Ask IH: Simple, online US checking account for LLCs?
Chase's Business Checking accounts require a minimum balance of $15,000 otherwise they charge a monthly fee. What bank do people recommend for LLCs? The main purpose is to be able to accept check payments made out to the business.
BofA is good. Wells Fargo is also good, as long as you ignore all the fraud they have done in recent past. ;-)
I've been reasonably happy with Capital One's Spark product.
Unfortunately it says:
@ https://www.capitalone.com/small-business-bank/
Capital One was really awesome. Hopefully they actually start accepting new accounts again.
I probably just know nothing since I am not in the US. But you don't need a check account to accept checks do you?
On a side note. My company accepts checks from the US and though its easy to for people to send money internationally that way, its a total pain at the receiving end. If you follow the 80/20 rule you would just say, only credit card and bank transfer thanks. But I don't do that. Just putting it out there.
As far as I know, you need a checking account to deposit a check (especially one made out to a business) in the US
I believe the Chase business checking is $1,500 minimum balance, or $15/month fee. There used to be $200 cash for new accounts which eliminated the first year of fees.
I recommend Square1 to clients. They're great. If you were a C-Corp with intent to raise I'd recommend SVB. Aspiration is great too.
Chase says:
So you need a $1,500 balance AND you need a linked Chase Private Client or Chase SapphireSM Checking personal account, which I don't have.
Sorry I don't have an answer Abi, but I'm curious - are you currently operating as a sole proprietor? A single member LLC? Any lessons learned going from zero to legit business income from a tax/entity/liability perspective?
Also, thanks for hosting that first IH meetup in Chicago! Made invaluable and ongoing connections at that event
Hey Ryan! Shoot me an email at a@abinoda.com. I'd prefer to discuss personal tax/entity/liability topics there.