Does anyone have any recommendations for business banking options?
Let me explain a little so others can understand where I’m coming from. I currently have my business bank accounts with Chase. I’m with them only because I have multiple LLCs in different states and they are one of the few that would take on LLCs regardless of where they are based out of. However, I do not like Chase’s fees and minimum balances. I also don’t like their business practices and ethics overall. They are a giant G-SIB and I’d much prefer a smaller, more community centered banking option that cares about its customer and community.
My main land business is based in Texas. I personally live in Florida. When I was out in Texas last year I tried going to several credit unions to open a business account, but none would work with me because I live in FL (regardless of the fact that my business is a TX LLC). So that option is out.
I heard of Mercury through Seth and Jaren. I know they were newer, established in 2019, so I was hesitant since they didn’t have a long track record. So I figured I would try to open up a business account with one of my smaller LLCs (based out of Wyoming) that is basically inactive in day-to-day business activities. I didn’t have a lot of money in its account (I had formed it for asset protection reasons to be the parent company of my main land business but since have re-structered and now this WY LLC is just a standalone LLC that doesn’t do much for now). Mercury questioned what this LLC was for and I told them all of this. I told them if I were to start using it that it would be used for investment purposes - real estate, stocks, bonds, or precious metals. Mercury then denied me, and when I emailed them back asking why, this was their response:
“Hi Dustin,
Our onboarding team reviews each application by hand, and takes a holistic view of your application and business information and makes their application decisions based on a variety of internal factors.
I know this may be frustrating, but we are unable to provide more detailed information as to the reason why your application was denied, and aren’t able to reconsider.
I wish you the best of luck with your business.
—
Ryan C.”
After receiving this response I certainly am not going to trust Mercury with any of my business banking needs since they are not transparent with potential clients.
I’m hesitant to use any regional or mid-size banks at the moment due to market instability with the commercial real estate crisis already going into effect. Does anyone know of any banking options that are banking or credit unions that have solid financials, a community-driven approach, and transparent operations with low minimum account balance thresholds and low fees?
I know I’m probably asking for my cake and to eat it too, but I thought I’d try. 
Thanks in advance for any help anyone can provide.