recommendation of banks for Solo 401k checking account

[Jason Staine]

Not having an easy go of finding a branch that can hold a checking account for our solo 401k. we are in North Jersey. Any recommendations would be great.

[Kreighton Reed]

@Jason Staine Our aim is to be easier to use than your local bank.  Especially for real estate transaction. Its easier to use us for wires (most banks make you walk in and sit in front of a banker for 30 min) and making deposits is simple through our mobile APP

If you do find a local bank or if @George Blower can line you up with his WF or Bank of America bankers I would ask them the following as I have seen this as pitfalls for banking your SoloK account:

1) What is their dormant account policy and what is the fee: Many of these 401K accounts have very low transaction volumes and can end up in dormant status with a typical fee of $25 a month

2) What are the minimum balance requirements: I've seen it where the bankers don't go into detail with this because they hear that you are rolling over a sizeable amount and assume that you are going to keep those balances in the account.  Most of these SoloK accounts start out with large balances and then after the investment drop way down.  You don't want to be getting hit with a $15 monthly service fee.

3) Checks: as stated above these accounts have low monthly volumes.  A box of checks could last you 8 years.  Most banks (especially for business accounts) charge a ridiculous amount for business checks.  Sometimes north of $50.  We offer them for free but if you go with another bank I would recommend you buy the checks at Costco.  They are like $12.

4) Multiple accounts:  Often with these 401K plans you will be opening multiple checking accounts (one for Roth Funds, maybe one for traditional, if your spouse is on the plan then one for them). Just be aware that when opening these accounts they all will be subject to min balance requirements. (BTW we don't have min. balance requirments)