Where does anyone open their business bank account for your real

Where does anyone open their business bank account for your real

Member since 2019 · 55 posts · 14 votes

Hi Where does anyone open their business bank checking account for your real estate business/LLC? Any recommendation?

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Investor · Phoenix, AZ · Member since 2016 · 349 posts · 418 votes
4y

@Tony Zhang the credit union I already banked at was able to open a biz account for my LLC (Desert Financial Credit Union). Wasn't a big deal. I will tell you I am anti-big bank. Credit unions are so much better when it comes to fees, rules, etc, so if you can join one that has biz checking all the better. And I am someone that actually did a stint working for Bank of America accounting dept for 4 years and still stayed at my credit union even though BofA offered incentives to employees...no regrets.

Cheers, Dave

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  • Investor · Phoenix, AZ · Member since 2016 · 349 posts · 418 votes
    4y

    @Tony Zhang the credit union I already banked at was able to open a biz account for my LLC (Desert Financial Credit Union). Wasn't a big deal. I will tell you I am anti-big bank. Credit unions are so much better when it comes to fees, rules, etc, so if you can join one that has biz checking all the better. And I am someone that actually did a stint working for Bank of America accounting dept for 4 years and still stayed at my credit union even though BofA offered incentives to employees...no regrets.

    Cheers, Dave

  • Accountant · NY · Member since 2019 · 99 posts · 69 votes
    4y

    I really like Relay Bank.  It is an online bank, so if thats not your thing understandable.  Happy to pass on my reps contact info to you if you would like to do a quick demo with them. No minimum balance, close to unlimited bank accounts.  Pretty damn cool.

  • Rental Property Investor · Duxbury, MA · Member since 2018 · 17 posts · 12 votes
    4y
    Quote from @Todd Lennig:

    I really like Relay Bank.  It is an online bank, so if thats not your thing understandable.  Happy to pass on my reps contact info to you if you would like to do a quick demo with them. No minimum balance, close to unlimited bank accounts.  Pretty damn cool.


     Todd - I have been using Relay bank and like them too.  Although, have you found a way to open up multiple accounts with different EIN's for more than 1 property?  I may have to call customer service on this one!

  • Member since 2019 · 55 posts · 14 votes
    4y
    Quote from @Allicyn Aubut:
    Quote from @Todd Lennig:

    I really like Relay Bank.  It is an online bank, so if thats not your thing understandable.  Happy to pass on my reps contact info to you if you would like to do a quick demo with them. No minimum balance, close to unlimited bank accounts.  Pretty damn cool.


     Todd - I have been using Relay bank and like them too.  Although, have you found a way to open up multiple accounts with different EIN's for more than 1 property?  I may have to call customer service on this one!


     Hi Allicyn, I'm using Relay bank and I can open different EIN for different company.

  • Rental Property Investor · Duxbury, MA · Member since 2018 · 17 posts · 12 votes
    4y
    Quote from @Tony Zhang:
    Quote from @Allicyn Aubut:
    Quote from @Todd Lennig:

    I really like Relay Bank.  It is an online bank, so if thats not your thing understandable.  Happy to pass on my reps contact info to you if you would like to do a quick demo with them. No minimum balance, close to unlimited bank accounts.  Pretty damn cool.


     Todd - I have been using Relay bank and like them too.  Although, have you found a way to open up multiple accounts with different EIN's for more than 1 property?  I may have to call customer service on this one!


     Hi Allicyn, I'm using Relay bank and I can open different EIN for different company.


  • Rental Property Investor · Duxbury, MA · Member since 2018 · 17 posts · 12 votes
    4y
    Quote from @Allicyn Aubut:
    Quote from @Tony Zhang:
    Quote from @Allicyn Aubut:
    Quote from @Todd Lennig:

    I really like Relay Bank.  It is an online bank, so if thats not your thing understandable.  Happy to pass on my reps contact info to you if you would like to do a quick demo with them. No minimum balance, close to unlimited bank accounts.  Pretty damn cool.


     Todd - I have been using Relay bank and like them too.  Although, have you found a way to open up multiple accounts with different EIN's for more than 1 property?  I may have to call customer service on this one!


     Hi Allicyn, I'm using Relay bank and I can open different EIN for different company.

    Tony - how do you do it?

  • Accountant · NY · Member since 2019 · 99 posts · 69 votes
    4y

    @Allicyn Aubut i think you would need to open a new account for that EIN because it is a seperate business.  Thats what I did for both my wife's businesses.  Interested in hearing what support has to say.  I have a great rep at the company if you want an actual person please let me know an will pass on contact info.

  • Investor · Austin, TX · Member since 2021 · 9k+ posts · 5k+ votes
    4y

    Somewhere that gives you ease of money and requires you to go to the bank as least as possible. I use Guaranty Bank and Trust 

  • Rental Property Investor · Duxbury, MA · Member since 2018 · 17 posts · 12 votes
    4y

    You can do it on the same account!  The instructions are under " How to Register a Second Business in Relay Under an Existing Login " if you search in help.

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