Have you tried opening a Chase Business Account? Do you know the Chase business account requirements you need to provide in order to be qualified for a business account? If you have no idea about this, you are at the right place as you would get to learn about all these in the article below. The pros and cons of opening a business account with Chase would also be discussed vastly in this content.
Is Chase Good For Business Account?
If you have a savings or checking account with Chase bank, then I think you might surely have an idea about how their financial services work and the benefits you are bound to enjoy if you partner with them.
Chase business is very helpful as they provide a wide range of transaction benefits, unlimited electronic deposits, no charge for positive pay, payment of bills online, reliable mobile banking, and a free chase debit card that comes with chip technology.
However, you will also have access to thousands of ATMs and almost 5000 branches. In addition to reverse positive pay, they also give you alerts to help you stay on top of your account activities.
What Are Chase Business Account Requirements?
We have eventually got to the main focus of today’s article which is to highlight the chase business account requirements. Whether you are a sole proprietor, an entrepreneur, a corporate business owner, or even a limited liability company.
According to Chase bank, each of these business owners are given different requirements to open a Chase business Bank account. Moreover, all of these requirements will be explained in-depth in the section to suit your interest.
Below are the categories of requirements for opening a Chase business checking account, as every one of them varies based on the type of business you have.
- Sole Proprietor requirements
- Organization requirements
- Corporation requirements
- Unincorporated Business Association or Limited Liability Company (LLC) requirements, and lastly…
- Partnership requirements
If you navigate to the Chase official website and locate the requirements for opening a Chase business account, you will be taken to a whole list of these requirements and directed to download them in a PDF format.
Organization requirements
If you have a business organization and you are looking forward to opening a Chase business account, here are the requirements you need to provide so as to complete this process.
- Present an authorized representative:
To open a Chase business account, you are required to provide an authorized representative, the person might either be a secretary, assistant Secretary or pany authorized signer.
- Supplemental documentation
You might be requested to submit some supplemental documents like an association letterhead, a letter on organization or or meeting minutes listings. This might seem a little bit stressful but hopefully it’s not as compulsory as the other requirements according to chase bank.
Sole Proprietor requirements
The second requirement on our list is the one attached to the sole proprietorship business. So if you are a sole proprietor, you will be requested to provide some documents as well as the presence of trustees, agents and authorized signers in order to complete the account opening.
Requirements;
- Business Account Details:
If you want to open a Chase business account, you will need to provide some details about your business, where it’s located, the products or services, vendors and suppliers.
In addition to this, you will be asked to submit your business address, mobile phone number, number of locations, the number of employees that work for you, your account on annual sales.
- Tax Identification Number:
This is one of the most important requirements needed by a sole proprietor in order to Success open a Chase business account. Other alternatives to this document include Social Security Number (SSN), Employer Identification Number (EIN) or ITIN which are non-United States citizens.
- Two forms of ID:
The second requirement under this business category is to provide at least an Identity card which was issued by the Government. These include a driver’s license or passport. All of these will be requested while attempting to open a Chase business account.
- Business information:
In order to open a Chase business account, you will be required to submit business documents or info. This comprises a Trust Documentation and an assumed Name Certificate, just to prove your business details.
I think that’s all on chase business account requirements for sole proprietorship. Types of Chase Business Checking Accounts.
Limited Liability Company (LLC)
Nevertheless, the third requirement on our list is pointed at those with limited liability companies. So if you have a limited liability company, you will be requested to provide some documents as well as the presence of members or managers of the LLC, agents and authorized signers in order to complete the account opening. You will have to meet these basic requirements below.
- Website validation
Every limited liability company should definitely own a website, validation of your company’s website is one of the basic chase business account requirements.
- Provide Tax identification number and two IDs.
To proceed with the opening of a Chase account, you need to submit a government issued identification card in addition to providing your company’s tax identification number.
An alternative to this is the use of Social security numbers. So if you are not a citizen of the United States, the tax identification you should use is an ITIN.
How Do I Set Up Or Open A Chase Business Account Online?
There is a described procedure to follow in order to be able to open a Chase business account online, even after your company has passed and provide all necessary information for creating a business account.
- Step 1: Locate the office chase bank website by clicking on the link below.
- https://www.chase.com/business/banking/checking
After doing this you will be directed to a page that states all chase business account offers and the type of account that will fit your business.
- Step 2: The next step selects the type of business account you want to create, details on the types of business account will be talked about below.
- Step 3: After account selection, you would need to continue as an existing or new user. According to the Chase Bank website, Only privately held businesses that are structured as sole proprietorships, corporations or limited liability companies (LLCs) managed by a single member or manager can only apply online for a Chase business account at this time.
- Step 4: The following procedure is to describe your business account and type.
- Step 5: All you’ll need is to fill out a bit of information on the website, then confirm your identity. Lastly, making an initial deposit is also important.
What Are The Types Of Chase Business Account Online?
The types of Chase Business Account that are available for companies include Chase Business Complete Banking account, Chase Performance Business Checking account and Chase Platinum Business Checking account.
The only difference between these accounts are the monthly service fees and a combined average beginning day balance.
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Chase Business Complete Banking
This account offers $15 or $0 monthly service fee in addition to a minimum daily balance.
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Chase Platinum Business Checking
This business account offers $95 or $0 monthly service fee and you can also maintain a $100,000 combined average beginning day balance with the account. It all depends on the kind of business you run.
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Chase Performance Business checking
The only feature attached to this type of business account is that it offers a monthly service fee of $30 or $0. However, it maintains a $35,000 beginning day balance on average.
Conclusion
In summary, we discussed Chase business requirements, the types of Chase business accounts that are available and how to partner with Chase by creating an account with them. We believe this article has indeed answered all your questions concerning Chase business accounts. Thank you.