Banking problem can't open a bank account for my LLC

[Carlo D.]

I just came from the bank to open a bank account for the newly formed LLC that will hold the property I am purchasing. My LLC is formed in PA and I live in NY.

In the incorporating documents, I put my trust as the owner of the LLC. When I went into the bank they said they cannot open the account with this kind of set up. And the branch manager said he doesn't know of any big banks that does that as well as he's worked with a few of them.

I was shocked! Is this accurate? How do these conglomerates with holding companies and different sub companies do banking then?

[Charles Carillo]

@Carlo D.

Maybe it is true for their bank but not for other banks.

My wife and I have a (more complicated) trust that owns several LLCs. You need to provide them with the LLC information and the trust documentation when opening an account.

I have opened bank accounts for the trust and for LLCs owned by the trust at multiple institutions, including one of the four major US banks, local banks, local credit unions, online banks, multiple major brokerage houses, etc. The most difficult thing I had was opening an account with one of the top four US banks, but after a couple of visits for more documentation and signatures, they opened it.