Finding bank for new LLC

Grand Rapids, Michigan
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Finding bank for new LLC

Ryan Tongue
Investor · Grand Rapids, MI · Member since 2021 · 47 posts · 21 votes

Hello all,

I recently filed for a new LLC in Michigan to hold investment properties under, and I'm currently in the process of looking for a bank to open a business checking account with. Essentially, I want all cash flow/expenses to be flowing in and out of a business account rather than my personal bank accounts.

A little background information in case it's important: there are 3 partners holding equal ownership in the LLC, only one of us lives in MI. We're looking for buy-and-hold long term rental properties that need minimal rehab work to be rent-ready.

If anyone has any banking recommendations in Michigan I'd love to hear them. I'd also really appreciate any thoughts on choosing a big national bank vs. a smaller organization, as well as advice on how to filter through banking options to find a good fit. 

I understand this is fairly broad, open-ended question. If any more information is needed to respond to my post please let me know! 

Thank you for any/all responses!
Ryan

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Wesley I.
Investor · San Diego, CA · Member since 2019 · 286 posts · 135 votes
2y

@Caroll L. Brown

I chose Chase because they had 2 locations within 5-10 minutes from me. I also had an existing account with them.

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  • Nader Shariff
    Detroit, MI · Member since 2020 · 150 posts · 68 votes
    2y

    I also invest in Michigan (specifically in the Detroit , MI marketplace). 

    Question is indeed broad. However, if you are just looking for recommendations on what banks other investors are using, I am happy to throw my vote in. 

    I would honestly recommend you open an account with chase bank. 

    0Reply
  • Chris SeveneyBusiness Member
    Moderator
    Investor · VA · Member since 2015 · 21k+ posts · 19k+ votes
    2y

    @Ryan Tongue

    We started with a smaller credit union and ended up switching to Chase as we grew.

    I have worked with Chase, Wells Fargo, and pnc

    Chase and wells were both great

    7e investments53 Reviews
    WebsiteView Page
    0Reply
  • Wesley I.
    Investor · San Diego, CA · Member since 2019 · 286 posts · 135 votes
    2y

    @Ryan Tongue

    I had mine with Chase, they will ask for your EIN and other LLC documents.

    Also a reminder that LLCs require the FINCEN reporting.

    0Reply
  • Ryan Tongue
    OP
    Investor · Grand Rapids, MI · Member since 2021 · 47 posts · 21 votes
    2y

    @Chris Seveney @Nader Shariff @Wesley I.

    For what reason do you all use Chase bank? I'm curious about why Chase was the unanimous opinion of you all. 

    I've worked with them before for personal banking -- one issue I'm having with Chase is that they require all users on an account to be present when setting up the account. One of my partners is abroad for the next six months, and there doesn't seem to be a good way around this.

    Nader, recommendations on what banks investors are using would be great. Thank you

    0Reply
  • Shawn K HicksBusiness Member
    Real Estate Agent · Gainesville, FL · Member since 2019 · 124 posts · 107 votes
    2y

    Perhaps it's as much coincidence as anything, but I have my Scorp LLC account with Chase as well. I think their customer service is awesome. I've been with them since 2021. I endorse them as well.

    [email protected]352-871-5770
    Shawn Hicks Realtor525 Reviews
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  • Logan LaperriereBusiness Member
    Real Estate Agent · Grand Rapids, MI · Member since 2023 · 333 posts · 124 votes
    2y

    Hey Ryan, 

    Feel free to send me a message or text. I'll send you over a couple of the lenders that I use in the area.

    0Reply
  • Mohammed Rahman
    Real Estate Broker · New York, NY · Member since 2020 · 2k+ posts · 1k+ votes
    2y

    Hey @Ryan Tongue - at this early of a stage any well known bank that offers business checking/savings should work. 

    Are you asking simply for operational perspective? If so, my advice above should work. Alternatively, if its for the hopes of accessing future real estate loans via the LLC then it may be a moot point as a lot of these bigger banks won't lend on an LLC that's brand new and no history of cash inflows/outflows.

    0Reply
  • Caroll L. Brown
    Detroit MI · Member since 2024 · 1 post · 0 votes
    2y
    Quote from @Ryan Tongue:

    @Chris Seveney @Nader Shariff @Wesley I.

    For what reason do you all use Chase bank? I'm curious about why Chase was the unanimous opinion of you all. 

    I've worked with them before for personal banking -- one issue I'm having with Chase is that they require all users on an account to be present when setting up the account. One of my partners is abroad for the next six months, and there doesn't seem to be a good way around this.

    Nader, recommendations on what banks investors are using would be great. Thank you

    I just read that he can get on a video chat with them on Zoom, Google Meet, Teams or some other video chat with a Notary Public or someone from a law office to be present with him.

    0Reply
  • Wesley I.
    Investor · San Diego, CA · Member since 2019 · 286 posts · 135 votes
    2y

    @Caroll L. Brown

    I chose Chase because they had 2 locations within 5-10 minutes from me. I also had an existing account with them.

    1Reply
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