Anyone used Bank of America for 401k Trust Bank Account?

14 Replies

Hi,

I just started my solo 401k plan with 

https://www.solo401k.com/

The plan provider has recommended Solera Bank. However, we already have an account with Bank of America and it would be easier if we can get the trust checking checking account with Bofa. Anyone successfully gotten that set up with Bofa? Any tips?

Thanks!

Ok thanks. If both my spouse and I are participates we will each have one account under the same EIN? Did read over your website this morning banker has an issue with the FBO in the title? Is that an issue? 

@Weina Shi

If you will also have Roth funds then you need to keep in a separate account (eg if both of you will have Roth funds then pre tax and Roth accounts for each of you for a total of 4 accounts).

The conversion is reported on a 1099-R which we handle as the plan provider for our customers. To make the conversion effective for 2019 the deadline is 12/31/2019.

Yes I will have pretax and post tax for each of us at Fidelity or Vanguard. 

Vanguard will be a pooled account. Do you know if that will be one joint pre tax account and one joint post tax? 

@Weina Shi

It’s important to explain to the banker in a proper fashion so that they are not confused and set up the account correctly. As part of our process, we speak to the banker with you and answer any questions.

Why would bofa be a problem. I just opened accounts under the 401k trust name. There is no FBO but we can track the account separately. 

Originally posted by @Dmitriy Fomichenko :

@Weina Shi

Don't open an account for your Solo 401k at BofA where you have personal accounts. Go with the recommendation and open an account at Solera for your Solo 401k trust. 

 

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