Local Bank or Broker Cash Account for Solo 401k Account

[Dameron Shore]

I am about to initiate an i401k and have put in an inquiry with my preferred CU as to whether they can (or actually whether THEY think they can) handle the checking account for it. The assets are currently in an old 401k from my previous employer, at one of the big online brokers. These brokerage companies currently offer cash management accounts with checking and debit card service that function or can function similarly to a standard checking account. I expect I can setup the trust account directly with them. The assets are in company stock, and I don't want to liquidate the assets during the setup process. 

The crux of my question is, is there a particular benefit to having the trust account at a local brick & mortar other than the ability to withdraw or deposit cash (which I don't think would need to occur for the i401k). 

I believe I forgot to pose that question to the plan facilitators I have already contacted (I have not purchased the product yet), and while I know I can call them up again, I have already taken enough of their time for "free" and don't want to take any of their weekend time for business. 

[Mark Nolan]

@Sabrina Fabian

BOA in recent months has been a hit or miss when opening a bank account for the solo 401k. Articles of incorporation do not apply to a solo 401k because it it not registered with the state. In years past, our solo 401k clients have opened the bank account at BOA under the business bank account using the solo 401k trust documents. We have a contact at US Bank and Wells Fargo if you need assistance--send me an email if you would like. The bank account can also be opened at Fidelity Investments and Charles Schwab.