Escondido, CA · Member since 2017 · 4 posts · 0 votes
I have one rental property, and am about to get one or two more. I've got to get official about this business now and am looking for opinions on your bank. I'll be opening an account just for the rental. Obviously if you love your bank but it is local, it probably won't apply to me unless you happen to be in San Diego county. There is a big part of me that wishes the local bank experience to be the best one because... well.... George Bailey would want it that way.
The biggest thing that matters to me: easy online banking experience / good apps or tools for managing that experience. What else should be important to me at this point in my game with regards to selecting a bank?
Rental Property Investor · Boca Raton, FL · Member since 2017 · 329 posts · 237 votes
8y
Hello:
I have found WELLS FARGO to be the best when it comes to opening local accounts for LLC's, etntities, etc. from other states. Many banks want your LLC/Etc. registered in your current State, etc.
WF was very easy. I did most of the paperwork online and then just went to the local branch for the final steps.
Cleveland, OH · Member since 2017 · 69 posts · 12 votes
8y
It seems as far as personal accounts go the banks that are only online pay a lot better as far as interest and also they seem to have better service i.e 24/7 customer care. I have all of my money in banks that are only online and I use a big bank to put in cash deposits that I then transfer up to the online banks. The two online companies I use are Ally and Discover. Both great and have a great website to do banking. Both great but I am not sure that they offer business accounts.
Rental Property Investor · The Vampire State · Member since 2013 · 2k+ posts · 2k+ votes
8y
If you are looking for an easy, customer friendly banking relationship, I would NOT recommend Key Bank. They acquired a regional bank here in the Northeast where all my business accounts were and they were horrible. So horrible that I undertook the tedious task of transferring all of my business (including tenant rent deposit accounts) to a local credit union.
I'd recommend using a credit union if possible (they are non-profit, so your goals are aligned), or a good local or regional bank. The national behemoths are profit centers and couldn't care less about customer service, in my view.
Real Estate Agent · San Diego, CA · Member since 2016 · 52 posts · 29 votes
8y
I'm out of San Diego. I HIGHLY recommend First Republic. They have several locations throughout San Diego county including in Escondido. They are very customer service oriented and have great bankers. Also, if you are looking to invest, I know from personal experience in my field they are a great place to be for future investments. If you're looking for something purely local, I would suggest Mission Federal Credit Union. They're no First Republic, but they're good.
Good luck! Feel free to PM me with any other questions.
Rental Property Investor · Seattle, WA · Member since 2013 · 2k+ posts · 1k+ votes
8y
We do our personal banking at Chase, keep the tenant deposits in a regional bank, and have our rental activity at a local credit union. We've been happy with Chase, we like diversification, especially when looking for financing. The rentals at a smaller bank has been good because we can get some of our tenants to go there to deposit their rent.
Rental Property Investor · Boca Raton, FL · Member since 2017 · 329 posts · 237 votes
8y
Hello:
I have found WELLS FARGO to be the best when it comes to opening local accounts for LLC's, etntities, etc. from other states. Many banks want your LLC/Etc. registered in your current State, etc.
WF was very easy. I did most of the paperwork online and then just went to the local branch for the final steps.
Escondido, CA · Member since 2017 · 4 posts · 0 votes
8y
Wow, Discover checking pays 1.5%. They probably aren't going to be flexible with respect to lending... but for a simple checking account that probably won't have a ton of money in it....
Investor · Lincoln, NE · Member since 2017 · 8 posts · 6 votes
8y
I would look into your local Credit Union. I believe that you can get much better customer service than you will at any large bank. Customer service, low or no fees. Most of them will have an app that goes along with their services.