Hopefully not too off topic? I'll try to avoid asking "where does a multi-family investor buy a set of toe nail clippers?"
But... I need a new bank where I can open up a pile of business cehcking accounts to operate Cincy properties.
In my dream world, that would be a bank that has branches in Cincy, Southern California and the South Coast of Massachusets. But no such thing exists. In some research the closest match is Chase.
The big hitches missing with what I have is emergencies that can only be solved at a local branch, and the ability to move money online from one business bank account to another at different bank. Wells Fargo does this for my other business accounts, but no Branches in Cincy or Mass. So that doesn't work.
I currently have a lot of banks, but related to Cincy I have mortgages at LCNB and operating accounts at U.S. Bank. To get a lower mortgage rate, LCNB requires to keep a checking account with them and then the payments must flow through that account. But they don't offer online transfers to business accounts at another bank. And otherwise that account serves me no purpose.
U.S. Bank was supposed to have this feature, but after going in circles, it turned out to be not true for a business account. Instead they have a third party system through Viewpost that either wants to draft a paper check and then mail it to my office in CA (which doesn't help me one bit), or can do an electronic xfer that TAKES 6 BUSINESS DAYS. Since cash flow has been tight and can't plan that far ahead, right now, the workaround to save the 6 business days (which is often 8 real dasy) is for my management company to email me a check draft that I deposit to LCNB with mobile. This can be done in minutes instead of 6 business days, but it takes up the time of my management company and the premise of it all is really annoying.
So. Long story short. What about Chase? Can I move money online out of chase to a business account of my own? Certanily, I could call customer service and ask, but that's what I did before opening the U.S. Bank accounts and they were wrong. Plus their minimum balance to not get fee-d is little high.
Also US bank has now twice locked me out of my online for no reason whatsoever and one time they said the only way to fix it was to go to a branch. When I said I was in Massachusets, she said they had branches in (Western) Pennsylvania. When I pointed it that the nearest branch was a 10 hour drive, it didn't phase the customer service person in the slightest. I did find a sneaky workaround and didn't drive 10 hours to reset my online password.
@Michael Klinger at the risk of oversimplifying the problem have you thought about an online only bank? Is there a reason you need physical branches and if so what is it? Ally Bank is great and most online banks will actually pay a little bit of interest unlike most brick and mortar banks.
@Joseph Cornwell knows a lot of banks in the area.
Thanks @Aaron Klatt. Reasons for physical branches include the preference of my property management to do a stack of rent check deposits at a teller, the need to handle occasional cash and cash transactions and laundry coin. And the ability to go into a branch for the occasional problem not solvable online or on the phone (as I have run into). However I'd imagine that a bank that doesn't have branches, must have a way to solve anything without having them.
I'm not sure how Chase would handle all that for you. I've had Chase bank accounts for over 20 years. Many personal checking and multiple savings (mine, kids, etc.) and I've also had an LLC business account with them. When I would transfer money (owner draw) from the LLC business account to my personal account, it would take between a few hours to 1 business day to transfer between accounts. Lately, it's same day...in the past was when there was a delay but I think they've upped their game when the transfers stay inside Chase. I love their web and mobile apps. I have a VERY small LLC business account (used to be much bigger 10 years ago when it was my primary income) and the online deposit limit via your phone pictures is $25k per day that they'll accept for a deposit. Not sure if that's standard or due to my type of account with them (Private Client...I have 3 IRA's, a solo-401k, and Rollover 401k so total with them bumps me up into their Private Client level banking).
Their interest is non-existent (I use Ally.com for holding money @ 1.65%) but I've never had a problem with them. I know people love to hate them but for my accounts, I love the online but also the ability to go to the branch 1 mile away and talk to someone in person.
Hope that helps.
Thanks @Andrew Hargreave . Very goood info.
I have another contender: Key Bank. They have confirmed they do what I need. Anyone have any input on Key?
First Financial Bank is very investor friendly and I believe they will be able to to do everything you need with the exception of having locations outside the Cincinnati market. Transferring money within FFB takes seconds and transferring outside FFB may take a day or so; I don't do it very often and don't remember it taking very long. I have multiple checking accounts with them and have been happy with them for many years. I would stay away from 5/3rd and PNC.
I can recommend First Financial as well. I have 5 business checking accounts with them now. Their online banking setup is great!
I agree, stay away from 5/3.
Chase had been great for me. Multiple business banking accounts and my own personal; all interact nicely. Talk to Brian or Steve at the 4th Street branch in downtown Cincy, they'll take care of you.