Open a business account with Chase: Are you interested in opening a business account with Chase Bank? In order to open such an account, you will need to learn about the different products the bank offers and provide different requirements than those needed for a personal account. Don’t worry! We provide you with all the information you need.
The most important thing is to arrive prepared, instead of looking for certain documents and necessary credentials at the last minute. We want your transition to the business account to be as seamless as possible, no matter how experienced or new you are to business.
When you do not know How to Open a Business Account with Chase, it is important to understand the requirements. This way you can ensure a successful process in terms of obtaining a specific credit card, and we will explain everything in this article.
To help you better understand How to Open a Business Account at Chase, we will cover each of its most important aspects. If this topic interests you, you have come to the right place. Next, we’ll tell you how to open a business account with Chase, what you need, and more.
Keep Reading: What is the Chase bank identification number?
Page Contents
Requirements for Chase Business Bank Accounts
Documents relating to your business accounts generally must be presented, including one that details each paper you are submitting.
What are the requirements for opening a business account at Chase Bank?
- Document of the organization. This document defines the internal governance structure of an organization and sets the terms for its formation.
- EIN (Employer Identification Number)
- A pair of IDs. You need two types of identification: one issued by the government, like a driver’s license or passport if you are not a US citizen, and one issued by a company, such as a credit or debit card with a legible name or a utility bill in your name.
- Tax Identification Number (SSN or ITIN )
- Certificates of training and other certified documents have been introduced in state agencies.
- Website validation .
- A certificate for a fictitious commercial name. If you are operating under a DBA (Doing Business As), it could be required. Other names for this document include Trade Name Certificate, Fictitious Business Name Statement, or DBA.
NOTE: A new Chase account must also be opened in the presence of the Secretary.
The following information will be required from both states if the business has been created in another state, but operates in the state where the new account is being opened.
- Documents proving the business in which the account was opened.
- Registering with or obtaining a foreign certification from the state in which the account was opened .
Additional Requirements
The Chase business account may also require additional or supplemental documents.
- Amendments to Articles of Organization or Certificates of Formation
- Agreement on Operational Issues
- A letter with the company’s heading
- Minutes of meetings
- Information about annual reports or declarations
- Information about the company, such as the phone number, address, number of locations, products and services offered, vendors or distributors located, nature of the business, annual sales, number of employees, types of transactions, and expected amount of money to process.
- Employees have restricted access. Your full name, address, and date of birth are required if you wish to allow authorized employees (non-signers) to engage in transactions on behalf of the company with your employee card.
How do I open a business account with Chase
Open an account with Chase is actually much easier than you might think. Preparation is the most challenging aspect. We will show you below how to present all the papers you need.
1. Organize your documents
Business accounts are harder to open than personal accounts. In fact, banks rarely open corporate accounts online due to the risk of identity theft. Consequently, you are most likely to have to attend the bank in person and provide the copies of physical identification they request.
2. Decide what type of business account you would like to open
Getting informed is the best way to make a good decision before opening a business account. You should first determine whether you want a corporate checking or a business savings account. In the event that your business conducts many transactions every day, we recommend a checking account.
The next step is to research the different checking accounts Chase offers. Here are some examples:
- Chase Business Complete Banking [Monthly fee: $0-$15]
- Chase Performance Business Checking [Monthly fee: $0-$30]
- Chase Platinum Business Checking [Monthly feel: $0-$95]
Do not be influenced by the price estimate we provide. Remember that not everything that glitters is gold, so you should go for the one that offers the best deal rather than the cheapest. It is also important that you find out on your own and verify the individual offers they make.
3. Schedule an appointment with your trusted branch
Chase makes it very easy to schedule an appointment. Visit the bank’s official website or call 1-800-935-9935. Select a time and the branch or location where you would like to open your account.
Once there, you can request additional information if you deem it necessary and choose the type of account you would like to open. You will be asked to bring in the documents mentioned above and fill out some paperwork. After the first deposit, you will only need to join the optional services offered by the bank – if you wish.
Keep Reading: How do I schedule an appointment at Chase Bank?
Questions frequently asked
Does Opening a business account with Chase offers several benefits?
You can benefit from certain products and services by opening a Chase business checking account. These include:
Fee-free transactions. Using this account, you will be able to make up to 100 free transactions per month. Electronic deposits are excluded, however.
For monthly cash deposits (up to $ 5,000), there are no fees. Additionally, the bank offers ChaseQuickDeposit so that you can deposit checks from anywhere at any time.
Wire transfers are possible. Transfers can be made within and outside the United States in dollars or foreign currency (up to 35 currencies), giving you more control and security over your payments.
The following are other benefits
Chase offers a $300 bonus when you open a new business account.
There are more ways to avoid fees.
Payment processing systems with convenient access.
QuickAccept allows deposits the same day.
Stay informed about your account’s activity by sending alerts.
The Chase Business app and online account management make managing your accounts easy.
ACH transfers, Chase QuickDeposit and unlimited electronic deposits.
There are more than 16,000 ATMs in the country, as well as 4,700 branches.
How to close my old Chase account?
In order to fully transition to your Chase account and close your old one, you must ensure that all checks, credit cards, debit and ATM transactions have been approved and that all automatic payments and deposits have been transferred to Chase .
In addition, you must keep the previous account open until the final balance can be determined. Once everything is in order, contact the bank to complete the closing paperwork.
Do Chase services work with business accounts?
Certainly. Once your Chase account has been opened, you can sign up on the Chase virtual platform and even download the mobile app. With these tools, you can easily and conveniently manage your business finances from your computer or smartphone. You will also be able to:
Print current and past payment records.
Take advantage of more Chase services, like QuickDeposit, which lets you deposit checks anywhere and anytime with fraud alerts and protection services.
You can use Access Manager to designate other users and perform online transactions on your company’s behalf.
By opening a Chase Merchant Services account, your business can take advantage of the payment solutions it needs.
In addition, Chase protects your money without imposing long-term contracts, secret fees, or monthly payments.
For face-to-face card payments, you will get a 2.6% discount plus $ 0.10, and for non-face card payments, you will get a 3.5% discount plus $ 0.10.
With a Chase business account, can I make payments and transfers?
Certainly. You will be able to make payments and transfers after opening a Chase business checking account. There are always a few things to keep in mind when discussing this topic:
You should contact your service provider and any other companies or organizations that accept automatic payments. If your company has a debit card, you will need to provide the debit card information, or your new account and routing number.
Before making payments on specific dates, you must have funds in your account.
Provide your new routing and account number to your payment service provider and other depositors.
What are the BIC and Swift Codes?
In this sense, it is necessary to say that BIC and SWIFT codes, as well as Chase codes, are not special cases, they follow a similar configuration. They are between 8 and 11 characters long and are styled as follows:
In this situation, we are using the Chase BIC code as an example. Because of this, we will separate and clarify each part, since they contain significant information.
CHAS is a four-character code that resembles an abbreviation of the bank’s name
US is the two-character code that tells you where the bank is located.
The bank’s administrative center is located at 33, which is a 2-character area code
There are times when BIC codes have one more series of three-digit numbers that tell you where the bank is located. Since some banks do not use the 3-character branch code, they will use an 8-character BIC code instead.
Are There Differences Between Chase’s BIC and Swift Codes?
Firstly, SWIFT stands for Society for Worldwide Interbank Financial Telecommunication, or Society for Worldwide Interbank Financial Telecommunication.
It is a framework whose function is to help save money through the transmission of each other. Banks that are important to the SWIFT organization, like Chase, can send cash requests to each other to move cash safely.
The SWIFT code is an important element of this framework, as it identifies the particular bank to which the cash is sent. This information includes the nation where the bank is located, its area and, surprisingly, its branch number.
The BIC stands for Bank Identification Code, which is another abbreviation. An 8-11-digit code is used when making a global exchange to identify a particular bank.
Your bank’s postal district is a way to ensure your money goes where it’s supposed to.
There is no difference between the two codes. Moreover, it should be noted that these codes may also be referred to as SWIFT/BIC codes, BIC/SWIFT codes, SWIFT IDs, or SWIFT identifiers, but there is no difference between the terms.
We hope you are successful in opening your Chase business account!
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