American Express vs. Chase Business Checking: A Comprehensive Comparison
Introduction
Hey readers! Looking for business checking accounts from the likes of American Express, Chase, and others? Well, you have come to the right place! This guide will detail the American Express Business Checking as well as Chase Business Complete Banking and enable you make the best possible decision for your business.
Transaction Fees: A Tale of Two Approaches
American Express Business Checking
American Express puts forth a distinct pricing structure. All ATMs within the country are charge-free and you are alloted 20 monthly point-of-sale devices that are non American Express. Each additional purchase, however, will lead to a loss of twenty-five cents per transaction. The American express transactions are free and do not have any cap.
Chase Business Complete Banking
Chase does not have a different strategy as such. No fees are charged when withdrawing from Chase ATMS, but $2.50 is tokened for withdrawals from non-Chase ATMs. Moreover, all point-of-sale devices that are other than Chase will lose $0.25. On the other hand, as long as $2,000 is held in the account, these charges can be conveniently covered.
Rewards and Perks: Building Your Business with Benefits
American Express Business Checking
Amex Business Checking provides an opportunity to earn points on spending.
Regardless of how much you spend per month, American Express also allows you to receive 1% cash back to a maximum of $200. If your purchases exceed this limit, you will still receive up to 0.5% return. Alongside this, you can also earn discounts and exclusive deals through American Express’s Membership Rewards program.
Chase business complete banking
As with many other bank systems, Chase Business Complete Banking is deposit-based. This means you gain a certain number of points on purchases which range from cash withdrawals, travel, or gift cards. Apart from this, if you have a deposited account with the bank, you may also receive certain fees being waived or reduced.
Digital and mobile banking: Self-service banking for modern day businesses
American express business checking
Along with other features, American Express Business Checking allows mobile check deposits, where users can deposit checks using a mobile device and add money directly into their account. Users can also receive payments via phone along with checking their balances. You can also access your account from any place at any time through the internet.
Chase business complete banking
This bank is renowned due to its increasing perks at Chase Business Complete Banking and the bank as a whole. You can receive the same online services with the ease of mobile multi-factor authentication, and deposits via Zelle. Managing your account has never been easier along with all other features.
Remuneration Structure: Details of The Comparison
| Title | American Express Business Checking | Chase Business Complete Banking |
|---|---|---|
| Monthly Maintenance Fee | $0 | $0 if you maintain a daily balance of $2000 or more |
| ATM Withdrawal Fee (Chase ATMs) | Free | Free |
| ATM withdrawal expenses (non-Chase ATMs) | Zero | $2.50 |
| Transactions at points of sales not using an Amex card | $0.25 for every transaction | $0.25 for every transaction (waived if daily balance exceeds $2,000) |
| Domestic wire transfer payment | $30 | $15 |
| International wire transfer charge | $40 | $25 |
| Maximum limit for check image deposits | $50,000 per day | $50,000 per day |
Thoughts
Considering all these facts, which business checking account would be more suitable for you; American Express Business Checking or Chase Business Complete Banking? It depends on what is most important for your company. If you consider American Express Business Checking, its a good fit if you are not heavily transacting business. On the otherhand, if your business relies heavily on transactions, Chase Business Complete Banking is more suitable.
Regardless of the option you prefer, Chase and American Express have strong branding when it comes to providing business checking services. Read further on our detailed reviews of [American Express Business Checking](link to article) and [Chase Business Complete Banking](link to article)
Questions Regarding Amex and Chase Business Checking
1. Who has the best sign up bonuses and reward programs?
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- Both banks are more than able to match each other’s offers during sign-ups, but Chase Business Checking usually has better bonuses.
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2. Which has lower fees and higher interest rates?
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- With Chase Business Checking, you are able to spend less every month and get a higher interest than with Amex Business Checking.
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3. What kind of features do each bank offer?
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- Chase Business Checking includes features like remote deposit capture, ACH services, mobile check deposit, online bill payment, and expense management tools which are also provided by Amex Business Checking.
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4. Which bank has better customer service?
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- Chase Business Checking offers phone and online support and has received positive ratings for this service making them as good as Amex.
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5. Which bank is more accessible?
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- For Amex business customers, Chase does in-person banking easier with their extensive network of branches and ATMs.
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6. What are the eligibility requirements for each account?
- Chase Business Checking has a minimum opening deposit and average monthly balance which qualifies for interest and fee waiver. Amex Business Checking has a requirement of a minimum opening deposit of $3,000 and a minimum average monthly balance of $3,000 in order to waive the monthly fee and provide the – you g bank.
7. Which bank is more favorable for new companies?
- Chase Business Checking is the bank of choice for most small businesses because it has lower fees and more features.
8. Which bank is suitable for businesses with international operations?
- Amex Business Checking is more appropriate for businesses with cross-border transactions because it has the best exchange rates and offers more international services.
9. Which institution does better at extending credit?
- Chase is more versatile in its options for financing, providing credit for business purposes and leasing equipment.
10. Is it easy to change banks?
- Yes. The switching of banks can be done by opening an account in a different bank and transferring money from the old account. When making a switch, consider the potential fees or transfer limits associated with account closure.