JPMorganChase to raise fees on some small-business accounts

• Key insight: The changes will impact fewer than 5% of customers in JPMorganChase's business banking segment, which has been steadily growing.
• Supporting data: From 2019 to 2024, business banking deposits at the bank grew by 72%.
• What's at stake: The fee changes come as the bank aims to capture greater wallet share of affluent and small-business customers.

JPMorganChase is raising fees on one of its deposit products for small and midsize businesses for the first time in over eight years.

America's biggest bank will increase monthly service fees and transaction fees on Chase Performance Business Checking accounts by 33% and 25%, respectively, beginning Jan. 1. The changes, which will also impact the Chase Performance Business Checking with interest accounts, also come with an increase in the fees on cash deposited per month.

Fees can be waived for accounts that maintain an average beginning daily balance of at least $35,000.

Fewer than 5% of business customers will be impacted by the changes, said a JPMorganChase spokesperson.

"Our business customers have access to our strong suite of products, leading digital tools, extensive branch network, helpful bankers focused on customer service, and easy-to-use cash management tools," the spokesperson said in an email. "We periodically review our products and services to ensure we continue to deliver strong value to our customers."

Marianne Lake, CEO of consumer and community banking at JPMorganChase, said at the company's investor day in May that it was "punching below its weight" in small business.

"We have been focused on growing the premium and small-business segments, and are making progress with double-digit growth rates in each," Lake said at the time.

From 2019 to 2024, business banking deposits at the bank grew by 72%, from $136 billion to $234 billion.

Business banking is part of JPMorganChase's consumer and community banking business, which made up roughly 42% of its total revenue in 2024. From 2023 to 2024, net interest income from consumer and community banking deposits shrank by $3.7 billion, due to declines in both balances and margins.

Monthly fees for the Chase Performance Business Checking accounts will go from $30 to $40, starting next year. The accounts allow for up to 250 debits and deposits with a banker per month. Fees for transactions exceeding that amount will rise from 40 cents each to 50 cents each.

The accounts also allow for up to $20,000 in cash deposits per month, and fees for cash deposits in excess of that amount will increase from $2.50 to $3.00 per $1,000.

The bank has also been raising fees in other parts of its business. Earlier this year, Chase raised the annual fee on its popular Sapphire Reserve credit card from $550 to $795. When the card debuted in 2016, the annual fee was $450.