Opening a business account

[James Munoz]

Hello BP family!!!

My team and I are in the process of opening a business account. We just purchased our LLC and are looking for a good bank to build a long term relationship with. The two that we are looking at are Regions, (because we have had two referrals for them) and the other one is Capital One. We were trying to stay away form bigger banks, but if anyone recommends one other than the two I mentioned, (including bigger banks) please share. Thank you all in advance!!

[Ben Rodriguez]

Hey @James Munoz,

I have primarily worked with local and national banks. I had a local bank (First Tennessee, now First Horizon) for holding Escrow on a long term rental deposit and the same bank to manage finances for STR in the same house. It was kind of nice to have things separate from my primary bank (Bank of America). Depending on what you need I think they're all going to provide approximately the same services. Not all small/local banks will have robust online or app interface, so depending on how much you want to do your banking online, that would be something to consider.

I read a pretty cool book called Profit First by Mike Michalowicz, one thing he points out is to possibly find multiple banks to accomplish the methods in the book.  I have not gone so far as to employ these methods myself, but it is a cool way to look at managing business financials.

Another thing I've found is regional or local banks may have more agreeable operating hours for going in to talk with people or doing in person transactions.  For instance, BofA in my town closes at 4pm every day and only open till 1pm on Saturdays.  However, a local bank (Reliant) is open till 4:30pm every day and till 5 on Fridays, which helps with those end of week deposits getting in on time.  

Hope this helps.