Solo 401k checking account

16 Replies

Hello

I have a self directed solo 40lk for which i am the plan administrator. I am looking to open a checking account in the name of the solo 401k so i can have check writing ability. Im told Wells fargo can open this type of checking acct but ive called several branches and they dont know what im talking about.

Has anyone successfully opened a solo 401k checking acct at a wells fargo in the orlando area? If so which branch and who did you speak to?

Thanks

Martha

@Martha Daisley

Reach out to your plan provider.  They should be able to assist you with properly framing the questions so as to get the banker to understand what you need.  Wells Fargo is generally reliable, but it always hinges on whether the banker in your branch is sharp.

Martha, I am surprised that the company who established the plan did not provide you with the guidance to open the bank account. 

Reach out to @Kreighton Reed from Solera Bank, he assisted hundreds of our clients and should be able to assist you as well. 

@Martha Daisley

I agree, your plan provider should be able to help you out. @Kreighton Reed is a Solo 401k banking specialist if you are willing to compare your other options in addition to Wells Fargo.

hi everyone, thanks for your responses. Yes, my plan provider did provide some direction on what to tell the bank but they still didnt know what i was talking about. After my third call to a wells fargo branch sounds like i may have found one that has experience with it. Waiting for a call back. But if this one doesnt pan out, im back to the drawing board trying to find a wells fargo bank who knows how to do this.

@Martha Daisley

Many of our clients have used major banks such as Bank of America and Wells Fargo to open such bank accounts. Fidelity Investments and Schwab will also open such accounts. Who is your solo 401k provider?

@George Blower. Its with Nuview. Problem is the banks dont have much experience with this. You have to really dig to find one with experience opening the checking acct in the name of the 40lk

@Martha Daisley , I experienced the same frustrations when I called around. My plan administrator suggested Solera Bank (but I foolishly tried to find my own) and ended up with Solera. They REALLY know what they're doing, and they deal exclusively with investors. You never have to explain anything to them, they already know what you're talking about. And @Kreighton Reed is really responsive. 

Would appreciate a contact person in California from either Chase, US bank or Wfargo that knows solo401k 

@Mindy. Thanks for the tip! Doesnt look like Solera is in central Florida though. I did end up finding someone at wells fargo

@Yan Calvin Tampubolon

Your solo 401k provider should have a contact person at Wells Fargo like we do. Chase Bank won't do it-at least that has been our experience. Bank of America is also another good option.

Originally posted by @Yan Calvin Tampubolon :

Would appreciate a contact person in California from either Chase, US bank or Wfargo that knows solo401k 

The quality of service you will get from any of those banks would be mediocre (at best) compared to the quality of service that @Kreighton Reed and his team at Solera bank can provide. He is 100% dedicated to working with self-directed clients like yourself. He assisted hundreds of our clients and everyone speaks very highly of him. Their online and mobile banking allows their clients to do everything that you would normally do at the branch from the convenience of your home, office or mobile device, you don't need a local branch. Would definitely recommend Solera over any other bank. 

Originally posted by @Dmitriy Fomichenko :
Originally posted by @Yan Calvin Tampubolon:

Would appreciate a contact person in California from either Chase, US bank or Wfargo that knows solo401k 

The quality of service you will get from any of those banks would be mediocre (at best) compared to the quality of service that @Kreighton Reed and his team at Solera bank can provide. He is 100% dedicated to working with self-directed clients like yourself. He assisted hundreds of our clients and everyone speaks very highly of him. Their online and mobile banking allows their clients to do everything that you would normally do at the branch from the convenience of your home, office or mobile device, you don't need a local branch. Would definitely recommend Solera over any other bank. 

 I agree.

Originally posted by @Dmitriy Fomichenko :
Originally posted by @Yan Calvin Tampubolon:

Would appreciate a contact person in California from either Chase, US bank or Wfargo that knows solo401k 

The quality of service you will get from any of those banks would be mediocre (at best) compared to the quality of service that @Kreighton Reed and his team at Solera bank can provide. He is 100% dedicated to working with self-directed clients like yourself. He assisted hundreds of our clients and everyone speaks very highly of him. Their online and mobile banking allows their clients to do everything that you would normally do at the branch from the convenience of your home, office or mobile device, you don't need a local branch. Would definitely recommend Solera over any other bank. 

Thank you Dmitriy, I am in contact with Kreighton now.

@martha daisley - I am located in Orlando as well. I am looking for a contact at Wells Fargo who can help me set up my solo 401k bank account. Do mind sharing the name of the person you worked with to set yours up?

@David F Nicholas

If your Solo 401k provider cannot help you with this, I'd strongly recommend Solera Bank. Many people have their Wells Fargo accounts closed without warning if they do manage to get through the setup hassles that frequently occur. You can contact @Kreighton Reed to get a much better account with fewer fees and less hassle.

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