All Forum Posts by: Kreighton Reed

@Joshua Talamante $250,000 on the cashin the checking account- the same coverage as a business account.

@Sammy Ming

Let’s get you taken care of! Please private message me your phone number and email.

I tried to look you up and we don’t have any applications with your name on it. We don’t have any voicemails from you. I also checked our email database and we’ve received no email under Sammy Ming. Who did you use to open your 401k?

Looking forward to connecting so that you can get taken care of.

Sammy - thank you for sharing. You’re right, there are a lot of glowing reviews. Your experience is not the norm and as the head of my team I apologize. I’m very grateful for BP as it shows me both when we are doing a great job and when we miss step. I’m confident that in the near future we will demonstrate why we’ve had such good reviews. Looking forward to turning this situation into a positive.

Lori - I’m a Vice President at Solera Bank. Please reach out to me and we will get you taken care of. We will pay for the overnighting of the check if needs be.

@Mark Davidson 

My bank specializes in these types of accounts and have customers in every state. We don't require immediate funding (we will wait for your rollover or transfer). We have a team of 10 that can answer any solo K banking question you might have.  Below are some tips when setting up a Solo K account with us or with anyone:

1) When doing your rollover/transfer make sure they make the check out to your 401K trust and not the bank (This happens frequently and delays your funds availability)

2) Get advice from the advisor that set up your Solo K on how many accounts you will need. If your spouse is also on the SoloK with funds coming from their retirement account you will probably want 2 accounts.  Also if you have roth and traditional funds its wise to separate the funds into separate accounts.

3) Decide on a debit card. If you don't think you'll need it; don't get it! Not worth the risk of accidentally buying McDonalds with it. That being said we do have a lot of customers that need it and it is a huge convenience for their type of investing.

4) If you are planning on investing in crypto, make sure the bank is cool with it.  Solera is crypto friendly but a lot of banks aren't.  They see the transactions to crypto exchanges and close the accounts down.

Good luck! 

@Jason Staine Our aim is to be easier to use than your local bank.  Especially for real estate transaction. Its easier to use us for wires (most banks make you walk in and sit in front of a banker for 30 min) and making deposits is simple through our mobile APP

If you do find a local bank or if @George Blower can line you up with his WF or Bank of America bankers I would ask them the following as I have seen this as pitfalls for banking your SoloK account:

1) What is their dormant account policy and what is the fee: Many of these 401K accounts have very low transaction volumes and can end up in dormant status with a typical fee of $25 a month

2) What are the minimum balance requirements: I've seen it where the bankers don't go into detail with this because they hear that you are rolling over a sizeable amount and assume that you are going to keep those balances in the account.  Most of these SoloK accounts start out with large balances and then after the investment drop way down.  You don't want to be getting hit with a $15 monthly service fee.

3) Checks: as stated above these accounts have low monthly volumes.  A box of checks could last you 8 years.  Most banks (especially for business accounts) charge a ridiculous amount for business checks.  Sometimes north of $50.  We offer them for free but if you go with another bank I would recommend you buy the checks at Costco.  They are like $12.

4) Multiple accounts:  Often with these 401K plans you will be opening multiple checking accounts (one for Roth Funds, maybe one for traditional, if your spouse is on the plan then one for them). Just be aware that when opening these accounts they all will be subject to min balance requirements. (BTW we don't have min. balance requirments)

While on the subject I would also add that we also open multiple accounts to keep funds of spouses (who are in the same Solo K plan)separate to make the accounting easy.

@Evan Salvador we open accounts for clients around the country. We make it easier to use us than your local bank. We have a high limit on mobile deposit and an easy wire service. Give me a call and we can discussing 

Thanks Dmitriy Fomichenko Brandon H. We specialize in these 401k/IRA checking accounts and open over 50 a month for people around the country. To answer your concern: if your are a signer on a US bank account by order of the Patriot Act every bank is required to gather your personal information. If that wasn't the case every criminal and money laundered would simply open a business account to hide their identity from the government. Don't confuse them gathering your information with the account showing you as owner of the account. Every business account (except sole props) is owned by the business or trust and the signers are just that... authorized signers. Being a signer does not connate ownership. For example many businesses owners add their internal accountants or secretaries as signers on accounts to manage the day to day operations of the account and they do not have ownership in he business. I agree with Dmitriy... a trust for a 401K is a lot easier to use than a LLC. The LLC has annual fees from the state and registration fees.

Wade Chilcoat try www.notarize.com they are only $25. We started accepting their notarizations for our clients out of state/country.