Chase Business Banking Fee and Service Changes: Effective August 27, 2017

I recently opened a Chase total checking and Chase performance business checking account for a signup bonus of $300 each and while opening the business account I was informed about some changes on business banking fee and services which will be effective on august 27, 2017.

The most notable changes, for me and most churners, is as follows:

  1. Increase in monthly service fee on performance business checking account from $20 to $30.
  2. Requirement to waive monthly maintenance fee on performance business checking has been lowered from $50k beginning day balance (aka daily balance) to $35k.
  3. Monthly maintenance fee with paperless statement on chase total business checking has been increased from $10 to $12.

I’ve attached a document on current charges below

business_banking_current

and here is a copy of a document informing on pricing changes effective 8/27/17

business_banking_services_and_fees_changes

Since I was informed of these changes while signing up, I don’t think I’ll be grandfathered into $20 account and that is kind of a bummer.

Did you know?

  1. You can open chase business checking account as a sole proprietor. This process is rather painless and only requires ID as your physical document.
  2. Monthly maintenance fee on Chase performance business checking account is waived for first 3 months. This may be true for all business banking account.
  3. Maintaining Chase performance business checking account waives monthly fee on the most basic personal checking account i.e. personal total checking account. On the other hand, checking customers with premier platinum products can receive a monthly fee waiver on the most basic business checking account i.e. total business checking account. But a total business checking account can’t be used to waive the monthly service fee of a personal checking account.
  4. You can downgrade performance checking account to chase total business checking account whose maintenance fee can be waived with a minimum daily balance of $1500.
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