monthly fee, which can be appealing for new businesses. However, as your business grows, you might find the lower limits on fee-free cash deposits and transactions restrictive.

Comparison of Chase Business Complete Checking and U.S. Bank Silver Business Checking

If you’re in the early stages of your business or lack significant growth plans, these basic checking accounts may suit your needs:

CHASE BUSINESS COMPLETE CHECKING

• Monthly Cost: $15

• Potential to Waive Monthly Fee?: Yes  

• Cash Deposit Limit Before Fees: $5,000, then $2.50 per $1,000  

• Transaction Limit Without Charges: Unlimited

U.S. BANK SILVER BUSINESS CHECKING  

• Monthly Cost: $0

• Potential to Waive Monthly Fee?: N/A

• Cash Deposit Limit Before Fees: $2,500 or 25 transactions, then $0.33 per $100

• Transaction Limit Without Charges: 125, then $0.50 per item  

The Chase Business Complete Checking® account has a $15 monthly fee, which can be avoided by meeting certain conditions each statement cycle, such as:

- Maintaining a daily balance of at least $2,000

- Making $2,000 in net purchases using Chase Ink® business credit cards

- Depositing $2,000 via Chase QuickAccept℠ or other eligible Chase Payment Solutions transactions

- Linking a Chase Private Client Checking℠ account

- Providing valid proof of military status

While the fee is higher, Chase offers unlimited debit card purchases, ATM transactions, and electronic deposits and transfers, with a generous $5,000 monthly cash deposit limit.

Conversely, the U.S. Bank Silver Business Checking account has no monthly fee, which can be appealing for new businesses. However, as your business expands, the lower limits on fee-free cash deposits and other transactions may become restrictive.

Comparison of Chase Platinum Business Checking and U.S. Bank Platinum Business Checking

For established businesses seeking advanced banking services, consider the following accounts:

1. CHASE PLATINUM BUSINESS CHECKING

• Monthly Cost: $95  

• Potential to Waive Monthly Fee?: Yes

• Cash Deposit Limit Before Fees: $25,000, then $2.50 per $1,000

• Transaction Limit Without Charges: 500, then $0.40 per item

2. U.S. BANK PLATINUM BUSINESS CHECKING

• Monthly Cost: $30

• Potential to Waive Monthly Fee?: Yes  

• Cash Deposit Limit Before Fees: $20,000 or 200 transactions, then $0.33 per $100

• Transaction Limit Without Charges: 500, then $0.40 per item

The Chase Platinum Business Checking account has a hefty $95 monthly fee, which can be waived by:

- Maintaining a combined average daily balance of $100,000 or more in eligible business deposit and investment accounts

- Maintaining a combined average daily balance of $50,000 and linking a Chase Private Client Checking account

This account allows up to 500 fee-free transactions per month, excluding electronic deposits and incoming wires, which are always free. Additionally, the first four most expensive outgoing wire transfers each month are fee-free. However, the cash deposit limit is not significantly higher than the Performance Business Checking account.

Chase Business Checking vs. U.S. Bank Business Checking: Which Option Suits You Best?

Choosing between Chase and U.S. Bank for your business checking account primarily hinges on your company’s specific requirements. Here are some key points to help you decide:

1. Branch and ATM Accessibility

Evaluate the availability of branches and ATMs in your locality to understand your options for cash deposits, fund access, and in-person banking services. Chase has a more extensive network, but if you’re located in a region served by U.S. Bank, this might be less significant.

2. Transaction Volume

Assess your current business transactions to predict potential item fees. For example, if you frequently receive electronic deposits, Chase might be preferable since these transactions don’t count against your limit. Conversely, if your transactions are well within the account limits, either bank could be suitable.

3. Monthly Account Fees

While Chase’s business checking accounts come with higher fees, these can be waived under certain conditions. If waiving the fees is not an option for you, U.S. Bank might be a more cost-effective choice.

4. Additional Banking Services

Thoroughly investigate the range of business services each bank offers to determine which can better meet your overall needs.

Neither Chase nor U.S. Bank is universally superior; the best choice depends on your business’s unique needs and future growth plans. Consider whether the bank can support your anticipated growth.

Beyond these two banks, it’s wise to explore other leading small business checking accounts to ensure you find the optimal service and features for your needs.