American banks offer a wide range of opportunities for entrepreneurs, including attractive interest rates, discounts, and other bonuses. In this article, we will look at the best banks for doing business in the USA. However, when choosing a bank, it is important to consider not only attractive features, but also practical aspects such as account opening and closing procedures, fees, and loan terms. You can learn how to close a Chase checking account and much more about fintech solutions on the Rates website.
Bank of America
Bank of America is one of the largest banks in the United States, with approximately 5,000 branches and more than 15,000 ATMs. The bank is known for its advanced technology and convenient online and mobile banking services.
Business Accounts
Bank of America offers two main business accounts: Business Fundamentals and Business Advantage. Business Fundamentals is a standard account designed to meet all your business needs, including online banking, bill pay, bill statements, mobile banking, and Visa or Mastercard debit cards.
Business Advantage includes all the features of Business Fundamentals, plus online account management, QuickBooks integration, an additional business account, and access to the Small Business Priority Service team.
There is a monthly service fee of $18. However, you can avoid this fee if you spend at least $250 monthly on your account or maintain a balance of at least $5,000.
Mobile Banking
QuickBooks integration costs $15 per month. A Bank of America Business account can integrate with accounting software such as QuickBooks, Xero, FreshBooks, and Wave Apps. The bank’s mobile app allows you to deposit checks, view bills, make transfers, and pay bills. It has a rating of 4.7 on Apple and 4.3 on Android.
Business Credit Cards
Cash Rewards for Business MasterCard offers many benefits for business owners:
- 1% cash back on all purchases.
- 2% cashback when paying in restaurants.
- 3% cash back on purchases at gas stations and stores (up to $250,000 per year, then 1%).
- $200 bonus when a customer spends $500 in the first 90 days.
- 0% APR for the first 9 billing cycles.
- No annual fee.
In addition to standard functions, the bank offers additional cash management tools:
- Payroll services (Intuit Payroll Services).
- Remote Deposit Online.
- Account Management.
- Direct Payments & Invoicing.
- Express Tax Services.
- Treasury services for large enterprises (Treasury Services).
- Overdraft
There is a $12 fee to join the Overdraft Protection program. If the program is not connected, three overdrafts will be charged $105.
Wire Transfer
The cost of incoming and outgoing transfers depends on the type of account and is:
- International transfers – from $15 to $30.
- Internal transfers – from $0 to $15.
- A new checkbook costs $35 and lasts about a year.
Chase Bank
Chase Bank is a leading financial institution, part of JPMorgan Chase & Co., with $2.4 trillion in assets.
Chase serves nearly half of American households through 5,200 branches and 16,000 ATMs. Chase Bank has lower fees compared to Bank of America.
Additionally, Chase Bank integrates with all major accounting programs and offers a mobile app to help business owners manage their accounts, opening and closing them when needed.
Business Accounts
Chase sets itself apart by providing a variety of account options for businesses at any stage of development.
There are several types of business checking accounts, including Chase Total Business Checking, Chase Performance Business Checking, and Chase Platinum Business Checking.
Total Business Checking is designed for growing companies. The monthly fee is $12 but is reduced to $10 when you sign up for electronic statements. To completely avoid the fee, you must maintain a minimum daily balance of $1,500. This account provides 200 free transactions per month and charges $0.40 for each additional transaction, which is below the industry average. The free transaction limit is updated every month.
Performance Business Checking is suitable for medium-sized companies with simple cash management needs, while Platinum Business Checking is suitable for large companies with high monthly transaction requirements.
Mobile Banking
Chase offers integrations with leading accounting software such as QuickBooks, Xero, FreshBooks, and Wave Apps. The mobile app allows business owners to deposit checks online, check account balances, pay bills, transfer money, and more. The app is highly rated by users, with a rating of 4.5 on iTunes and 4.6 on Google Play.
Chase Bank also has dedicated customer support. There are more than 10,000 branches in the United States that can be reached by phone or email. Business owners are often assigned a personal business banking manager.
Credit Cards
The Ink Business Cash Card is one of Chase Bank’s top benefits for entrepreneurs.
This card offers a number of rewards and benefits:
- $300 bonus after the customer spends $3,000 on purchases in the first 3 months.
- 0% APR on purchases and balance transfers for the first 12 months.
- No annual fee.
- 5% cashback on the first $25,000 spent annually on purchases at office supply stores, phones, internet, and cable TV.
- 1% cashback on all other purchases without restrictions.
- The cost of a new checkbook at Chase Bank is $39. There is a $34 overdraft fee.
Conclusion
When choosing a bank for business in the United States, you should consider a number of factors, including your business needs and goals, for example, does the bank cooperates with crypto exchanges Binance or Coinbase, do the cards support Bitcoin and other cryptocurrencies, etc. Even such simple manipulations as opening and closing an account, or the amount of commissions can affect the final choice of Chase or another bank. You can learn more about the features of Venmo and other popular services on the Rates website.