Real Estate Broker · Baltimore, MD · Member since 2016 · 14 posts · 3 votes
Hi all,
My partner and I went to set up our business bank account nearby where he lives (Harford, MD 21085), at the Navy Credit Federal Union but due to technical reasons (me being a partner and no longer being in the military or other Dept. of Defense job), we weren't eligible to do so there. Would anybody here recommend opening a business bank account in a certain bank (i.e. very few/low fees, etc...), or to ask another way, any banks to definitely avoid in regards to opening a business bank account (we want to flip and buy & hold single or multi-family residences in the Baltimore and Harford areas, just in case the kind of activity effects the recommendation)? Any recommendations would be greatly appreciated.
@Raymond Hunce you may wish to consider Damascus Community bank the closest branch to Harford & Baltimore counties is in Carrol County Md. 201 East Ridgeville Blvd. Mount Airy, MD 21771
They are listed as an REI friendly bank small enough to establish direct relationships in the business and loan departments. But big enough to get the job done in the lending arena. I discovered this while doing research on REI banks. My own contact with them is through a personal loan for my RV only. I have driven to that branch from Joppa, Md myself on several occasions on an infrequent basis not a bad drive. If you needed a bank with frequent direct contact you may need a different institution. Good luck
@Raymond Hunce you may wish to consider Damascus Community bank the closest branch to Harford & Baltimore counties is in Carrol County Md. 201 East Ridgeville Blvd. Mount Airy, MD 21771
They are listed as an REI friendly bank small enough to establish direct relationships in the business and loan departments. But big enough to get the job done in the lending arena. I discovered this while doing research on REI banks. My own contact with them is through a personal loan for my RV only. I have driven to that branch from Joppa, Md myself on several occasions on an infrequent basis not a bad drive. If you needed a bank with frequent direct contact you may need a different institution. Good luck
Real Estate Broker · Baltimore, MD · Member since 2016 · 14 posts · 3 votes
10y
Thanks a lot @Erich McCaskill! My partner and I actually went and established an account with TD Bank in the Bel Air area last week, a day or two after my post. I called about 10 banks in Harford and Baltimore counties and they were, in my judgment, the best combination of being helpful on the phone with all the questions I had and also had one of the lowest fees and minimum balance amount requirements. So I guess I'll see over the long term how good they are to work with and maybe I can guide someone else accordingly. If they end up being hard to work with (I have no expectation they will, judging by my experiences with them thus far), I'll look into Damascus. Thanks a lot for the suggestion!
Real Estate Agent · Havre De Grace, MD · Member since 2016 · 22 posts · 2 votes
10y
I can also vouch for Damascus as trying hard to make things work. APGFCU, surprisingly, has also gotten things done for me and my clients in the past as they have in house underwriting for select loans.
Real Estate Broker · Baltimore, MD · Member since 2016 · 14 posts · 3 votes
10y
@Stephen Chittenden Ah, I see, so we can get loans from any bank it seems, not just one we have an account opened with. Is this accurate? In that case I can establish a relationship with Damascus and APGFCU independent of not having an account with them.
Investor · Havre De Grace, MD · Member since 2017 · 71 posts · 54 votes
8y
@RaymondHunce
Trying to revive this conversation. How has your relationship with TD been for lending? I have asked around in different circles and the following have been suggested locally: Old Line (Formerly Bay Bank) & Revere Bank.