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BrettSilverman

Mentor Group Gold
Hello everyone.
My LLC is trying to open an account in the US. I got declined several times by BofA and Chase bank and some other banks.
Looking for some advice as to when I could open a business checking account online. I'm located in Florida.
Thanks!
 

JohnnyDoe

Schrödinger's guy
Mentor Group Gold
Mercury-Brex-Relay? Or any physical bank you can find on a random street, since you are located in the US. Maybe your LLC has some issue? Like lack of a TIN?
 

BrettSilverman

Mentor Group Gold
Mercury-Brex-Relay? Or any physical bank you can find on a random street, since you are located in the US. Maybe your LLC has some issue? Like lack of a TIN?
I've been living off the grid for a while now so brick and mortar bank is a no go for me at this moment.
I need to be able to open a business account at traditional banks such as TD or BofA remotely, hoping to get some advise here
 

BrettSilverman

Mentor Group Gold
anyone heard of SmallBusinessBank (ex Gardner bank) ?
I wonder if there are such similar banks out there - easy set up, no KYC, opens almost instantly and online..
 

Patrick846

Active Member
Hello everyone.
My LLC is trying to open an account in the US. I got declined several times by BofA and Chase bank and some other banks.
Looking for some advice as to when I could open a business checking account online. I'm located in Florida.
Thanks!
If you are resident in Florida and you have a US LLC, most bank will open an account. I am surprised Chase refused you.
Is your LLC in another State? Is your name not associated with the article of organization or in your operating agreement?
Is it a single member or multi member LLC? Are all members US residents?
Do you have an EIN for your LLC?

I have opened accounts with Chase and other small local banks without any problem.
 

BrettSilverman

Mentor Group Gold
If you are resident in Florida and you have a US LLC, most bank will open an account. I am surprised Chase refused you.
Is your LLC in another State? Is your name not associated with the article of organization or in your operating agreement?
Is it a single member or multi member LLC? Are all members US residents?
Do you have an EIN for your LLC?

I have opened accounts with Chase and other small local banks without any problem.
Resident of Florida, LLC is formed in Florida and is in good standing. It's a single-member LLC (myself) I have EIN for my LLC.
Could the Chases decline be device - related? meaning there was a technical error or a bug?
 

Patrick846

Active Member
What I have seen with Chase, is that for business accounts, you need to talk to a business banker. Not all branches have those and even if they have one in your branch, you may have talked to a a regular banker who is not approved to open those. So they have to forward all the documentation to the proper business banker and you may not be one of their priority. For one of my business account I had to go to a different branch as the first one did not want to open the account.
Also do not try to open these online, you really need to go in person to avoid all the red tape. Bring your operating agreement (showing you are the member), SS4 letter with EIN from the IRS, proof of address and your own ID.
Last, try to locate the promo code that they had for a $100~$350 reward for opening a new business account. I don't know if they still have it or not, but ask your banker if he can find one for you.
Chase business accounts are great as you can easily get a Chase Ink business credit card that will start building a credit history for your business. This card is not reported on your personal credit report. You can do easy transfer from one account to another, you can also use Zelle for business.
However, these accounts have a high minimum balance if you want to avoid fee. Some local credit union may have lower or no minimum balance and no fee.
 

BrettSilverman

Mentor Group Gold
What I have seen with Chase, is that for business accounts, you need to talk to a business banker. Not all branches have those and even if they have one in your branch, you may have talked to a a regular banker who is not approved to open those. So they have to forward all the documentation to the proper business banker and you may not be one of their priority. For one of my business account I had to go to a different branch as the first one did not want to open the account.
Also do not try to open these online, you really need to go in person to avoid all the red tape. Bring your operating agreement (showing you are the member), SS4 letter with EIN from the IRS, proof of address and your own ID.
Last, try to locate the promo code that they had for a $100~$350 reward for opening a new business account. I don't know if they still have it or not, but ask your banker if he can find one for you.
Chase business accounts are great as you can easily get a Chase Ink business credit card that will start building a credit history for your business. This card is not reported on your personal credit report. You can do easy transfer from one account to another, you can also use Zelle for business.
However, these accounts have a high minimum balance if you want to avoid fee. Some local credit union may have lower or no minimum balance and no fee.
Hey Patrick, thank you for your advice, appreciate it. However, as I mentioned before I think in this thread - I live off the grid and am unable to visit any branch any time soon, so which is why I'm trying to find way to open business checking account online, like remotely.
 

BrettSilverman

Mentor Group Gold
Try banks that pay you for opening new accounts. They are usually motivated to accept new business: Best Bank Account Bonuses For August, 2022 - Doctor Of Credit
interesting list, thanks, I'll make sure to check it out.

I am looking for some bank in the US where I can open a business checking account online. I used to be able to open such accounts in BofA before 2022, but then something changed and I constantly get declines there.
 
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