@Brian Eastman is 100% correct. You can open an account at any bank. I specialize in opening SDIRA/Solo 401K checking accounts. Below are some things to consider when choosing the right bank:
1) Consider the fee's: Balances in these accounts tend to fluctuate wildly. One month you could have 100K, the next you might purchase a property and the balance might go down to $50. Make sure to understand the minimum balance requirements of the account. Pro tip: Find a bank that has free business accounts, as these accounts typical go with minimal activity with low balances for months.
2) Wire's: SD IRA/401K owners tend to do a lot of wires for real estate transactions. Find a bank that allows you to initiate wires through your online banking, or over email. Typically you have to sign a wire agreement that.
3) Get the advice of your SD IRA/401K advisor: Most SD IRA/401K advisors have a short list of banks and even individual bankers that are familiar with that they refer most of their clients to. These bankers are very familiar with these accounts and particularly when you are trying to roll over your funds they can facilitate it smoothly
If you choose to go through your own bank here are some tips: To avoid the deer in the headlights look from the branch representative don't mention "IRA" or "401K" they will stop listening and immediately try and get you to sit down with a broker or financial advisor. Instead simply say that you'ld like to open a LLC or Trust account. When filling out the forms to roll over the funds into the checking account remember that funds are being rolled into your LLC or Trust NOT into "ABC Bank". If you mention ABC Bank then the institution rolling the funds out will want your bank to fill out rollover forms (which they cannot do).
