Texas Series LLC - Bank Account Recommendation?

Question

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.

Miranda King · Answer

I just called Frost bank and have an appointment next week. They do Texas Series LLCs

Luis Chug · Answer

@Andrew W. Old thread but we opened with Frost Bank, my representative had to consult with many people but finally we opened child subseries LLC. Avoid big banks.

Adam Burrows · Answer

@Luis Chug could you share the Frost rep who did this? It's hard to find bankers who have even heard of a series LLC. And was your representative able to open the child series without getting a separate EIN from the parent LLC? I don't want to have to file separate franchise statements. If I require a separate EIN then I would just make regular LLCs. Thanks!

Greg Mesa · Answer

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!

Sammy G. · Answer

@Andrew Watson 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.

Carl Dieckmann · Answer

I have had some good luck with NBKC (Kansas City bank). They have good customer service, good online access, and take series LLCs.

Neal Daftary · Answer

I called Frost Bank and they are setting up my account now.

Carl Dieckmann · Answer

outstanding... TY!

Eliott Elias · Answer

Guaranty Bank and Trust

Jin Park · Answer

This is a website that was mentioned in BP Money Podcast EP 303. It’s a local community bank locator that might have a better chance with setting up bank account for Series LLC.

https://www.icba.org/bank-loca...

Texas Series LLC - Bank Account Recommendation?

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