Source: https://rivet.global/blog/chase-vs-bank-of-america-vs-wells-fargo-business-checking
Published: 2026-08-12 · Updated: 2026-11-08 · By Alexia M.

# Chase vs Bank of America vs Wells Fargo business checking: fees and waivers

Chase, Bank of America and Wells Fargo business checking compared on monthly fees, the balance each needs to waive them, cash allowances and wires.

## Key takeaways

- Chase Business Complete Banking costs $15 a month, waived five ways, including a $2,000 minimum daily balance.
- Bank of America Business Advantage Fundamentals costs $16 a month, waived with a $5,000 combined average monthly balance.
- Wells Fargo Initiate Business Checking costs $15 a month, waived with a $2,000 minimum daily balance or a $5,000 average combined business deposit balance.
- On the next tier up, Chase Performance is $40, Wells Fargo Navigate $25; both include more cash and wires.
- All three are US dollar accounts. Money from clients abroad arrives as international wires.

Chase, Bank of America and Wells Fargo all price their entry business checking accounts within a dollar of each other, $15 or $16 a month. Each waives the fee if you hold enough money with the bank. For a new company with a thin balance, the waiver threshold decides the real cost.

Figures below were read on each bank's site on 8 November 2026.

## Entry accounts

| | Chase Business Complete | Bank of America Business Advantage Fundamentals | Wells Fargo Initiate |
|---|---|---|---|
| Monthly fee | $15 | $16 | $15 |
| Balance waiver | $2,000 minimum daily balance (one of five ways) | $5,000 combined average monthly balance | $2,000 minimum daily balance, or $5,000 average combined business deposits |
| Other waivers | Linking Chase Private Client Checking, among others | See the fee schedule | Owning Premier or Private Bank checking |
| Cash in branch | Up to $5,000 per statement cycle | See the fee schedule | See the fee schedule |
| Opening deposit | | | $25 |

A company keeping $3,000 in its account every day waives the fee at Chase and at Wells Fargo, and pays $16 a month, $192 a year, at Bank of America. A company that averages $6,000 but dips below $2,000 on payroll day fails the minimum daily balance test at Chase and Wells Fargo but meets Bank of America's average. Before you choose, check which test your own balance pattern passes. Chase lists four other routes to the waiver on its Business Complete page, so a business that meets one of those does not need the balance at all.

## One tier up

| | Chase Performance | Wells Fargo Navigate | Chase Platinum | Wells Fargo Optimize |
|---|---|---|---|---|
| Monthly fee | $40 | $25 | $95 | $75 |
| Waiver | Waivable to $0 | $10,000 minimum daily, or $15,000 average combined | Waivable to $0 | Earnings allowance can offset |
| Cash in branch | $20,000 per cycle | See the fee schedule | $25,000 per cycle | See the fee schedule |
| Wires | All incoming plus the 2 most expensive outgoing domestic wires | See the fee schedule | All incoming plus the 4 most expensive outgoing wires | See the fee schedule |

Bank of America's step up is Business Advantage Relationship Banking, waived with a $15,000 combined average monthly balance, which drops the fee on incoming domestic and international wires.

Chase is the easiest of the three to read: it states cash allowances and wire inclusions on the account page. With Bank of America and Wells Fargo, the detail sits in the fee schedule PDFs, and you will need them if you send wires or bank cash regularly.

## What all three share

Each is a US dollar account backed by FDIC deposit insurance up to the standard limit. Each has branches, which matters if you take cash or paper checks. And each handles foreign money the same way: a client in the UK or Germany pays you by international wire, and an incoming wire fee or a conversion can apply on the way. Our guide to [receiving an international wire as a US business](/blog/receive-international-wire-transfer-us-business) explains the path.

## Adding foreign currency details

If your income is dollars from US clients, any of the three handles it. If some of it comes from Europe or the UK, Rivet can sit next to whichever bank you pick. Starter is free and gives USD details in your company's name; Growth adds EUR and GBP details, so European clients pay by SEPA and UK clients by Faster Payments, and you choose when to convert, with FX from 0.50% shown before you confirm. When you want dollars at your bank, you send them there.

Rivet is not a bank and does not replace one: no branches, no cash, no checks, no lending. Regulated partner institutions hold client funds. See [international wire transfer fees for US businesses](/blog/international-wire-transfer-fees-us-business) and [Accounts](/accounts).

## Paying into the United States: the local rail

| What | Detail |
|---|---|
| Local rail | ACH for batch payments; RTP and FedNow for instant transfers |
| Run by | Nacha for ACH; The Clearing House for RTP; the Federal Reserve for FedNow |
| Settlement | Same-day ACH within the business day, standard ACH the next; RTP and FedNow in seconds, 24/7, where both banks take part |

Source: [Nacha: Same Day ACH](https://www.nacha.org/rules/same-day-ach-moving-payments-faster). Checked when this guide was last updated; the scheme's own page has the current figures.

## Questions

### Which is better for a small business, Chase, Bank of America or Wells Fargo?

On the entry accounts, the fees are almost the same, so pick on the waiver you can meet and the branches near you. Chase and Wells Fargo waive at a $2,000 minimum daily balance; Bank of America asks for a $5,000 combined average monthly balance. Chase publishes the clearest cash allowance, $5,000 per cycle on Business Complete.

### How do I avoid the monthly fee on Chase business checking?

Chase lists five ways to waive the $15 fee on Business Complete Banking, including a $2,000 minimum daily balance and linking a Chase Private Client Checking account. The full list is on the account page.

### What is the minimum deposit to open a Wells Fargo business account?

Wells Fargo lists $25 to open Initiate or Navigate Business Checking.

### Do these accounts include international wires?

Wire pricing sits in each bank's fee schedule. Chase Performance and Platinum include all incoming wires and a set number of the most expensive outgoing wires each cycle; check the schedule for the entry accounts.