Who do you open your business bank accounts with?
I just created my LLCs and I'm wondering who to open my business bank accounts with. Does anyone have any recommendations for the best point system (most reward) with banking with a specific bank? Do you prefer smaller bank or larger ones? Thank you in advance!
Quote from @Marissa Contreras:
I just created my LLCs and I'm wondering who to open my business bank accounts with. Does anyone have any recommendations for the best point system (most reward) with banking with a specific bank? Do you prefer smaller bank or larger ones? Thank you in advance!
Hi!
Not to brand endorse but I love Chase! Have been with all the big banks and feel like they have the most user friendly website and syncs with every app you’d use. They also have the best service on the phone if an issue comes up.
Kristin
Hi!
Not to brand endorse but I love Chase! Have been with all the big banks and feel like they have the most user friendly website and syncs with every app you’d use. They also have the best service on the phone if an issue comes up.
Kristin
@Marissa Contreras I like local credit unions. They typically have better programs and lending qualifications you can meet once you build a relationship with them!
Since you're in California, I love love love Union Bank. They're so easy to work with and have great incentives for small businesses.
Quote from @Nicholas Coulter:
@Marissa Contreras I like local credit unions. They typically have better programs and lending qualifications you can meet once you build a relationship with them!
Hi! So I was looking into a couple credit unions but they said they don't use zelle or venmo and I find myself having to pay for repairs/maintenance through those avenues regularly since I have properties out of state. I also have a tenant who pays using zelle. Do you have a credit union who uses these platforms? I find myself needing them a lot these days and I'm thinking the credit unions need to get on board!
Regional or local banks vs. the big box banks. They tend to be more relationship driven and more willing to lend on investment property deals than the big box banks/lenders. Most of these banks should support zelle/venmo as well.
Create a relationship with a banker who can help you in many ways down the road. I don't care about points/rewards. I care about relationships. It makes a huge difference when you are deeper into your investing journey and need people who understand what you are doing and believe in you. People > Points.
I started with a small 4-branch bank. It has since been bought twice, but my people are still there. I'm also on their Community Advisory Board now, so I can give back to the people who helped me get started.
Quote from @Marissa Contreras:
Quote from @Nicholas Coulter:
@Marissa Contreras I like local credit unions. They typically have better programs and lending qualifications you can meet once you build a relationship with them!
Hi! So I was looking into a couple credit unions but they said they don't use zelle or venmo and I find myself having to pay for repairs/maintenance through those avenues regularly since I have properties out of state. I also have a tenant who pays using zelle. Do you have a credit union who uses these platforms? I find myself needing them a lot these days and I'm thinking the credit unions need to get on board!
Hi! Highly recommend Navy Fed, if you have a military affiliation that will allow you membership access. They have great business and personal account products - and they support Zelle!
@Marissa Contreras What company did you end up going with?
I used to use Navy Fed but I was not happy with them so I switched to chase. The only downside to chase is the FEES! They said I would not have to pay any fees because I'm military, but I get charged fees regularly. Otherwise they're great.
With our first deal we simply used a regional bank that we had already been using for personal things. That said, it is much better to get in with you local banks in your area as you scale. They will get to know you and will be able to provide more for you - potentially taking more risk on you and such as they know who you are, where you do business, etc.
Being smaller they will want to accommodate more for you so that they can retain your business and keep the cash flowing. Generally they will get things done in a timely manner, maybe have less hoops to jump through, and could get you better rates potentially.
As an ex-banker, I've found that more what's more important than the logo on the bank is the banker themselves. If you have their cell phone, they take your calls, and they immediately jump on any issue you might have, then you've got a good banker. I worked for both big banks and community banks and both have their strengths and weaknesses, but I lean toward community banks. For my money, choose the banker over the bank. Good luck!
I use a local bank and they are very attenuative and take all of my calls when called upon.
Local banks are typically more flexible in their approach since they prioritize client retention and cash flow. Due to their smaller size, they can expedite processes and require fewer bureaucratic hurdles. This could result in faster completion of your transactions and potentially better rates compared to larger institutions.