Chase Business Banking Deal:

The $100 Chase Business Checking promotion is back! Open a free business checking account between now and March 15th and fund it $500 within 30 days of account opening to get $100.  Chase Bank will deposit your free money within 10 days of meeting the requirements (most times within 5 days).

Don’t Have a Business, Yet?…

That’s not a problem, because you can open a business account as a sole-proprietor using your SSN.  Buying/selling on eBay, promoting other people’s products online, etc. are all good reasons for needing a separate business account.

If you do that, file for a DBA (doing business as) with your state so you can accept checks made out to your DBA name, instead of you.  It costs $10-$25/yr.

Why You Should Incorporate

A better (and safer) alternative is to setup a corporation or LLC.  You can do it yourself by going to your state’s Secretary of State site (or Department of Corporations) and pay filing fees between $50-$600 (it’s $50 in my state).

Or, you can use a service like MyCorporation (from the makers of QuickBooks) to do it for you for free.  All you pay is your state’s filing fees and S&H.  If you need more than basic business formation, you can upgrade to one of their deluxe packages which include business forms, ownership certificates, compliance reminders, etc.

Once your company’s setup, request an Employer Identification Number (EIN) from the IRS.  You can do it for free on the IRS site and get your EIN in five minutes.  You’ll need that and your Articles of Incorporation (or Proof of Good Standing Certificate) when opening your business bank account.

Now – about that business banking offer…

The Fine Print:

After you fund your account with $500 (within 30-days of opening), Chase will deposit your $100 bonus 5-10 days later.  You can’t use money from another Chase account to fund your business account.

I recommend their Chase Business Classic Checking account, because:

  • It’s free when use your debit card 5X/mo (excluding ATM/pin-based transactions)
  • It comes with free online banking and free online bill-pay
  • It includes 200 free transactions per month ($0.40/ea thereafter)
  • You may qualify for a free Chase Premier personal account upgrade (as I did) for opening a biz account

Fees/Minimums:

Minimum Opening Deposit: $25 ($500 within 30-days to qualify for the promotion)

Minimum Daily Balance to Avoid Fees: $0

Overdraft/NSF Fees: $34 per item ($25 for first occurrence & they don’t charge fees if you overdraw less than $5)

Account Closure Fees: $25 if closed within 90-days of opening

My Recommendation:

When I opened my Chase business account, I was thrilled with the one-on-one service I received.  Unlike many banks, Chase has dedicated business bankers in all their branches.  It took a good hour to open my account with all the questions they ask, but I feel like I have an “advocate” within the bank.

I originally opened my small business account to get the free money, but I was impressed by how many other things you can do with their online banking like process payroll, bill clients, etc.  These services can be added ala-carte and most come with 3-month free trials.

To take advantage of this offer, go to the page below, type in your email and Chase will send you a coupon:

Click Here for the $100 Chase Business Checking Bonus

Have questions? Opened a Chase business account?

Then please share your questions or experiences below!  :)

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Filed under: Bank Deals • Business Bank Deals

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