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Updated almost 5 years ago on . Most recent reply

User Stats

70
Posts
114
Votes
Andy Brown
  • Rental Property Investor
  • Tampa, FL
114
Votes |
70
Posts

Required to open a bank account with a commercial lender?

Andy Brown
  • Rental Property Investor
  • Tampa, FL
Posted

I just took out a commercial loan from a bank to buy a 6 unit. Just before closing I started receiving checks in the mail for a checking account I had neither requested nor known about. Lender later says it is bank policy to have an account with them if I have a commercial loan and that he was sorry for not mentioning it. I otherwise have no bank accounts with this bank. Can anyone tell me if this is standard practice? Just seems suspicious that they "forgot" to tell me about an account they opened for my LLC that I don't want.

PS - I just received the $86 invoice for the mountain of checks they sent me and I'm extra annoyed.

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