Updated over 9 years ago on . Most recent reply
Small Business Bank Accounts-How to Choose?
Hey Guys,
I am in the process of starting a real estate investment company with my partner. We have completed the LLC/Operating Agreement and now need to open a business bank account. We had a consultation with Bank of America but I would like to stay away from large commercial banks. I have been recommended to look at smaller banks as they are more relationship based and willing to work with start ups. For added info, we are located in the N.W. suburbs of Chicago, IL and our goal is to close on a 3-4 unit rental property by September, 2017. I am completely open to all points of view so please ask as many questions as you would like and contribute any experiences you have had.
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If you're able to afford it & depending on your strategy you may consider establishing multiple bank accounts. We maintain an account w/ Bank of America because they are national. We invest in more than one state & needed a Bank w/ a ton of locations. We use the smaller banks for Lines of Credit or loans that Large Banks wouldn't provide.