Bank/Credit Union Recommendations

8 Replies

I need to open a business account with a bank or credit union in the Portland/Vancouver area, who do you use and would you recommend them? 

Credit unions are great but keep in mind that they carry very little cash on hand. I recently switched back to US Bank because I couldn't get more than 5k out without ordering it a week in advance. From what I understand most credit unions operate this way. Makes it hard to jump on a deal of any sort when you can't get your own money out of the account. 

@Tyler Combs Potentially yes, I've heard that lending agents are more favorable towards you if you have an account with their bank. That said, I lean towards using a credit union for a business account but as @Zach Davis mentioned, they usually have very little cash on hand. 

@Caleb Webster What kind of business are you opening an account for?  What services matter to you?  If you are doing any property management and need client trust accounts, I would recommend a different bank than if you are buying auction properties and need to get a lot cashier's checks.  Running a lot of construction expenses through your account and have a high transaction volume?  Does QB integration and a corporate online portal matter to you?  I haven't found a bank that does all things well and affordably, and I've seen issues with credit unions adapting with a business as it grows...  DM me if you don't want to post your specific biz service needs publicly. 

@Tyler Combs It's for a flipping business but also hoping to buy a few rentals in the next few months as well. Since the flips are done through an LLC I figured it was about time to get a separate account for the LLC. Would you recommend separate accounts for flipping and rentals? 

I don't anticipate high transaction volumes nor do I pickup properties through auctions (yet). I like the idea of having an account with a bank that is also a portfolio lender since it seems like they would be more favorable towards me. 

Originally posted by @Caleb Webster :

@Tyler Combs It's for a flipping business but also hoping to buy a few rentals in the next few months as well. Since the flips are done through an LLC I figured it was about time to get a separate account for the LLC. Would you recommend separate accounts for flipping and rentals? 

I don't anticipate high transaction volumes nor do I pickup properties through auctions (yet). I like the idea of having an account with a bank that is also a portfolio lender since it seems like they would be more favorable towards me. 

I would recommend checking out Premier Community Bank,  Lewis and Clark Bank or Banner Bank for smaller accounts. First Republic Bank is great if you have larger balances.  I know Maps Credit Union has given some friends some of their first investment property loans when no-one else would.  A few years ago, I got my first new construction loan through Premier Community and they were awesome to work with.  Best of luck!

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