Any recommendations for business banking?

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. :slight_smile: Thanks in advance for any help anyone can provide.

@dustinrudolph sorry to hear about your experience with Mercury. I didn’t have that experience at all, but it’s still frustrating that you couldn’t get any details about the problem. That would’ve been helpful for all of us to know.

The two others I hear about consistently are Relay and Lili. They’re both a similar concept to Mercury, in that they’re all-online and free to have accounts there, so those could be worth checking out too.

I was thinking of doing a similar, full-scale review of Relay at some point, but we’ll see if I can find the time in 2024.

@retipsterseth Thanks Seth. I’ll check both Relay and Lili out. I also emailed Custodia Bank in Wyoming who are a new bank that is run with 100% reserves on hand. I know of them because I follow the crypto industry and they are mainly focused on serving those type of businesses. But to have a bank with 100% reserves on hand is comforting knowing a bank run won’t lead to your funds not being available. I haven’t heard back from them to see what their fees and other details are though. Hopefully I hear something soon. I’ll be looking into your recommended options too. Thanks a million!

following… I am looking to change my self directed 401k accounts to a bank who does not charge high fees for wires.

@dustinrudolph Since your in FL, you may want to look into Achieva Credit Union. I’ve used them sparingly for business over the last year and half. They have been good so far. With that said, I’m a sole prop right now, not sure how good they are for LLC’s.

@leonh Hi Leon! Yes, I have actually personally used Achieva for my banking needs since living in FL. I agree with you they are great! However, they won’t work with out of state LLCs that I know of. They turned me down at least.