Banking in Detroit/Southeast Michigan

[Adam Smith]

Hello all,

I'm trying to choose a bank in the Detroit area. I live and invest primarily in the city, so branches there would be really nice. 

I'm basically wondering where the best place to keep an account is. This is a checkbook IRA LLC account, so a bank that is familiar with that structure would be desired. If they lend non-recourse or offer good lines of credit that would be a big plus.

Thanks in advance. 

Keywords: Ferndale, Wayne, Macomb, Oakland, Royal Oak, Ecorse, Dearborn, Warren

[Dmitriy Fomichenko]

@Adam Smith 

you don't need a 'special' bank for the IRA LLC. Most banks and credit unions will work, if they can open account commerical account for regular LLC, then you can do it for IRA LLC as well. Do you already have IRA LLC set up?

Big banks such as Chase, B of A, etc. will not do a non-recourse loan. There is only a handful number of national banks who will do that. We have a list on our website, feel free to send me PM and I'll give you the link. 

You might be able to get a non-recourse loan from local community banks or private lenders but the rates and terms will be much higher compared with the banks who specialize in this kind of lending. So your best bet would be use one of those banks.