JPMorgan Chase has long been a supporter of the military community, with initiatives that range from hiring current and former military members for their organization, leading a coalition to support hiring current and former military members across a range of industries, and through supporting military entrepreneurship.
In addition, Chase offers current and former military members access to their Chase military banking offers, which apply to both personal and business banking. As a small business owner, I want to let you know about the Chase for Business Military Banking Benefits, as well as highlight some of the other areas in which Chase supports the military community.
Chase for Business Military Banking Benefits
The Chase for Military Business Banking Program provides military entrepreneurs with access to a free Chase business checking account, as well as access to reduced fees for certain banking products, including loans.
Here are the prime benefits chase offers military and veteran entrepreneurs:
- Chase Total Business Checking® – monthly service fee waived
- Business Line of Credit – annual fee waived for the first year
We’ll take a deeper dive into each of these line items to show you how they may help you with your small business banking needs.
Chase Total Business Checking® – Month Fee Waived
Chase waives the monthly service fee that comes with the Chase Total Business Checking® account. This fee is normally $15 per month, and can also be waived for meeting certain criteria, such as maintaining a large enough average balance or linking a qualifying personal checking account. But if you are a qualifying military member or veteran, then your monthly fee will automatically be waived.
About the Chase Total Business Checking Account:
Overall, the Chase Total Business Checking account has a ton of great features. Chase also offers several different business banking accounts that can grow with your business, allowing you to grow from a startup through IPO stage and keep your banking with the same company.
Other features include the ability to send and receive funds through wire transfers, Chase QuickDepositSM, Chase OnlineSM Bill Pay and more. You can also access your business bank account online or with the Chase mobile app.
Chase features almost 4,900 branches and 16,000 ATMs, which gives you convenient access to a physical bank and banking specialists.
You can also contact customer service 24/7.
Finally, Chase offers debit cards with their business banking accounts. And in my personal opinion, Chase offers some of the best business credit cards (approval for credit cards is handled on a case by case basis and depends on your credit history and other factors).
Additional Banking Services:
Chase also makes it easy for your business to receive different payment types, including debit and credit cards with their merchant services offering. This is an add-on to the standard business checking account. Fees will vary depending on the plan you choose. It’s best to speak with a small business account expert at a local Chase branch.
Additional Business Services:
Finally, Chase offers other business services, including payroll processing, collection services, foreign exchange services, and more. Again, it’s best to meet with a small business banking expert at a local branch to discuss your needs and the possible solutions for your small business.
Business Line of Credit – Fee Waived for First Year
Some businesses find they need access to funds at various points in the year. Two of the most popular types of business loans are installment loans and lines of credit. An installment loan has fixed monthly payments and is the type of loan you would use to buy a house or a car. A line of credit, however, remains open and allows you to take out any amount up to the limit, and repay it over time.
A business line of credit can be useful for small businesses that are having cash flow issues, that need to purchase inventory but don’t yet have the cash in hand, or for other needs.
Chase for Business Military Banking supports qualified military small business owners by waiving the annual fee for a business line of credit for the first year.
How to Open a Chase for Military Checking Account
You will need to bring your business paperwork with you, including your EIN, articles of incorporation, and other supporting documents. You will also want to ensure you have any required officers or cosigners for the account.
To take advantage of the military benefits, you will also need to bring proof of your military service.
To learn more about the Chase for Business Military Banking account, visit this link.
How JPMorgan Chase Supports the Military
Here are some fun facts put out by the JPMorgan Office of Military and Veterans Affairs:
- 14,000+ veterans and service members hired across all Lines of Business and levels of experience since 2011
- More than 500,000 veterans hired by 200+ members of the Veteran Jobs Mission, an employer coalition led by JPMorgan Chase with the ultimate goal of hiring 1 million
- Nearly 30,000 participants enrolled in Onward to Opportunity, a free career training, certification and employment program of the Institute for Veteran and Military Families at Syracuse U., initiated and supported by JPMorgan Chase
- $8+ million investment to support veteran-owned small businesses through access to capital and incubator efforts
- More than 1,000 mortgage-free homes—an investment of more than $185 million—awarded to military families through nonprofit partners as part of the firm’s Military Home Awards Program
Disclosure: This article is sponsored by Chase. The information for the Chase for Business Military Banking Benefits has been collected independently by The Military Guide. We are receiving a fee for posting; however, we do not earn a commission or percentage of sales.