any reason to use local bank for LLC/IRA funds ?

Question

I’ve set up LLC /self directed IRA and the co that helped me do this has relationship w bank that can set up the chkg  acct. but it’s across country. any downside to using this rather than local?

Dmitriy Fomichenko · Answer

@Elizabeth Diskin

You should be able to open an account at any bank of your choice for the LLC, but I would recommend Solera, they offer great system allowing you to do all your banking needs from the convenience of your home office or your mobile device. This includes sending wires, depositing large check via mobile deposit, free checks, etc.

Elizabeth Diskin · Answer

👍 thx Brian. I’ve heard Solera mentioned on here a lot. Does anyone have opinions re Bank United? My google search seems okay but I’d never heard of it before now.

Brian Eastman · Answer

@Elizabeth Diskin

You should be able to bank wherever you like.  The LLC is just a LLC as far as the bank is concerned, and most any bank can handle that.

There are a few banks such as Solera National Bank in Denver and Titan Bank in Dallas that have decided to specialize in this service.  They fully understand the concept of an IRA owning the LLC and are also comfortable with some of the things many investors do such as invest across state lines, move money to cryptocurrency exchanges, etc.

I often recommend working with someone other than your primary bank for these vehicles.  That will largely eliminate any risk of accidentally using the IRA LLC debit card to buy groceries.  You can also put a big sticker or some other visual reminder on the IRA LLC card to ensure you do not use it inappropriately.