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What to look for when opening a business checking account for your LLC

What to look for when opening a business checking account for your LLC. Presented by Chase for Business.

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    There are many million limited liability companies (LLCs) in the United States today, and that number continues to grow as more people start their own businesses and need a fast, affordable and easy way to protect themselves without forming a corporation. But having an LLC may not be enough. To maximize the protection afforded by your LLC and make your bookkeeping and life a whole lot easier, it’s important to find a business checking account to keep your personal and business assets separate.

    If you’ve never opened a business banking account, you may not know where to start. You’ve come to the right place.

     

    What to consider when looking for a business checking account

    Once you decide to open a business account for your LLC, you’ll quickly find there are several things to consider.

    • How much money can you deposit and keep in your new account? Determine how much you can keep in your account. Many accounts offer additional benefits for higher opening balances, but you may also need to maintain a minimum balance.
    • How often do you go to a branch or ATM? If you make daily trips to a branch to get rolls of change or make deposits or withdrawals, be sure the bank you choose has convenient branch locations, ATMs and mobile banking options.
    • How many transactions do you make per day? Some business accounts charge for each transaction. If your business typically nets a high volume of transactions, look for an account with low or no fees on each.
    • What types of payments do you accept? Is your business currently cash only? Some banks offer payment card acceptance as part of their business checking accounts, making it easier for customers to pay and for you to get paid quickly and in some cases without contact.
    • How important is it to have access to a business banker you can trust? If you’re new to business and to business banking, you most likely have a lot of questions. Take a little extra time to find a bank with business bankers who understand your business and your needs. The right banker can be a trusted advisor and an invaluable resource for your growth.

     

    There may be a Chase solution that’s right for you

    Chase for Business offers a number of business checking account options. Review your answers and then read on for some Chase options that could meet your needs.

     

    A complete solution for all your LLC needs

    LLCs just starting out or with lower revenue streams and transaction volumes need an account that keeps their cash flow flowing. Chase Business Complete BankingSM checks all of these boxes. With Chase QuickAccept℠ built-in card acceptance, this account lets you take credit card payments anytime from anywhere in the United States using the Chase Mobile® app or browser and have money deposited into your account that same day.

    Other features include access to 16,000 ATMs in the Lower 48 states and more than 4,700 branches, and the ability to issue customer refunds and track disputes and up to 20 deposits and withdrawals made with a teller and paper checks written on the account.

     

    Business accounts that grow with you

    As your business grows and adds employees, you’ll start to enjoy a higher volume of transactions and deposits. It’s important to find an account that offers higher limits on both — with no additional fees. Many midsize businesses benefit from the flexibility of being able to make up to 250 no-fee transactions per month and unlimited electronic deposits that comes with Chase Performance Business Checking®.

    If your business is larger, with both high volume and revenue, you may need an account that offers even more freedom. For this reason, many large businesses are drawn to Chase Platinum Business Checking℠. This account offers our greatest number of no-fee transactions — up to 500 per month, unlimited electronic deposits and incoming wires, and up to $25,000 monthly cash deposits per statement cycle at no additional charge.

     

    Get started

    Speak with a business banker to determine which account is best for your needs and what other Chase for Business products could help your business grow.

     

    For informational/educational purposes only: The views expressed in this article may differ from those of other employees and departments of JPMorgan Chase & Co. Views and strategies described may not be appropriate for everyone and are not intended as specific advice/recommendation for any individual. Information has been obtained from sources believed to be reliable, but JPMorgan Chase & Co. or its affiliates and/or subsidiaries do not warrant its completeness or accuracy. You should carefully consider your needs and objectives before making any decisions and consult the appropriate professional(s). Outlooks and past performance are not guarantees of future results.

    There is a $15 Monthly Service Fee (MSF) that we’ll waive if you meet any of the below qualifying activities for each Chase Business Complete Checking℠ account in a monthly statement period. Qualifying activities for how to avoid the MSF: (A) Maintain a linked Chase Private Client Checking℠ account, (B) Meet Chase Military Banking requirements, or (C) Fulfill at least one of the following qualifying activities: (1) Maintain a Minimum Daily Ending Balance of at least $2,000 in the Chase Business Complete Checking account each business day during the monthly statement period, excluding the last business day of the statement period; (2) Have at least $2,000 of aggregate eligible deposits (net of chargebacks, refunds, or other adjustments) into the Chase Business Complete Checking account, at least one day before the end of the monthly statement period, using one or more of the following:  Chase QuickAccept℠ including Chase Smart Terminal℠, InstaMed Patient Payments and InstaMed Patient Portal and/or other eligible Chase Payment Solutions℠ products. Eligible Chase Payment Solutions products have a transaction history that is viewable on Chase Business Online, Chase Connect®, or J.P. Morgan Access®. The cutoff time for eligible deposits is 11:59 PM Eastern Time one day prior to the last day of your Chase Business Complete Checking monthly statement period; or (3) Spend at least $2,000 on eligible Chase Ink® Business card purchases in the most recent monthly Ink card billing cycle, which may be different than your Chase Business Complete Checking monthly statement period. Eligible purchases must be made using Ink Business Card(s) associated with the same business as your Chase Business Complete Checking account, as reflected in Chase records, and must earn Chase Ultimate Rewards® points. Certain purchases and transactions are excluded from earning Ultimate Rewards points, as described in your Rewards Program Agreement available on chase.com/ultimaterewards. For complete details, please review the Additional Banking Services and Fees for Business Accounts at chase.com/business/disclosures or visit a Chase branch. This information is subject to change.

    Deposits are subject to limits, verification, fraud monitoring, and other restrictions. QuickAccept is not available in U.S. territories or outside the U.S. QuickAccept usage subject to eligibility, terms of service, monitoring and further review. Message and data rates may apply.

    Chase QuickAccept is only available within the Chase Mobile® app on select mobile devices and is not available in U.S. territories or outside the U.S. Usage of QuickAccept is subject to eligibility and further review. Deposits are subject to limits, verification, fraud monitoring, and other restrictions. Message and data rates may apply.

    Payments processed, approved, and completed by 5:00 PM Pacific Time (PT) / 8 PM Eastern Time (ET) are eligible for same-day deposits, 6 days a week, excluding Saturdays. In addition, all QuickAccept deposits are subject to the QuickAccept Terms of Service. Payments held for risk, fraud, or other review may not be eligible for same-day deposits. Payments processed, approved and completed by 5:00 PM PT / 8:00 PM ET, Sunday through Friday (including holidays), will be deposited into the business owner's Chase business checking account that night. All payments processed, approved and completed by 5:00 PM PT / 8:00 PM ET on Saturdays will be deposited into the business owner's Chase business checking account Sunday morning by 7:30 AM ET. There is no additional cost for same-day deposits, but standard rates and fees will apply for business checking and payment processing. Customers qualify for same-day deposits upon sign-up and depositing into a Chase business checking account. Same-day deposits are available in the U.S. only. Additional exclusions may apply.

    You should carefully consider your needs and objectives before making any decisions, and consult the appropriate professional(s).

    JPMorgan Chase Bank, N.A. Member FDIC. Equal Opportunity Lender, ©2023 JPMorgan Chase & Co