Bank of America or Chase for business account?

[Joe S.]

Bank of America or Chase for business account? So about to open up a business account for a new LLC and was curious on feedback between Bank of America and Chase.
Please advise

[Michael Ruvido]

I just opened 3 business checking accounts with Chase last week. I live in Mass, but have LLC's in Wyoming, Indiana, and Alabama. None of the LLC's are registered in Mass because they aren't doing business here. I wanted to use a smaller local bank as some people have suggested, but none of them would open business checking accounts because the LLC's are not registered in Mass (I checked with close to 20 banks). This led me to the larger national banks, with both BoA and Chase being the front runners because they have branches close to where I live. BoA requires a minimum balance of $5,000 across ALL your business accounts in order to avoid the monthly maintenance fee. Chase requires a minimum daily balance of $2,000 in EACH account to avoid the monthly fee. I wanted to go with BoA because I know one of the LLC's will have way more than $5,000 in it on a daily basis so that would take care of the monthly fees for all three (allowing me to not worry so much about the balances in the other two accounts). Turns out BoA wouldn't let me open accounts for the Alabama and Wyoming LLC's because of the unique setup... My Wyoming LLC owns the Alabama LLC so when you check on the Secretary of State's website in Alabama you see the member as my Wyoming LLC, not my name. And since Wyoming doesn't require LLC's to show their members online when you look on the Secretary of State's website in Wyoming you don't see my name either, only the name of the firm that set up the LLC. Because of the anonimity in both LLC's, BoA wasn't able to prove that I own them so they wouldn't open the accounts. Chase, however, allowed me to open them so that's where I ended up. So far I've been pleased with the service at the local branch and with their website/moble app. Now I need to start applying for business credit cards and BLOC's to help me scale!