I recently established a Self Directed 401K through Quest IRA. I need to open a checking account in the name of my new 401K plan. I have contacted my bank (Bank of America) and also a local credit union, however neither can help me with this type of account. Can anyone recommend a bank either in Los Angeles (near Hollywood preferred) that will open this type of account or, instead, a bank that will deal with me over the phone to open an account. Quest does not have any recommendations.
I'm severely disappointed that Quest cannot assist you with the plan they provided. This is a distinct disadvantage when working with a custodian as opposed to a quality advisory firm that specialized in such plans. I am afraid you will learn that you got a set of documents and not much else, unfortunately.
We have many clients using BofA, so I am surprised you are having issues.
Generally speaking, we have found Wells Fargo to be the easiest of the large national banks to work with.
The Charles Schwab Company Retirement Account is also a great option. Schwab has a dedicated team that can help with your account setup, and is very familiar with holding accounts for self-managed retirement plans. You will have the ability to write checks or wire funds from the account, and can choose to purchase shares of Apple with your investment earnings if you like.
Thanks @Brian Eastman . I visited BofA and sat with a manager. She was helpful and thoughtful and did some research. She was familiar with the account type and had opened them in the past, however she said that BofA no longer opens these types of account.
Schwab looks very promising. To be clear, this is a 401K only for me and I am seeking "checkbook control" as I plan to invest into non-traditional investments like hard money lending or private placements. I have no employees. I'll try them now. Thank you.
Read up about Edward Jones. They are primarily mid west based but they do have three offices in LA. They offer self directed 401K accounts.
we have many clients in LA area and work with few major institutions as banking option for the 401k trust. Please contact me and I'll should be able to help you.
I share @Brian Eastman 's disappointment that Quest could not help you out with this. I also agree that Wells Fargo is generally reported as the easiest to deal with when opening checking account for the Solo 401k. That said, sometimes it does require a call from us to help clear up any confusion.
It's really great of @Dmitriy Fomichenko to offer to step in and help fill a void left by another company.
Best of luck to you!
Bank of American will open it up once you have the solo 401k provider speak to them. That has been our experience.
Thanks you guys. I have a few calls in and expect to hear back tomorrow. I do appreciate all your help.