SFR Investor · Lakewood, CA · Member since 2013 · 66 posts · 16 votes
Hello So. Cal Investors. I need to open a business account. I have tried starting one up with Chase but they have that monthly $1500 minimum which puts me out of budget since I'm just starting out with my REI business. Anyone know of a bank that has lower minimum balance requirements & REI-friendly?
I have multiple businesses setup with Wells Fargo - no real minimums because we setup a process that transfers money between a savings and checking account for the business every month. Part of the their deal is if you automatically transfer money from your check to the savings account every month, the account has no fees.
@Rob Beland - The reason for having a business account was I applied for a business loan using my LLC with it's own tax ID#, but got denied because it was a personal account. This was from one of prosper.com's crowd-funding affiliates. Thanks for the response
@Nayt Grochowski - thanks response & tip on Wells Fargo. There's one a block away from my W2 job & I'll have to check with them. I read your post about your problem with Chase regarding your your SD-IRA. I got one with Equity Trust. Got out of state rentals with it & a tax lien. Hoping to do more with it some time this year.