Bank Refuses to setup account of Checkbook control SD IRA

Tax, SDIRAs & Cost Segregation
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Bank Refuses to setup account of Checkbook control SD IRA

Kyle O'Connor
Investor · Chicago, IL · Member since 2015 · 11 posts · 3 votes

Has anyone been told No when trying to setup a bank account for their Self Directed IRA owned LLC?

My bank for decades now said they aren't willing to do it but wont tell me why. 

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Dmitriy Fomichenko
Solo 401k Expert · Anaheim Hills, CA · Member since 2012 · 18k+ posts · 6k+ votes
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@Kyle O'Connor

Who set up the IRA LLC for you? The facilitator should be able to help you with the banking questions.
Yes, we've seen that happen with several clients. I would recommend Solera bank, that is their specialty. Hundreds of our clients have accounts with them are are very happy. Reach out to @Kreighton Reed.

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  • Dmitriy Fomichenko
    Solo 401k Expert · Anaheim Hills, CA · Member since 2012 · 18k+ posts · 6k+ votes
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    @Kyle O'Connor

    Who set up the IRA LLC for you? The facilitator should be able to help you with the banking questions.
    Yes, we've seen that happen with several clients. I would recommend Solera bank, that is their specialty. Hundreds of our clients have accounts with them are are very happy. Reach out to @Kreighton Reed.

    4Reply
  • Brian EastmanPro Member
    Self Directed IRA & 401k Advisor · Wenatchee, WA · Member since 2014 · 2k+ posts · 2k+ votes
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    @Kyle O'Connor

    We have encountered that occasionally.  Sometimes it is not even the bank as a whole, but just a particular branch/region with a manager who simply does not get it.

    The bank is holding an LLC account. An LLC can be owned by one or more individuals, other LLC's, trusts, etc., and in this case, an IRA. It should not matter. The bank is not dealing with the IRA in any way.

    You will be best served just by saying "whatever!", and taking your business elsewhere.

    Solera National Bank in Denver and Titan Bank in Dallas are two institutions that specialize in this area and have knowledgeable staff. But really, your IRA owned LLC should be able to bank anywhere.

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  • Ryan Hughes
    Banker · Nationwide · Member since 2020 · 11 posts · 2 votes
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    Thank you Brian for mentioning Titan Bank. If you have any additional questions please let me know. 

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  • Chris SeveneyBusiness Member
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    Investor · VA · Member since 2015 · 21k+ posts · 19k+ votes
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    @Brian Eastman

    Yep a lot of people I know use solero

    7e investments53 Reviews
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  • John UnderwoodPro Member
    Investor · Greer, SC · Member since 2014 · 13k+ posts · 17k+ votes
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    My bank only saw that it was an LLC they had no idea it was owned by an IRA.

    They also had no problem setting up my trust account for my Solo 401k

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