Banks not wanting note investor accounts

[Johnathan Norman]

Not sure anyone else has run into this but I wanted to share. The books I've read didn't mention this and its becoming a bit of a pain. It seems many banks simply do not want business accounts with LLCs holding notes. 

I have a local credit union that I use for most of my LLC's and they refused to open a checking account for my note business because they didn't want to have accounts with "any company that may be involved with debt collection, cryptocurrencies or marijuana".

It's a small credit union so I assumed it was not common, so I went to a larger local bank. They said due to regulatory concerns they didn't want the account because I was considered competition and thus it would be a conflict of interest .

I never thought I'd say this but I just want a bank to take my money.  Anyone else run into this? 

[Tim S.]

Hmmm... How do they know what business you are in? My Notes business LLC account is with Wells Fargo, I don't recall them ever asking me what kind of business it is. I had to provide the articles of organization, they didn't look at it while I was there.