Hi Texas investors!
Can anyone recommend a bank in Texas that will allow me to setup separate checking accounts for each Series of my LLC?
- I've setup an LLC with a separate series for each of my rental properties (2 so far)
- I would like to set up a separate checking account for each series of the LLC.
- Chase Bank told me that they do setup accounts at the series level.
- If posting a recommended bank, can you also please include what their balance minimums and/or monthly fees are?
- I'm based in Austin and currently have properties in Houston and Killeen.
@Andrew W. I have a similar setup - One series LLC to One bank account. To managed it a bit easier (when you grow to more than a dozen), it'll be better to have one online login and manage all 'child' accounts. Bank of America does this - not sure about the minimums, but if you have a good relationship with your local branch, they can waive the monthly fees until your balance grows from rental income.
Hi guys, I know this is an old thread, but I'm having an issue with finding a bank suitable for my series LLC. (I'm in Austin TX similar to Andrew). Bank of America told me no... any luck with other branches?
We have been using University Federal Credit Union and have numerous LLCs with them. We have been using them for years and have zero complaints.
Simple answer - avoid the mega banks. They aren't set up for this. Go work with community banks, regional banks, and local credit unions. You should find several good options.
University federal credit union
I have separate checking accounts for each property in my series LLC; I use Citibank. They were only bank I could find that would open multiple checking accounts under one EIN. I'm just not sure how easy you can find one in TX. My properties are in TX, but I live in NV. I also use the Costco/Citibank VISA cash back card to pay for expenses.
I read on JP Morgan Chase's site that they could do the same, but I just haven't spoken to them yet to confirm. Good luck!