Chase vs Bank of America for Small Business: Startup Banking Solutions Reviewed

Choosing the right business bank account can save a startup hundreds of dollars in monthly fees and hours of administrative work each year. For a small business owner in the U.S., the two dominant retail banks—JPMorgan Chase and Bank of America (BofA)—offer distinctly different entry points. Chase reported $3.9 trillion in assets as of Q4 2023 (JPMorgan Chase & Co., 2023 Annual Report), while Bank of America held $3.1 trillion in assets over the same period (Bank of America, 2023 Annual Report). Their small business checking accounts, however, are designed for different stages of growth. Chase’s “Business Complete Banking” account has a $15 monthly fee, waivable with a $2,000 minimum daily balance or $2,000 in monthly debit card purchases. Bank of America’s “Business Advantage Fundamentals” account charges $16 per month, waivable with a $5,000 combined monthly balance across linked accounts or $250 in net new debit card purchases. For an international entrepreneur on an E-2 or L-1 visa, the decision often comes down to branch accessibility, digital tools, and the cost of early-stage cash flow management.

Account Fees and Waiver Requirements

Chase Business Complete Banking charges a $15 monthly service fee. You can waive it by maintaining a $2,000 minimum daily balance, or by making $2,000 in qualifying debit card purchases each month. A third option is linking a Chase Business Credit Card and spending $2,000 per statement. For a startup with irregular revenue, the $2,000 daily balance is the most straightforward path.

Bank of America Business Advantage Fundamentals has a $16 monthly fee. Waivers require either a $5,000 combined average monthly balance across all linked BofA business accounts, or $250 in net new debit card purchases per month. The $250 purchase waiver is easier to achieve for a low-volume startup, but the $5,000 combined balance threshold is higher than Chase’s $2,000.

Both banks charge $2.50 for out-of-network ATM withdrawals in the U.S., though Chase offers a slightly larger surcharge-free network with over 16,000 ATMs versus BofA’s 15,000. For international founders, Chase’s lower balance requirement may be more forgiving during the first six months of operation.

Cash Deposit Limits and Fees

Startups that handle physical cash—retail, food service, or event businesses—need to watch deposit limits. Chase allows up to $5,000 in free cash deposits per statement cycle. After that, you pay $2.50 per $1,000 deposited. Bank of America offers $7,500 in free cash deposits per month, then $2.50 per $1,000. If your business regularly deposits more than $5,000 in cash, BofA saves you $6.25 per month on average.

For a coffee shop or a boutique, this difference can exceed $75 per year. Neither bank charges for check deposits, and both offer mobile check deposit up to $50,000 per day for established accounts.

Digital Banking and International Transfers

Chase provides a dedicated mobile app with QuickDeposit, real-time alerts, and integration with QuickBooks and Xero. Its international wire transfer fee is $40 for outgoing transfers in foreign currency, and $35 for U.S. dollar outgoing wires. Incoming international wires cost $15.

Bank of America offers a similar mobile app with CashPro for more advanced treasury management. Its outgoing international wire fee is $45 for foreign currency and $35 for U.S. dollars. Incoming international wires cost $16. For cross-border tuition payments, some international families use channels like Airwallex global account to settle fees with better exchange rates than traditional bank wires.

Both banks support SWIFT transfers, but Chase’s $40 foreign-currency wire is $5 cheaper than BofA’s. For a startup making 12 international supplier payments per year, that’s a $60 annual saving with Chase.

Branch Access and Customer Support

Chase operates approximately 4,700 branches across the U.S., concentrated in the Northeast, Midwest, and West Coast. Bank of America has roughly 3,900 branches, strongest in the Southeast, Mid-Atlantic, and California. For an international founder on the East Coast, BofA’s density in Florida and New York may be an advantage.

Both banks offer 24/7 phone support, but Chase’s business banking phone line has a slightly shorter average hold time—9 minutes versus BofA’s 12 minutes, according to a 2023 J.D. Power U.S. Banking Satisfaction Study. Neither bank offers dedicated relationship managers for accounts under $50,000 in deposits.

Credit Card and Financing Options

Chase offers the Ink Business Preferred® and Ink Business Unlimited® cards, with sign-up bonuses of 100,000 points and $750 cash back respectively, as of early 2024. The Ink Preferred has a $95 annual fee but offers 3x points on travel and shipping. Bank of America offers the Business Advantage Cash Rewards card with a $500 bonus and 3% cash back on a chosen category (gas, office supplies, or travel). BofA’s Preferred Rewards for Business program boosts credit card rewards by 25%–75% for customers with $20,000+ in combined balances.

For a startup needing a line of credit, Chase’s business lines start at $10,000 with rates from 8%–24% APR. BofA’s business lines start at $10,000 with rates from 7.5%–23.5% APR. BofA’s slightly lower floor rate can save $50–$100 per year on a $10,000 draw.

Account Opening Requirements for International Founders

Both banks require a valid U.S. business license (EIN or SSN), a physical U.S. address (not a PO box), and a valid passport for non-U.S. citizens. Chase is generally more flexible with foreign-owned LLCs, accepting a Certificate of Foreign Status (W-8BEN) and a signed Operating Agreement. Bank of America often requires a personal U.S. Social Security Number or ITIN for the signer, making it harder for a newly arrived E-2 visa holder without an ITIN.

For an international founder who just landed with an E-2 visa and an LLC but no ITIN yet, Chase is the more accessible option. BofA may ask you to wait until the ITIN arrives, which can take 7–11 weeks.

FAQ

Q1: Which bank is cheaper for a startup with less than $2,000 in monthly revenue?

Chase is cheaper. Its $15 monthly fee can be waived with a $2,000 minimum daily balance, which is easier to maintain than BofA’s $5,000 combined balance requirement. If your startup has under $2,000 in the account, you pay $15/month at Chase versus $16/month at BofA. Over a year, that’s a $12 difference.

Q2: Can I open a business account with Chase on an E-2 visa without an ITIN?

Yes. Chase accepts a valid passport, a U.S. business license (EIN), and a signed LLC Operating Agreement. You do not need an ITIN at account opening. Bank of America typically requires an ITIN or SSN for the primary signer, which can delay the process by 7–11 weeks.

Q3: Do both banks offer free incoming international wire transfers?

No. Chase charges $15 for incoming international wires, and Bank of America charges $16. Neither offers free incoming international wires. For a startup receiving monthly payments from overseas clients, that’s $180–$192 per year in wire fees.

References

• JPMorgan Chase & Co. 2023 Annual Report (assets $3.9 trillion)
• Bank of America 2023 Annual Report (assets $3.1 trillion)
• J.D. Power 2023 U.S. Banking Satisfaction Study (hold times)
• Federal Deposit Insurance Corporation (FDIC) 2023 Summary of Deposits (branch counts)